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    247 Broad St Milford, CT 06460

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    247 Broad St Milford, CT 06460

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    • Showrooms
    • 13,562 SF
    • 1.18 lot acres
    For Lease
    $21 SF/Yr
    View Listing →
    Milford Office Space For Rent For Lease
    $21 SF/Yr
    5,765 SF

    Milford Office Space For Rent

    Office space available near Milford Hospital and train station.

    247 Broad St, Milford, CT
    View Listing
    Property ID
    US15-0566725
    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.
    Value Estimations
    $3,205,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Ricardo Cordido / Physician
    • George J Smith & Son Insurance / Insurance Agency
    • Hongling Du / Physician
    • Miriam Vitale / Physician
    • Ear Nose Throat & Cosmetic: Keat-Jin Lee MD / Physician

    Property Details for 247 Broad St

    Year built
    1958
    Construction
    STEEL FRAME
    Lot size
    1.18 lot acres
    Property size
    13,562 SF
    Zone code
    MCDD
    Property type
    Showrooms
    APN
    MILF M:44 B:392 L:1
    APU
    MILFM44B392L1

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,290,000
      ML approach
      $3,280,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,066,000
      Market price range: $1.65M - $3.27M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,195,000
      Current use
      RESTAURANT
      $1,985,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milford
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0637
    Latitude
    41.2189
    CBSA code
    35300
    CBSA name
    NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $59,429
    $702,850
    $1,484,470
    $2,187,320
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $865,000
      5,616 SF

      439 Bridgeport Ave

      SHOW ROOM, WAREHOUSE • 5,616 SF
      439 Bridgeport Ave, Milford, CT 06460-4105
      View Details
    • Value Estimation
      $8,495,000
      128,711 SF

      1191 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 128,711 SF
      1191 Boston Post Rd, Milford, CT 06460-2763
      View Details
    • Value Estimation
      $3,015,000
      44,538 SF

      241 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 44,538 SF
      241 Boston Post Rd, Milford, CT 06460-3104
      View Details
    • Value Estimation
      $1,965,000
      13,756 SF

      831 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 13,756 SF
      831 Boston Post Rd, Milford, CT 06460-3536
      View Details
    • Value Estimation
      $2,210,000
      15,628 SF

      655 Bridgeport Ave

      SHOW ROOM, WAREHOUSE • 15,628 SF
      655 Bridgeport Ave, Milford, CT 06460-4254
      View Details
    • Value Estimation
      $3,615,000
      44,432 SF

      1777 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 44,432 SF
      1777 Boston Post Rd, Milford, CT 06460-2778
      View Details

    Similar Nearby for Sale

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      14,000 SF

      Retail and Warehouse Space Available

      14,000 SF retail and warehouse space for sale.
      461 Bridgeport Ave, Milford, CT 06460
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    • Contact for pricing
      8,660 SF

      Milford Development Opportunity on Boston Post

      5.47 acres ideal for residential and commercial development.
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    • $1,500,000
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      Body Shop Business For Sale

      Operating body shop with dealer's license on 0.79 acres.
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    • $13,589,000

      Retail Property on Boston Post

      Retail property available for sale on Boston Post Road.
      881 Boston Post Rd, Milford, CT 06460
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    • Contact for pricing

      High-Visibility Commercial Space Available

      Commercial space for lease in a high-traffic retail corridor.
      1 Boston Post Rd, Milford, CT 06460
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    Similar Nearby for Lease

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      7,258 SF

      Retail Space in Shopping Plaza

      Large shopping plaza with high visibility and ample parking.
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    • Contact for pricing
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      Retail spaces available in a shopping center with ample parking.
      155-195 Cherry St, Milford, CT 06460
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      Retail Space in Shopping Plaza

      Retail or medical space with easy highway access and parking.
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    • $22 SF/Yr
      27,025 SF

      Prime Milford Office Space

      Modern Office Suites, Excellent Location
      670 Boston Post Rd, Milford, CT 06460
      View Details
    • $22 SF/Yr
      39,426 SF

      Commercial Space on Route 1

      Commercial space for lease in mixed-use center on Route 1.
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      View Details
    • Contact for pricing
      8,000 SF

      Retail Space in Milford Center

      Grocery-anchored neighborhood shopping center with retail space for rent.
      1387 New Haven Ave, Milford, CT 06460
      View Details
    View Listing
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    247 Broad St
    Milford, CT 06460
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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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