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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    338 Middlebury Rd Middlebury, CT 06762-2601

    • Retail properties
    • 4,744 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Jul 12, 2023
    Value Estimations
    $325,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0685022
    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

    • Cavallo's Imported Italian Foods - Cavallo's Deli Middlebury / Deli / Caterer
    • La Strega Italian Deli, LLC Middlebury / Deli

    Property Details for 338 Middlebury Rd

    Year built
    1920
    Construction
    FRAME
    Lot size
    1.00 lot acres
    Property size
    4,744 SF
    Zone code
    CA40
    Property type
    Retail properties
    APN
    MIDD M:4-08 L:112
    APU
    MIDDM408L112

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $338,000
      Market price range: $215k - $558k
      AI Estimate
      $339,000
      Market price range: $215k - $561k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $385,000
      Current use
      AUTO REPAIR, GARAGE
      $430,000
      Change: +12% Conversion: Difficult
      OFFICE BUILDING
      $385,000
      Change: +0% Conversion: Easy
      COMMERCIAL (GENERAL)
      $330,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Middlebury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0992
    Latitude
    41.5385
    CBSA code
    35300
    CBSA name
    NEW HAVEN-MILFORD, 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
    $8,804
    $170,500
    $102,400
    $272,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2,200 SF

      503 Middlebury Rd

      Office Properties & Spaces • 2,200 SF
      503 Middlebury Rd, Middlebury, CT 06762
      View Details
    • Value Estimation by Request
      1.00 Acre

      Rte 64 & Middlebury Rd

      Land • 1.00 Acre
      0 Rte 64 & Middlebury Rd, Middlebury, CT 06762
      View Details
    • Value Estimation by Request
      34,440 SF

      900 Straits Tpke

      Office Properties & Spaces • 34,440 SF
      900 Straits Tpke, Middlebury, CT 06762
      View Details
    • Value Estimation
      $275,000
      2,642 SF

      572 Middlebury Rd

      DEPARTMENT STORE • 2,642 SF
      572 Middlebury Rd, Middlebury, CT 06762-2565
      View Details
    • Value Estimation
      $195,000
      1,387 SF

      403 Middlebury Rd

      DEPARTMENT STORE • 1,387 SF
      403 Middlebury Rd, Middlebury, CT 06762-2637
      View Details
    • Value Estimation by Request
      5.81 Acres

      927 Southford Rd

      Manufacturing properties • 5.81 Acres
      927 Southford Rd, Middlebury, CT 06762
      View Details

    Similar Nearby for Sale

    • $495,000
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      Prime Middlebury Commercial Land

      1.16 Acres, 6,500 SF Potential
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    • $995,000
      5.81 Acres

      Middlebury, CT Industrial Redevelopment

      5.81-acre lot, I-84 access, high traffic.
      927 Southford Rd, Middlebury, CT 06762
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    • $449,900
      2.64 Acres

      Middlebury Commercial Land - $449,900

      Prime 2.64-acre development site in Middlebury, CT.
      659 Middlebury Rd, Middlebury, CT 06762
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    • $900,000
      3.63 Acres

      Prime Middlebury Office/Development Site

      12,000 SF, 3.63 Acres, $900,000
      1000 Southford Rd, Middlebury, CT 06762
      View Details
    • $3,900,000
      15.38 Acres

      High-Traffic Middlebury Commercial Land

      15.38 Acres, Mixed-Use Potential, Prime Location
      1700 Straits Tpke, Middlebury, CT 06762
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    • $560,000
      1.01 Acres

      Prime Middlebury Storefront Opportunity

      Historic storefront, high traffic location.
      1171 Straits Tpke, Middlebury, CT 06762
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    Similar Nearby for Lease

    • $16 SF/Yr
      30,000 SF

      Village Square Executive Offices

      Middlebury, CT: Prime Office Suites Available
      530 Middlebury Rd, Middlebury, CT 06762
      View Details
    • Contact for pricing
      32,000 SF

      Prime Middlebury Office Space

      32,000 SF Office Building Available
      765 Straits Tpke, Middlebury, CT 06762
      View Details
    • $16 SF/Yr
      2,200 SF

      Former Bank with Drive-Thru

      2,200 SF former bank with drive-thru on Rt. 64.
      503 Middlebury Rd, Middlebury, CT 06762
      View Details
    • $27 SF/Yr
      4,800 SF

      472 Middlebury Rd

      Individual retail properties • 4,800 SF
      472 Middlebury Rd, Middlebury, CT 06762
      View Details
    • $14 SF/Yr
      1,000 SF

      Flexible Office & Retail Space

      Office and retail spaces available in Middlebury, near I-84.
      750 Straits Tpke, Middlebury, CT 06762
      View Details
    • $18 SF/Yr
      2,151 SF

      Retail Space Available For Lease

      Retail space for lease with net rates.
      590 Middlebury Rd, Middlebury, CT 06762
      View Details
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    338 Middlebury Rd
    Middlebury, CT 06762-2601
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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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