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    Property profile & analytics

    45 Connair Rd Orange, CT 06477-3650

    • Showrooms
    • 43,526 SF
    • 3.40 lot acres
    OFF-MARKET
    Last Sale
    Aug 23, 2024
    Value Estimations
    $845,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-1219800
    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

    • Climate Pros Heating & Cooling Corp / Hvac Contractor / Air Conditioning Repair Service
    • Krell Industries LLC / Home Audio Store
    • K&A Engineering Consulting P.C. / Engineering Consultant
    • Orange Executive Offices / Office Space Rental Agency
    • GO Airport Shuttle Connecticut / Airport Shuttle Service

    Property Details for 45 Connair Rd

    Year built
    1987
    Lot size
    3.40 lot acres
    Property size
    43,526 SF
    Zone code
    LI-2
    Property type
    Showrooms
    APN
    ORAN M:3 B:1 L:20
    APU
    ORANM3B1L20

    Description

    This 23,400 square foot Class C office building, located at 45 Connair Rd, Orange, CT 06477 (cross street: Robinson Blvd), offers a variety of office spaces ranging from 300 to 15,000 square feet. Built in 1987 and extensively renovated in 2024, the property features flexible floor plans to accommodate diverse business needs. Available spaces include private offices, conference rooms, and bullpen areas. The building is multi-tenant and offers convenient access to major transportation arteries. A short drive connects tenants to West Haven (3.5 miles), Milford Station (5 miles), New Haven (6.3 miles), and Union Station (6.4 miles). Tweed-New Haven Airport is approximately 10.9 miles away. Leasing rates are $7.00 per square foot, plus utilities (which include lighting, gas, city water, and city sewer, and heating). This property presents a unique opportunity for businesses seeking versatile and well-located office space in Orange, Connecticut.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $820,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,250,000
      Market price range: $1.25M - $5.66M

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

    Location Insight

    • Map
    • Local Demand
    City
    Orange
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9955
    Latitude
    41.2475
    CBSA code
    35300
    CBSA name
    NEW HAVEN-MILFORD, 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
    $46,863
    $676,100
    $835,600
    $1,511,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $685,000
      29,750 SF

      401 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 29,750 SF
      401 Boston Post Rd, Orange, CT 06477-3507
      View Details
    • Value Estimation
      $875,000
      58,399 SF

      53 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 58,399 SF
      53 Boston Post Rd, Orange, CT 06477-3203
      View Details
    • Value Estimation
      $720,000
      27,612 SF

      575 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 27,612 SF
      575 Boston Post Rd, Orange, CT 06477-3500
      View Details
    • Value Estimation
      $840,000
      73,284 SF

      259 Bull Hl Ln

      SHOW ROOM, WAREHOUSE • 73,284 SF
      259 Bull Hl Ln, Orange, CT 06477-3212
      View Details
    • Value Estimation
      $785,000
      78,448 SF

      556 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 78,448 SF
      556 Boston Post Rd, Orange, CT 06477-3341
      View Details
    • Value Estimation
      $475,000
      14,748 SF

      292 Boston Post Rd

      SHOW ROOM, WAREHOUSE • 14,748 SF
      292 Boston Post Rd, Orange, CT 06477-3505
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Retail space available, anchored by a top-performing Burlington.
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    • $16 SF/Yr
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      Retail spaces featuring large windows and flexible floor plans.
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      Retail spaces for rent in high-traffic area near I-95.
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      Retail spaces for lease with easy highway access.
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    • $3,000 /Mo
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      View Details
    • Contact for pricing
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      High visibility retail space with frontage on a retail corridor.
      292 Boston Post Rd, Orange, CT 06477
      View Details
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    Orange, CT 06477-3650
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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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