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    Property profile & analytics

    283 Main St New Britain, CT 06051-2202

    • Showrooms
    • 100,492 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    Aug 16, 2022
    Value Estimations
    $6,700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0494373
    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

    • The Highrailer / Apartment Building
    • Amato's Toy and Hobby / Toy Store / Hobby Store
    • Nextwaving Solutions / Website Designer

    Property Details for 283 Main St

    Year built
    2023
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.45 lot acres
    Property size
    100,492 SF
    Zone code
    CBD
    Property type
    Showrooms
    APN
    NBRI M:C7C B:4
    APU
    NBRIMC7CB4

    Description

    This brand-new, 2023-built property at 283 S Main St, New Britain, CT 06051, offers up to 6,000 square feet of flexible retail space in the vibrant Downtown submarket. Ideal for various uses, including retail, medical, or restaurant establishments, this first-floor space boasts high visibility and a corner location. The building features a total of three suites, with a minimum divisible space of 1,500 square feet and a maximum contiguous space of 2,872 square feet. Rental rates are $25 per square foot, plus an additional $5 per square foot for taxes, insurance, and CAM charges. The property is part of a new development, offering excellent opportunities for businesses seeking a prominent location in a thriving urban setting. This is a single building with multiple tenancy options. The building is situated in the heart of Downtown New Britain, providing easy access to local amenities and a strong customer base. Don't miss this chance to secure your space in this exciting new development.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,808,000
      Market price range: $3.64M - $7.90M
      AI Estimate
      $6,592,000
      Market price range: $3.07M - $8.31M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,800,000
      Current use
      OFFICE BUILDING
      $11,075,000
      Change: +91% Conversion: Easy
      AUTO REPAIR, GARAGE
      $10,080,000
      Change: +74% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $9,660,000
      Change: +67% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $6,965,000
      Change: +20% Conversion: Moderate
      WAREHOUSE, STORAGE
      $5,605,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    New Britain
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7813
    Latitude
    41.6682
    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
    2024
    $229,078
    $904,960
    $4,881,310
    $5,786,270
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $4,170,000
      54,919 SF

      222 Main St

      SHOW ROOM, WAREHOUSE • 54,919 SF
      222 Main St, New Britain, CT 06051-2225
      View Details
    • Value Estimation
      $4,460,000
      55,302 SF

      67 Main St

      SHOW ROOM, WAREHOUSE • 55,302 SF
      67 Main St, New Britain, CT 06051-2266
      View Details
    • Value Estimation
      $1,905,000
      32,332 SF

      51 Main St

      SHOW ROOM, WAREHOUSE • 32,332 SF
      51 Main St, New Britain, CT 06051-2214
      View Details
    • Value Estimation by Request
      4,200 SF

      165 Main St

      SHOW ROOM, WAREHOUSE • 4,200 SF
      165 Main St, New Britain, CT 06051-1914
      View Details
    • Value Estimation
      $850,000
      71,682 SF

      600 Ee St

      SHOW ROOM, WAREHOUSE • 71,682 SF
      600 Ee St, New Britain, CT 06051-2132
      View Details
    • Value Estimation by Request
      1,647 SF

      625 Arch St

      SHOW ROOM, WAREHOUSE • 1,647 SF
      625 Arch St, New Britain, CT 06051-3342
      View Details

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    Similar Nearby for Lease

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      Mixed-Use Property in New Britain

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    • Contact for pricing
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      Retail Space in New Britain

      5,392 SF retail space for lease.
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      View Details
    • $12 SF/Yr
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      Retail Space on Main Street

      Retail space available for lease on Main Street.
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      Retail space available in a busy community shopping center.
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    283 Main St
    New Britain, CT 06051-2202
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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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