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    383 Ctr St Windsor Locks, CT 06096-2828
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    Property profile & analytics

    383 Ctr St Windsor Locks, CT 06096-2828

    View on Map
    • Commercial real estate
    • 112,820 SF
    • 8.98 lot acres
    Off-Market
    Last Sale May 6, 2024
    $6,571,000
    Property ID
    US15-0117825
    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.
    Value Estimations
    $6,570,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Good Nights Inn & Suites / Hotel & Motel
    • Ramada by Wyndham Windsor Locks / Hotel & Motel
    • Travelodge by Wyndham Windsor Locks / Hotel & Motel

    Property Details for 383 Ctr St

    Year built
    1971
    Construction
    STEEL FRAME
    Lot size
    8.98 lot acres
    Property size
    112,820 SF
    Zone code
    BUS1
    Property type
    Commercial real estate
    APN
    WINL M:57 B:127 L:7
    APU
    WINLM57B127L7

    Description

    This exceptional restaurant leasing opportunity encompasses 10,800 square feet of prime commercial space situated at 383 South Center Street in Windsor Locks, Connecticut, within the Ramada Inn. The property is offered as a single-tenant lease, providing a significant footprint for a restaurant operation. The asking rent is $8.88 per square foot, structured as a Triple Net (NNN) lease, meaning the tenant is responsible for property taxes, insurance, and maintenance. A key advantage is the inclusion of a fully equipped kitchen, eliminating the need for extensive upfront investment in kitchen infrastructure. This allows for immediate occupancy and commencement of operations. The property's location in Windsor Locks, Hartford County, CT, offers convenient access to major transportation routes and a substantial customer base. The address is 383 South Center Street, Windsor Locks, CT 06096. This turnkey restaurant space presents a compelling opportunity for established restaurant businesses or ambitious entrepreneurs seeking a well-equipped and strategically located establishment. The property's size and amenities make it ideal for a variety of restaurant concepts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,570,000
      ML approach
      $6,570,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,443,000
      Market price range: $6.06M - $16.6M
      AI Estimate
      $4,963,000
      Market price range: $3.15M - $14.7M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $10,660,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $10,370,000
      Change: -3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Windsor Locks
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.637
    Latitude
    41.9043
    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
    2023
    $173,251
    $822,500
    $5,757,500
    $6,580,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request

      Bradley Intl Airport

      COMMERCIAL (GENERAL)
      Bradley Intl Airport, Windsor Locks, CT 06096
      View Details
    • Value Estimation
      $7,335,000
      52,812 SF

      16 Ella Grasso Tpke

      COMMERCIAL (GENERAL) • 52,812 SF
      16 Ella Grasso Tpke, Windsor Locks, CT 06096-1015
      View Details
    • Value Estimation
      $4,675,000
      27,120 SF

      3 National Dr

      COMMERCIAL (GENERAL) • 27,120 SF
      3 National Dr, Windsor Locks, CT 06096-1018
      View Details
    • Value Estimation by Request
      3,000 SF

      345 Ella Grasso Tpke

      COMMERCIAL (GENERAL) • 3,000 SF
      345 Ella Grasso Tpke, Windsor Locks, CT 06096-1003
      View Details
    • Value Estimation
      $5,430,000
      41,494 SF

      149 Ella Grasso Tpke

      COMMERCIAL (GENERAL) • 41,494 SF
      149 Ella Grasso Tpke, Windsor Locks, CT 06096-1026
      View Details
    • Value Estimation
      $11,865,000
      95,193 SF

      550 Old County Rd

      COMMERCIAL (GENERAL) • 95,193 SF
      550 Old County Rd, Windsor Locks, CT 06096-2031
      View Details

    Similar Nearby for Sale

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      Established Auto Repair Business For Sale

      Operating since 2004, includes equipment, favorable lease terms.
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    • $1,400,000
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      Versatile Commercial Property Near Airport

      Adaptable commercial asset with redevelopment potential near Bradley Airport.
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      Meticulously maintained two-family home with modern updates and strong functionality.
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    • Contact for pricing
      451,909 SF

      Windsor Locks Warehouse Opportunity

      451,909 sq ft warehouse near Bradley Airport.
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    Similar Nearby for Lease

    • Contact for pricing
      199,000 SF

      Office Space Near Bradley Airport

      199,000 SF office space available for lease.
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      View Details
    • $17 SF/Yr
      1,125 SF

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      Industrial warehouse unit featuring drive-in door and clear span.
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    • Contact for pricing
      2,000 SF

      Retail Space in Windsor Locks

      2,000 SF retail space available for lease.
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    • Contact for pricing
      387,500 SF

      Windsor Locks Warehouse Space

      387,500 SF warehouse space available for lease.
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      View Details
    • $13 SF/Yr
      10,840 SF

      Windsor Locks Office Space Available

      Prime location, flexible office suites.
      60 Main St, Windsor Locks, CT 06096
      View Details
    • $460 /Mo
      210 SF

      Flexible Office Space Near Airport

      Cost-effective office spaces with utilities included, near Bradley Airport.
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      View Details
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    Windsor Locks, CT 06096-2828
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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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