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

    308 Salem Tpke Norwich, CT 06360

    • Office Properties & Spaces
    • 3,124 SF
    • 2.47 lot acres
    OFF-MARKET
    Last Sale
    Apr 08, 2022
    $215,000
    Value Estimations
    $195,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0206122
    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

    • Backus Federation of Nurses / Nursing Agency

    Property Details for 308 Salem Tpke

    Year built
    1961
    Construction
    FRAME
    Lot size
    2.47 lot acres
    Property size
    3,124 SF
    Zone code
    PC
    Property type
    Office Properties & Spaces
    APN
    NORW M:120 B:1 L:49 U:29
    APU
    NORWM120B1L49U29

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $195,000
      ML approach
      $170,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.1305
    Latitude
    41.5059
    CBSA code
    35980
    CBSA name
    NORWICH-NEW LONDON, 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
    $8,701
    $0.00
    $207,900
    $207,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $225,000
      1,608 SF

      12 Case St, Unit C9

      CONDOMINIUM OFFICES • 1,608 SF
      12 Case St, Norwich, CT 06360-2222
      View Details
    • Value Estimation
      $225,000
      870 SF

      12 Case St, Unit A8

      CONDOMINIUM OFFICES • 870 SF
      12 Case St, Norwich, CT 06360-2222
      View Details
    • Value Estimation
      $220,000
      780 SF

      12 Case St, Unit B14

      CONDOMINIUM OFFICES • 780 SF
      12 Case St, Norwich, CT 06360-2222
      View Details
    • Value Estimation
      $235,000
      780 SF

      12 Case St, Unit B4

      CONDOMINIUM OFFICES • 780 SF
      12 Case St, Norwich, CT 06360-2222
      View Details
    • Value Estimation
      $225,000
      780 SF

      12 Case St, Unit B2

      CONDOMINIUM OFFICES • 780 SF
      12 Case St, Norwich, CT 06360-2222
      View Details
    • Value Estimation
      $230,000
      2,447 SF

      12 Case St, Unit A5

      CONDOMINIUM OFFICES • 2,447 SF
      12 Case St, Norwich, CT 06360-2222
      View Details

    Similar Nearby for Sale

    • $270,000
      2,000 SF

      Norwich Office Building - $270K

      Prime Norwich location, 2,000 sq ft office building.
      108 Sachem St, Norwich, CT 06360
      View Details
    • $499,000
      4,280 SF

      Norwich Commercial Building For Sale

      Three-story commercial building in Norwich, CT with modern updates.
      200 West Town St, Norwich, CT 06360
      View Details
    • $890,000
      11,108 SF

      Norwich Office Building For Sale

      11,108 SF office building available in Norwich, Connecticut.
      77 Town St, Norwich, CT 06360
      View Details
    • $3,495,000
      17,922 SF

      Norwich Medical Office Building For Sale

      17,922 SF medical office building in Norwich, Connecticut.
      1 Towne Park Plz, Norwich, CT 06360
      View Details
    • $2,990,000

      Norwich Industrial Park Land Parcel

      17.16+ acre parcel suitable for data center, warehouse, office.
      60 Connecticut Ave, Norwich, CT 06360
      View Details
    • $675,000

      Two-Story Office Building For Sale

      2,762 SF office building suitable for live-work arrangement.
      531 W Main St, Norwich, CT 06360
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      6,500 SF

      Norwich Office Space For Rent

      Modern office space suitable for medical or general office use.
      164 Otrobando Ave, Norwich, CT 06360
      View Details
    • $1,200 /Mo
      2,509 SF

      Versatile Commercial Space in Norwich

      Expansive commercial space in Franklin Square, ideal for various businesses.
      321 Main St, Norwich, CT 06360
      View Details
    • Contact for pricing
      2,666 SF

      Medical Office Space Available

      Professional medical office suites for lease with ample parking.
      79 Wawecus St, Norwich, CT 06360
      View Details
    • $5,000 /Mo
      3,859 SF

      Medical/Office Space Available For Rent

      Medical/Office space featuring exam rooms, offices, and convenient highway access.
      12 Case St, Norwich, CT 06360
      View Details
    • $2,400 /Mo
      2,646 SF

      Downtown Office/Retail Space Available

      2,646 SF office/retail space for lease near courthouse.
      138 Main St, Norwich, CT 06360
      View Details
    • $10 SF/Yr

      Versatile Retail/Office/Medical Space Available

      Adaptable spaces suitable for retail, office, medical, or storage.
      415 W Main St, Norwich, CT 06360
      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.
    308 Salem Tpke
    Norwich, CT 06360
    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.