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Property profile & analytics
OFF-MARKET Estimated value $4,515,000
Office Spaces

38 Wellington Rd Milford, CT 06461-1641

40,200 SF Built 1981
Entity Owned 6-yr Hold ~ Est. High Equity
Property ID
US15-0189035
Property summary
AI-generated overview

This exceptional Class A office building, located at 38 Wellington Rd, Milford, CT 06461, presents a compelling investment opportunity. The 39,907 square foot, two-story building boasts a 100% occupancy rate with a credit-rated, single tenant—the State of Connecticut Department of Children and Families—under a gross lease with five years remaining on a five-year term, expiring in 2029. The property features a substantial 7.70% cap rate and a strong NOI of $477,610, with an asking price of $6,200,000 ($155.36/sq ft). Built in 1981 and extensively renovated in 2024, the building includes 228 parking spaces and sits on a four-acre lot zoned DO10. Modern amenities include a two-story open atrium entryway, elevators, updated LED lighting, and recently replaced hallway carpeting. The interior offers a mix of executive offices and open bullpen areas. Its prime location within the Merritt 95 Office Park provides excellent regional accessibility, with close proximity to I-95, the Wilbur Cross Parkway/Merritt Parkway (Exit 55), Milford Metro-North train station, and Igor Sikorsky Memorial Airport. Neighboring tenants include prestigious organizations such as Yale New Haven Hospital and the Boy Scouts of America. This stabilized investment offers a secure, low-maintenance income stream with a high-quality tenant and long-term lease. Lease options are available.

Property profile
Verified
Property type Office Spaces
Use group CONDOMINIUM OFFICES
Year built 1981
Construction STEEL FRAME
Total area 40,200 SF
Zoning code DO10
APN MILF M:113 B:912 L:1
UPID US15-0189035
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Department of Child & Families Social Service Agency Charitable Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$4.57M
Blend (final) Blend
$4.52M
Owner & transaction history
Keval LLC · 6 yrs held
Keval LLC
since 2020
2 recorded transactions
2020
Price N/A
2012
$1
Zoning & alternative use
DO10 · Milford, CT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description

SECTION 3.6 DESIGN OFFICE DISTRICTS: DO-10 AND DO-25 3.6.1 Permitted Uses : Subject to Site Plan review and to all other applicable provisions and limitations of these Regulations, the Board shall permit the following buildings or uses in Design Office Districts. 3.6.1.1 Subject to Site Plan Approval in accordance with ARTICLE VII herein, offices for executi…

Zone name Design Office
General category UNKNOWN
Zone area 47.68 ac
Source ZONING REGULATIONS
Top alternative use upside
Commercial (general) $6.1M +34.9%
Restaurant $5.9M +30.7%
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