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    245 High St Sprague, CT 06330

    • Commercial real estate
    • 25.50 lot acres
    For Sale
    View listing
    $180,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0247398
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 245 High St

    Lot size
    25.50 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 25.5-acre commercial land parcel presents a unique investment opportunity in Sprague, Connecticut. Located at 245 High Street, the property is zoned R80, offering versatile potential for residential development. Situated in the thriving Eastern Connecticut region, this expansive lot provides ample space for a variety of projects, allowing for the creation of a distinctive residential community. The property's prime location offers significant advantages for developers seeking to capitalize on the area's growth. The availability of nearby city water and sewer further enhances the development potential, simplifying infrastructure needs. This substantial land holding represents a compelling opportunity for investors seeking to realize their vision in a desirable and strategically positioned location. The asking price for this remarkable property is $180,000. The property's size and zoning make it an ideal canvas for a large-scale residential development project in a highly sought-after area of Connecticut. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Sprague
    County
    New London
    State
    Connecticut
    Longitude
    -72.076899
    Latitude
    41.610559

    Comparable in this City

    • $180,000

      Residential Land in Eastern Connecticut

      Land parcel in thriving Eastern Connecticut, suitable for residential development.
      245 High St, Sprague, CT 06330
      View Details
    • $325,000
      2,268 SF

      Prime Sprague Commercial Building

      USPS-Leased, High-Return Investment
      2 Main St, Sprague, CT 06330
      View Details
    • $199,900

      Commercial Building with Postal Office Lease

      Single-story commercial building in Baltic, CT, leased to USPS.
      2 Main St, Sprague, CT 06330
      View Details
    • $749,000

      Potash Hill Road Property

      Property for sale on Potash Hill Road.
      85 Potash Hill Rd, Sprague, CT 06330
      View Details
    • $310,000
      Pending

      Spacious Two-Family Home in Sprague

      Two-unit property with potential for owner-occupancy or investment.
      125 Main St, Sprague, CT 06330
      View Details
    • $329,900

      Updated Two-Family Home in Baltic

      Renovated two-unit property with separate utilities, ideal for investors.
      212 High St, Sprague, CT 06330
      View Details

    Similar Nearby for Sale

    • $180,000

      Residential Land in Eastern Connecticut

      Land parcel in thriving Eastern Connecticut, suitable for residential development.
      245 High St, Sprague, CT 06330
      View Details
    • $325,000
      2,268 SF

      Prime Sprague Commercial Building

      USPS-Leased, High-Return Investment
      2 Main St, Sprague, CT 06330
      View Details
    • $199,900

      Commercial Building with Postal Office Lease

      Single-story commercial building in Baltic, CT, leased to USPS.
      2 Main St, Sprague, CT 06330
      View Details
    • $749,000

      Potash Hill Road Property

      Property for sale on Potash Hill Road.
      85 Potash Hill Rd, Sprague, CT 06330
      View Details
    • $310,000
      Pending

      Spacious Two-Family Home in Sprague

      Two-unit property with potential for owner-occupancy or investment.
      125 Main St, Sprague, CT 06330
      View Details
    • New
      $325,000
      Pending

      Well-Kept Four-Family Near Town

      Four-unit property with separate entries, utilities, and upside potential.
      123 High St, Sprague, CT 06330
      View Details

    Similar Nearby for Lease

    • $2,000 /Mo

      Three Bedroom Rental with Deck

      Three-bedroom rental with hardwood floors, deck, and off-street parking.
      110 Baltic Hanover Rd, Sprague, CT 06330
      View Details
    • $1,650 /Mo

      Corner Lot Home Across Park

      Charming home with park views, updated kitchen, pets welcome.
      79 River St, Sprague, CT 06330
      View Details
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    245 High St
    Sprague, CT 06330
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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