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Property profile & analytics
OFF-MARKET
Estimated value
$3,830,000
Showrooms
488 Colman St New London, CT 06320-3739
Entity Owned
15-yr Hold
Free & Clear
Property ID
US15-1050630
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1988
Construction
STEEL FRAME
Total area
32,512 SF
Lot
3.54 ac (154,202 SF)
APN
NLON M:C09 B:0218 L:8.01
UPID
US15-1050630
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
-
Mercedes-Benz of New London Car Dealership
-
Mercedes-Benz of New London Parts & Boutique Car Dealership
-
n+ Mercedes-EQ Formula E Team eBikes (Bike/Boat/Book/etc) Store
-
ChargePoint Charging Station Electric Vehicle Charging Station
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.76M
Blend (final)
Blend
$3.83M
Owner & transaction history
Ggcj LLC · 15 yrs held
Ggcj LLC
since 2010
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$4.5M
+76.3%
Retail stores
$3.6M
+43.2%
Apartment house (5+ units)
$3.0M
+16.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New London submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New London submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,530,000
Current use
OFFICE BUILDING
$4,460,000
Change: +76% · Conversion: Easy
RETAIL STORES
$3,625,000
Change: +43% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,955,000
Change: +17% · Conversion: Moderate
Blend value · Realmo final
$3.83M
Range $3.45M – $4.21M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$118 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$133,528
Tax year 2023
Assessed value
$3,585,610
Assessed 2023
Previous assessed
$3,585,610
+0.0% YoY
Effective rate
3.72%
On assessed value
Assessed land
$1,092,490
Assessed improvement
$2,493,120
Applied tax rate
384.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1988
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
1
Total area
32,512 SF
Lot
3.54 ac (154,202 SF)
APN
NLON M:C09 B:0218 L:8.01
UPID
US15-1050630
Jurisdiction
NEW LONDON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.5M
OFFICE BUILDING
Est. value
$4.5M
RETAIL STORES
Est. value
$3.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.0M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
1
Lot
3.54 ac
Current owner
From public records · entity-resolved
Ggcj LLC
Entity
Free & Clear · 15 yrs held
Mailing address
5 EGRET RD, MYSTIC, CT 06355-3295
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 30, 2010
$1
Ggcj LLC
William Sullivan Rlty LLC
Warranty Deed
—
May 7, 1991
—
Martin J Sullivan
—
Deed Of Trust
related
$395,000 · Bank Of Southeast Ct
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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