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

    344 Mitchell St Groton, CT 06340-4423

    • Retail space
    • 5,456 SF
    • 0.84 lot acres
    OFF-MARKET
    Last Sale
    Dec 04, 2023
    $475,000
    Value Estimations
    $400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0065781
    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

    • Pizza Today / Greek Restaurant / Gyro Restaurant
    • Pizzarama To-Go / Pizza Restaurant

    Property Details for 344 Mitchell St

    Year built
    1952
    Lot size
    0.84 lot acres
    Property size
    5,456 SF
    Zone code
    FC
    Property type
    Retail space
    APN
    GROT M:168807582159
    APU
    GROTM168807582159

    Description

    This exceptional 800-square-foot commercial space is ideally situated at the bustling Five Corners intersection in Groton, Connecticut, offering unparalleled visibility and accessibility. Located at 344 Mitchell St, zip code 06340, this single-tenant unit is part of a larger 2,728-square-foot building, recently renovated in 2023. The space is zoned FC (Five Corners) Commercial and benefits from its prime location within the City of Groton, Electric Boat, and Five Corners submarket. This end-cap unit provides excellent street frontage and high foot traffic, making it perfect for a variety of businesses. The property boasts convenient access to the Electric Boat facility and is surrounded by thriving businesses, including Twisted Misty's (Smoothies), Hao's Barbershop, and Pizza Today Restaurant. An additional lower level space is available for lease, offering the potential for expansion. This lower level includes a walk-in cooler and kitchen prep area, ideal for food-related businesses or those requiring additional storage. This is a rare opportunity to secure a highly visible and well-located commercial space in a thriving area. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $415,000
      ML approach
      $420,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $349,000
      Market price range: $203k - $929k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $610,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Groton
    County
    New London
    State
    Connecticut
    Longitude
    -72.0753
    Latitude
    41.3479
    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
    2024
    $5,274
    $132,440
    $63,700
    $196,140
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      564 Thames St

      RETAIL STORES (PERSONAL SERVICES) • 798 SF
      564 Thames St, Groton, CT 06340-3946
      View Details
    • Value Estimation
      $295,000
      1,727 SF

      399 Benham Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,727 SF
      399 Benham Rd, Groton, CT 06340-5131
      View Details
    • Value Estimation
      $220,000
      696 SF

      100 Frnt St

      RETAIL STORES (PERSONAL SERVICES) • 696 SF
      100 Frnt St, Groton, CT 06340
      View Details
    • Value Estimation
      $215,000
      3,424 SF

      402 Long Hl Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,424 SF
      402 Long Hl Rd, Groton, CT 06340-3800
      View Details
    • Value Estimation
      $265,000
      6,222 SF

      535 Long Hl Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,222 SF
      535 Long Hl Rd, Groton, CT 06340-4134
      View Details
    • Value Estimation
      $195,000
      2,320 SF

      165 Pleasant Vly S Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,320 SF
      165 Pleasant Vly S Rd, Groton, CT 06340-3323
      View Details

    Similar Nearby for Sale

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      Groton Commercial Investment Opportunity

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    Similar Nearby for Lease

    • $2,250 /Mo
      3,000 SF

      Retail/Restaurant/Medical Space Available

      Retail, restaurant, or medical space for lease.
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    • $15 SF/Yr
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      5,550 SF retail space with high visibility available for lease.
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    • Contact for pricing
      1,500 SF

      Retail Space in Groton Center

      Retail space available in shopping center anchored by Big Y.
      873-985 Poquonnock Rd, Groton, CT 06340
      View Details
    • Contact for pricing
      800 SF

      Retail Space in Groton

      Retail space available for lease in Groton, Connecticut.
      344-350 Mitchell St, Groton, CT 06340
      View Details
    • $1,668 /Mo
      1,820 SF

      Groton Retail/Office Space Available

      1820 SF retail/office space for rent in Groton.
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      View Details
    • Contact for pricing
      1,757 SF

      Retail Space Anchored by Big Y

      Retail space available in Groton shopping center with improvements.
      985 Poquonnock Rd, Groton, CT 06340
      View Details
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    344 Mitchell St
    Groton, CT 06340-4423
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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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