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    423 Main St Middletown, CT 06457-3309
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    423 Main St Middletown, CT 06457-3309

    View on Map
    • Showrooms
    • 31,200 SF
    • 0.20 lot acres
    Off-Market
    Last Sale Mar 27, 2023
    $2,225,000
    Property ID
    US15-0743855
    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
    $2,365,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Y'BChimneyDryerVentCleaning / General Contractor / Renovation Specialist
    • A1 Portable Toilet Rental / Building Supply
    • R Julia Bookstore / (Bike/Boat/Book/etc) Store

    Property Details for 423 Main St

    Year built
    1944
    Construction
    FRAME
    Lot size
    0.20 lot acres
    Property size
    31,200 SF
    Zone code
    B-1
    Property type
    Showrooms
    APN
    MTWN M:22 L:0616
    APU
    MTWNM22L0616

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,580,000
      ML approach
      $2,370,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,416,000
      Market price range: $2.42M - $4.83M
      AI Estimate
      $1,489,000
      Market price range: $1.49M - $4.49M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,445,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $3,310,000
      Change: -4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.6512
    Latitude
    41.5619
    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
    $38,995
    $177,100
    $933,870
    $1,110,970
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $19,355,000
      129,626 SF

      930 Middle St

      SHOW ROOM, WAREHOUSE • 129,626 SF
      930 Middle St, Middletown, CT 06457-1533
      View Details
    • Value Estimation
      $2,815,000
      18,860 SF

      815 Newfield St

      SHOW ROOM, WAREHOUSE • 18,860 SF
      815 Newfield St, Middletown, CT 06457-1815
      View Details
    • Value Estimation
      $11,615,000
      77,786 SF

      645 Saybrook Rd

      SHOW ROOM, WAREHOUSE • 77,786 SF
      645 Saybrook Rd, Middletown, CT 06457-4746
      View Details
    • Value Estimation
      $2,735,000
      55,455 SF

      30 Boston Rd

      SHOW ROOM, WAREHOUSE • 55,455 SF
      30 Boston Rd, Middletown, CT 06457-3543
      View Details
    • Value Estimation
      $2,440,000
      25,840 SF

      750 Newfield St

      SHOW ROOM, WAREHOUSE • 25,840 SF
      750 Newfield St, Middletown, CT 06457-1869
      View Details
    • Value Estimation by Request
      1,820 SF

      619 Saybrook Rd

      SHOW ROOM, WAREHOUSE • 1,820 SF
      619 Saybrook Rd, Middletown, CT 06457-4718
      View Details

    Similar Nearby for Sale

    • $399,900
      1,482 SF

      Retail Building on Main Street

      1482 SF retail building in high-traffic Middletown location.
      346 Main Street Ext, Middletown, CT 06457
      View Details
    • Contact for pricing
      3,100 SF

      Reflections Car Wash Business Opportunity

      Car wash business for sale on Saybrook Road.
      711 Saybrook Rd, Middletown, CT 06457
      View Details
    • $895,000
      10,459 SF

      Commercial Retail Building For Sale

      Commercial retail building on busy route 17, development opportunity.
      695 South Main Street Ext, Middletown, CT 06457
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      470 SF

      Retail Space on Main Street

      Retail space for rent with high foot traffic.
      578 Main St, Middletown, CT 06457
      View Details
    • Contact for pricing
      1,300 SF

      Retail Space on Main Street

      Retail space available for rent in Middletown, CT.
      170 Main St, Middletown, CT 06457
      View Details
    • Contact for pricing
      750 SF

      Retail Space in Middletown, CT

      750 SF retail space available for lease.
      62-72 Washington St, Middletown, CT 06457
      View Details
    • $23 SF/Yr
      771 SF

      Retail/Office Space in Macky Plaza

      771 SF retail/office space with private restroom and entrance.
      134 Main Street Ext, Middletown, CT 06457
      View Details
    • Contact for pricing
      40,000 SF

      Prime Retail Anchor Box

      Retail space with high exposure to residents, commuters, students.
      416 E Main St, Middletown, CT 06457
      View Details
    • Contact for pricing
      2,264 SF

      Retail Space Near Stop & Shop

      2,264± SF retail space with easy highway access.
      373 E Main St, Middletown, CT 06457
      View Details
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    Middletown, CT 06457-3309
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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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