Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    247 Broad St Milford, CT 06460

    • Showrooms
    • 13,562 SF
    • 1.18 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Last Sale
    Nov 03, 2020
    $3,200,000
    Value Estimations
    $3,230,000
    Cap Rate Potential
    Location Intelligence
    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.

    Current Use by Public Records

    • Ricardo Cordido / Cardiologist
    • George J Smith & Son Insurance / Insurance Agency
    • Hongling Du / Practitioner Service Location / Obstetrician-Gynecologist
    • Miriam Vitale / General Practitioner
    • Ear Nose Throat & Cosmetic: Keat-Jin Lee MD / Otolaryngologist

    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 valuation — 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
      $335,000
      14,736 SF

      9 Research Dr

      SHOW ROOM, WAREHOUSE • 14,736 SF
      9 Research Dr, Milford, CT 06460-2863
      View Details
    • Value Estimation
      $535,000
      2,670 SF

      44 Rose St

      SHOW ROOM, WAREHOUSE • 2,670 SF
      44 Rose St, Milford, CT 06460-6545
      View Details
    • Value Estimation
      $700,000
      31,613 SF

      1520 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 31,613 SF
      1520 Boston Post Rd, Milford, CT 06460
      View Details
    • Value Estimation
      $935,000
      181,277 SF

      1525 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 181,277 SF
      1525 Boston Post Rd, Milford, CT 06460-2705
      View Details
    • Value Estimation
      $525,000
      15,133 SF

      1083 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 15,133 SF
      1083 Boston Post Rd, Milford, CT 06460-3550
      View Details
    • Value Estimation
      $705,000
      20,280 SF

      1620 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 20,280 SF
      1620 Boston Post Rd, Milford, CT 06460-2768
      View Details

    Similar Nearby for Sale

    • $420,000
      4,000 SF

      Commercial Space in Milford Business Park

      4000 SF commercial space for sale in Milford, Connecticut.
      354 Woodmont Rd, Milford, CT 06460
      View Details
    • $769,000

      Retail Investment Property on Route 1

      Three buildings on one lot with high traffic exposure.
      582 Boston Post Rd, Milford, CT 06460
      View Details
    • $6,500,000
      8,660 SF

      Milford Development Opportunity on Boston Post

      5.47 acres ideal for residential and commercial development.
      1546 Boston Post Rd, Milford, CT 06460
      View Details
    • $1,490,000
      14,000 SF

      Retail and Warehouse Space Available

      14,000 SF retail and warehouse space for sale.
      461 Bridgeport Ave, Milford, CT 06460
      View Details
    • Contact for pricing
      1.20 Acres

      Lowe's Pad Retail Opportunity in Milford, CT

      High-traffic retail pads near Lowe's & Hilton.
      2 Old Gate Ln, Milford, CT 06460
      View Details
    • $14,092,000

      Retail Property on Boston Post

      Retail property available for sale on Boston Post Road.
      881 Boston Post Rd, Milford, CT 06460
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      27,025 SF

      Prime Milford Office Space

      Modern Office Suites, Excellent Location
      670 Boston Post Rd, Milford, CT 06460
      View Details
    • $3,000 /Mo

      Remodeled Retail/Office Space in Milford

      Prime commercial space with high visibility in downtown Milford.
      230 Broad St, Milford, CT 06460
      View Details
    • $2,250 /Mo

      Retail Space in Thriving Center

      Versatile retail space with excellent visibility and ample parking.
      232 Boston Post Rd, Milford, CT 06460
      View Details
    • Contact for pricing
      1,580 SF

      Freestanding Corner Building in Milford

      1,580 SF freestanding corner building in outstanding Milford location.
      1460 Boston Post Rd, Milford, CT 06460
      View Details
    • Contact for pricing
      3,100 SF

      Retail Space Near Connecticut Mall

      3,100 SF retail space across from Connecticut Post Mall.
      1326 Boston Post Rd, Milford, CT 06460
      View Details
    • Contact for pricing
      17,542 SF

      Retail Space in Shopping Plaza

      Large shopping plaza with high visibility and ample parking.
      486 Bridgeport Ave, Milford, CT 06460
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    247 Broad St
    Milford, CT 06460
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.