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 Washington St New Britain, CT 06051-1030

    • Residential income homes
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Aug 11, 2022
    $542,500
    Value Estimations
    $560,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0525844
    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

    • Residential income homes

    Property Details for 247 Washington St

    Lot size
    0.16 lot acres
    Zone code
    T
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    NBRI M:C6C B:229
    APU
    NBRIMC6CB229

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $560,000
      ML approach
      $525,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New Britain
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7845
    Latitude
    41.6747
    CBSA code
    25540
    CBSA name
    HARTFORD-WEST HARTFORD-EAST HARTFORD, 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
    $15,266
    $45,150
    $353,640
    $398,790
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $570,000
      3,744 SF

      597 Ellis St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,744 SF
      597 Ellis St, New Britain, CT 06051
      View Details
    • Value Estimation
      $225,000
      4,599 SF

      211 Fairview St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,599 SF
      211 Fairview St, New Britain, CT 06051-2356
      View Details
    • Value Estimation
      $270,000
      2,918 SF

      15 Noble St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,918 SF
      15 Noble St, New Britain, CT 06051-2069
      View Details
    • Value Estimation
      $305,000
      3,900 SF

      60 Prospect St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,900 SF
      60 Prospect St, New Britain, CT 06051-2523
      View Details
    • Value Estimation
      $280,000
      0.35 Acres

      94 Rockwell Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 0.35 Acres
      94 Rockwell Ave, New Britain, CT 06051-3008
      View Details
    • Value Estimation
      $340,000
      4,462 SF

      40 Shuttle Mdw Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,462 SF
      40 Shuttle Mdw Ave, New Britain, CT 06051-3308
      View Details

    Similar Nearby for Sale

    • $725,000

      Turnkey Investment Property For Sale

      Well-maintained six-unit property near downtown New Britain.
      14 Beatty St, New Britain, CT 06051
      View Details
    • $699,999

      Turnkey Multifamily Investment Opportunity

      Six-unit multifamily property with income potential near downtown.
      320 Chestnut St, New Britain, CT 06051
      View Details
    • $425,000

      Updated Two-Family Property

      Updated two-family property with income potential near downtown New Britain.
      402 Church St, New Britain, CT 06051
      View Details
    • $359,900

      New Britain Multi-Family Property

      Two-family home near Newington line with updated features.
      17 Pike St, New Britain, CT 06051
      View Details
    • $599,000

      Turn-key Four Family Investment Property

      Updated 4-unit property with strong rental demand and convenient location.
      144 Pleasant St, New Britain, CT 06051
      View Details
    • $495,000

      Well-Maintained Three-Family Home

      Three-family home with garage, updated systems, ideal for investors.
      21 Trinity St, New Britain, CT 06051
      View Details

    Similar Nearby for Lease

    • $1,432 /Mo

      Spacious Apartment with Washer/Dryer Hookup

      Three-bedroom apartment featuring hardwood floors and clean appliances.
      24 Oak St, New Britain, CT 06051
      View Details
    • $1,650 /Mo

      Renovated Apartment Near Downtown

      Spacious, renovated apartment near downtown, dining, and transportation.
      358 Washington St, New Britain, CT 06051
      View Details
    • $1,350 /Mo

      Attic-Style Apartment with Natural Light

      Two-bedroom apartment featuring newer appliances and off-street parking.
      57 Rhodes St, New Britain, CT 06051
      View Details
    • $1,600 /Mo

      Updated Apartment with Flexible Space

      Recently updated 2-bedroom apartment with optional third bedroom/office.
      114 Wallace St, New Britain, CT 06051
      View Details
    • $1,600 /Mo

      Charming Apartment in New Britain

      Spacious 2-bedroom apartment with hardwood floors and convenient parking.
      127 Lawlor St, New Britain, CT 06051
      View Details
    • $2,000 /Mo

      Renovated 3-Bedroom Apartment for Rent

      Completely renovated 3-bedroom, 1-bath apartment with modern amenities.
      185 Maple St, New Britain, CT 06051
      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 Washington St
    New Britain, CT 06051-1030
    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.