Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    279 Queen St Southington, CT 06489-1902

    • Turn key restaurants
    • 832 SF
    • 0.38 lot acres
    OFF-MARKET
    Last Sale
    May 02, 2024
    $569,000
    Value Estimations
    $505,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0831932
    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

    • Rita's Italian Ice & Frozen Custard / Ice Cream Shop / Dessert Shop

    Property Details for 279 Queen St

    Year built
    1952
    Construction
    FRAME
    Lot size
    0.38 lot acres
    Property size
    832 SF
    Zone code
    B
    Property type
    Turn key restaurants
    APN
    SOUT M:157 L:027
    APU
    SOUTM157L027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $505,000
      ML approach
      $460,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Southington
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.8727
    Latitude
    41.6244
    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
    $5,704
    $137,080
    $50,810
    $187,890
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $265,000
      1,172 SF

      1796 Meriden Waterbury Tpke

      RESTAURANT • 1,172 SF
      1796 Meriden Waterbury Tpke, Southington, CT 06489
      View Details
    • Value Estimation
      $430,000
      5,990 SF

      657th Queen St

      RESTAURANT • 5,990 SF
      657th Queen St, Southington, CT 06489-1504
      View Details
    • Value Estimation
      $410,000
      3,482 SF

      812 Queen St

      RESTAURANT • 3,482 SF
      812 Queen St, Southington, CT 06489-1539
      View Details
    • Value Estimation
      $280,000
      1,160 SF

      293 Berlin St

      RESTAURANT • 1,160 SF
      293 Berlin St, Southington, CT 06489-3844
      View Details
    • Value Estimation
      $280,000
      2,848 SF

      25 Ctr St

      RESTAURANT • 2,848 SF
      25 Ctr St, Southington, CT 06489-3106
      View Details
    • Value Estimation
      $395,000
      8,590 SF

      26 Ctr St

      RESTAURANT • 8,590 SF
      26 Ctr St, Southington, CT 06489-3121
      View Details

    Similar Nearby for Sale

    • $6,750,000
      14,581 SF

      Southington Retail/Restaurant Building For Sale

      14,581 SF retail/restaurant building with drive-thru, 74 parking spaces.
      359 Main St, Southington, CT 06489
      View Details
    • $3,950,000
      32,584 SF

      Versatile Entertainment Venue/Industrial Conversion

      32,584 SF building suitable for entertainment or industrial use.
      240 Spring St, Southington, CT 06489
      View Details
    • $1,460,000
      5,978 SF

      Southington Auto Shop Investment Opportunity

      NNN ground lease with 10+ years remaining and rental increases.
      288 Queen St, Southington, CT 06489
      View Details
    • $675,000
      4,550 SF

      Two-Story Bank/Office Building For Sale

      Two-story bank/office building on Main Street, Southington, CT.
      22 Main St, Southington, CT 06489
      View Details
    • $450,000
      3,481 SF

      Versatile Office/Retail Space For Sale

      Office/Retail space with modern industrial charm, commuter access, parking.
      56 Center St, Southington, CT 06489
      View Details
    • $1,800,000

      Renovated Commercial Building on West Street

      Turn-key building with versatile layout, ideal for office or showroom.
      1650 West St, Southington, CT 06489
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,984 SF

      Executive Blvd Retail Opportunity

      High-visibility retail space available.
      99 Executive Blvd, Southington, CT 06489
      View Details
    • $19 SF/Yr
      7,759 SF

      Prime Downtown Southington Commercial Space

      Spacious commercial space in a transforming downtown Southington location.
      83 Center Street Ext, Southington, CT 06489
      View Details
    • $5,400 /Mo
      9,062 SF

      Southington Office Suites Available

      Prime downtown Southington office space.
      51 Main St, Southington, CT 06489
      View Details
    • Contact for pricing
      35,715 SF

      Southington Retail Space for Lease

      Prime Retail Space in Oak Hill Mall
      151 Queen St, Southington, CT 06489
      View Details
    • Contact for pricing
      10,400 SF

      Downtown Southington Commercial Gem

      10,400 SF Office/Retail Space, Flexible Lease Options
      39 Center St, Southington, CT 06489
      View Details
    • Contact for pricing
      155,842 SF

      Southington Retail Center Opportunity

      High-traffic retail space in prime Southington location.
      235 Queen St, Southington, CT 06489
      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.
    279 Queen St
    Southington, CT 06489-1902
    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.