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

    249 Progress Dr Manchester, CT 06042-2211

    • Industrial properties
    • 30,250 SF
    • 3.73 lot acres
    OFF-MARKET
    Value Estimations
    $770,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0364994
    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

    • Wheel Pros / Manufacturer / Wholesaler

    Property Details for 249 Progress Dr

    Year built
    1983
    Construction
    STEEL FRAME
    Lot size
    3.73 lot acres
    Property size
    30,250 SF
    Zone code
    IND
    Property type
    Industrial properties
    APN
    MANC M:105 B:4670 L:249
    APU
    MANCM105B4670L249

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $615,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $922,000
      Market price range: $561k - $1.60M

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

    Location Insight

    • Map
    • Local Demand
    City
    Manchester
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.5
    Latitude
    41.8026
    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
    $38,904
    $287,800
    $758,000
    $1,045,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $295,000
      6.79 Acres

      46 Apel Pl

      INDUSTRIAL (GENERAL) • 6.79 Acres
      46 Apel Pl, Manchester, CT 06042-2305
      View Details
    • Value Estimation
      $720,000
      145,937 SF

      131 Chapel Rd

      INDUSTRIAL (GENERAL) • 145,937 SF
      131 Chapel Rd, Manchester, CT 06042-1633
      View Details
    • Value Estimation by Request
      12.05 Acres

      51 Commerce Rd

      Land • 12.05 Acres
      51 Commerce Rd, Manchester, CT 06042
      View Details
    • Value Estimation
      $110,000
      8,030 SF

      10 Hilliard St

      INDUSTRIAL (GENERAL) • 8,030 SF
      10 Hilliard St, Manchester, CT 06042-3002
      View Details
    • Value Estimation
      $345,000
      2.53 Acres

      99 Loomis St

      INDUSTRIAL (GENERAL) • 2.53 Acres
      99 Loomis St, Manchester, CT 06042-1941
      View Details
    • Value Estimation
      $710,000
      13,274 SF

      150 Batson Dr

      INDUSTRIAL (GENERAL) • 13,274 SF
      150 Batson Dr, Manchester, CT 06042-1694
      View Details

    Similar Nearby for Sale

    • $890,000
      4.84 Acres

      Manchester Industrial Land - $890K

      4.84-acre corner lot, I-291 access.
      1555 Tolland Tpke, Manchester, CT 06042
      View Details
    • $10,200,000
      93,600 SF

      Manchester Industrial Facility For Sale

      93,600 SF industrial facility with expansion approvals in Manchester, CT.
      151 Batson Dr, Manchester, CT 06042
      View Details
    • $895,000
      8,070 SF

      Prime Manchester Storefront

      8,070 SF Retail Space, High Visibility
      2 Main St, Manchester, CT 06042
      View Details
    • $225,000

      Manchester Residential Land - 1.63 Acres

      Prime Development Land: 16-Unit Potential
      486 Tolland Tpke, Manchester, CT 06042
      View Details
    • $325,000
      3,033 SF

      Manchester Commercial Gem

      Historic Charm, High Visibility, Move-In Ready
      110 Main St, Manchester, CT 06042
      View Details
    • $129,900
      1,509 SF

      Manchester Office Condo - Prime Location

      1,509 sq ft office, high-traffic area, move-in ready.
      153 Main St Unit, Manchester, CT 06042
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      140,000 SF

      Manchester Logistics Facility

      140,000 SF Industrial Space, New Construction
      71 Commerce Rd, Manchester, CT 06042
      View Details
    • Contact for pricing
      13,800 SF

      Industrial Building with Covered Canopy

      13,800 SF industrial building with 12,000 SF canopy.
      166 Colonial Rd, Manchester, CT 06042
      View Details
    • $15 SF/Yr

      Industrial Flex Space For Lease

      4940 SF flex space with retail and office components.
      431 New State Rd, Manchester, CT 06042
      View Details
    • Contact for pricing
      283,127 SF

      Manchester Retail Plaza Investment Opportunity

      High-traffic retail center, 7 buildings, spaces available.
      1181 Tolland Tpke, Manchester, CT 06042
      View Details
    • Contact for pricing
      90,818 SF

      Hale Road Retail Center - For Lease

      High-visibility retail space, I-84 access.
      120 Hale Rd, Manchester, CT 06042
      View Details
    • $1,120 /Mo
      670 SF

      Hilliard Mills Office Space Available

      West-facing office space with hardwood floors, available September 1.
      642 Hilliard St, Manchester, CT 06042
      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.
    249 Progress Dr
    Manchester, CT 06042-2211
    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.