Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    407 Broad St New London, CT 06320
    Back to Search
    Property profile & analytics

    407 Broad St, New London, CT 06320

    View on Map
    • Showrooms
    • 15,806 SF
    • 2.72 lot acres
    Off-Market
    Last Sale Apr 16, 2024
    $1,800,000
    Property ID
    US15-0114081
    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
    $1,290,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Showrooms

    Property Details for 407 Broad St

    Year built
    1926
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.72 lot acres
    Property type
    Showrooms
    APN
    NLON M:C09 B:0258 L:0032
    APU
    NLONMC09B0258L0032

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 16, 2024 $1,800,000 Cgsl LLC 407 Broad LLC Warranty Deed $1.8M · 407 Broad LLC
    Jan 21, 2014 — 407 Broad LLC 407 Broad LLC Quit Claim Deed · related —
    Sep 15, 2010 $545,000 407 Broad LLC Herbert Linder Ret Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,228,000
      Market price range: $616k - $1.83M
      AI Estimate
      $1,150,000
      Market price range: $616k - $1.90M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,230,000
      Current use
      RETAIL STORES
      $1,760,000
      Change: +43% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,435,000
      Change: +17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New London
    County
    New London
    State
    Connecticut
    Longitude
    -72.1147
    Latitude
    41.3636
    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
    $38,151
    $569,940
    $454,510
    $1,024,450
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $5,610,000
      88,070 SF

      6 Shaws Cv

      SHOW ROOM, WAREHOUSE
      6 Shaws Cv, New London, CT 06320-4969
      View Details
    • Value Estimation
      $4,430,000
      70,158 SF

      3 Shaws Cv

      SHOW ROOM, WAREHOUSE
      3 Shaws Cv, New London, CT 06320-4952
      View Details
    • Value Estimation
      $3,495,000
      36,911 SF

      78 Viets St

      SHOW ROOM, WAREHOUSE
      78 Viets St, New London, CT 06320-3354
      View Details
    • Value Estimation by Request
      9,870 SF

      17 Brewer St

      SHOW ROOM, WAREHOUSE
      17 Brewer St, New London, CT 06320
      View Details
    • Value Estimation
      $3,830,000
      32,512 SF

      488 Colman St

      SHOW ROOM, WAREHOUSE
      488 Colman St, New London, CT 06320-3739
      View Details
    • Value Estimation by Request
      2,381 SF

      56 Huntington St

      SHOW ROOM, WAREHOUSE
      56 Huntington St, New London, CT 06320-6113
      View Details

    Similar Nearby for Sale

    • $55,000

      Studio 33 Art Frame Gallery

      Turn-key art and frame gallery business for sale.
      140 Bank St, New London, CT 06320
      View Details
    • Contact for pricing
      8,180 SF

      Office/Retail Spaces in Shaw's Cove

      Office and retail spaces available in a pristine office park.
      88-A Howard St, New London, CT 06320
      View Details
    • $2,175,000

      Mixed-Use Building in Downtown New London

      Mixed-use property with retail, office, and residential units.
      12 Masonic St, New London, CT 06320
      View Details
    • $1,500,000

      Mixed-Use Building in Downtown

      Fully leased mixed-use property in downtown New London.
      147 Bank St, New London, CT 06320
      View Details
    • Contact for pricing

      Retail Property For Sale

      Retail property available for purchase in New London, CT.
      595 Bank St, New London, CT 06320
      View Details
    • $2,800,000
      49,572 SF

      Downtown New London Office/Retail Building

      Five-story office/retail building in downtown New London with renovation.
      153 State St, New London, CT 06320
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      1,500 SF

      Downtown Commercial Unit For Lease

      Recently renovated 1,500 SF commercial unit in downtown New London.
      128 State St, New London, CT 06320
      View Details
    • $15 SF/Yr
      5,550 SF

      Downtown New London Retail/Office Space

      Retail or office space in downtown New London with parking.
      7 Governor Winthrop Blvd, New London, CT 06320
      View Details
    • $1,258 /Mo
      81,312 SF

      Downtown New London Retail/Office Space

      First-floor retail or office space in historic mixed-use building.
      153 State St, New London, CT 06320
      View Details
    • $2,162 /Mo
      81,312 SF

      Downtown New London Retail/Office Space

      2,162 SF retail or office space in historic building.
      153 State St, New London, CT 06320
      View Details
    • $1,500 /Mo
      1,900 SF

      Newly Renovated Commercial Space Available

      Spacious, renovated commercial space suitable for restaurant, salon, or retail.
      399 Williams St, New London, CT 06320
      View Details
    • Contact for pricing
      1,500 SF

      Downtown New London Retail Space

      Recently renovated retail space in downtown New London.
      128-138 State St, New London, CT 06320
      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.
    407 Broad St
    New London, CT 06320
    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

    Thank You for Inquiry
    407 Broad St, New London, CT, 06320
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!