Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    491 Lakewood Rd Waterbury, CT 06704
    Property profile & analytics

    491 Lakewood Rd, Waterbury, CT 06704

    View on Map
    • Parking lots & garages
    • 7,571 SF
    • 0.75 lot acres
    For Sale
    $4,412,000
    View Listing →
    Retail Property in Waterbury For Sale
    $4,412,000
    1.12 Acres

    Retail Property in Waterbury

    Retail property available for sale in Waterbury, Connecticut.

    491 Lakewood Rd, Waterbury, CT
    View Listing
    Property ID
    US15-0606876
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Town Fair Tire / (Bike/Boat/Book/etc) Store / Auto Parts Store

    Property Details for 491 Lakewood Rd

    Year built
    1950
    Lot size
    0.75 lot acres
    Zone code
    CA
    Property type
    Parking lots & garages
    APN
    WBRY M:0151 B:0219 L:0008
    APU
    WBRYM0151B0219L0008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $370,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $648,000
      Market price range: $194k - $649k
      AI Estimate
      $816,000
      Market price range: $390k - $816k

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $465,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $745,000
      Change: +60% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $685,000
      Change: +47% Conversion: Difficult
      OFFICE BUILDING
      $615,000
      Change: +32% Conversion: Difficult
      RETAIL STORES
      $615,000
      Change: +32% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $525,000
      Change: +13% Conversion: Difficult
      WAREHOUSE, STORAGE
      $445,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0139
    Latitude
    41.5758
    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
    2023
    $102,700
    $445,270
    $1,449,910
    $1,895,180
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $570,000
      8,589 SF

      1684 Thomaston Ave

      PARKING GARAGE, PARKING STRUCTURE
      1684 Thomaston Ave, Waterbury, CT 06704
      View Details
    • Value Estimation by Request
      3,000 SF

      93 Industry Ln

      PARKING GARAGE, PARKING STRUCTURE
      93 Industry Ln, Waterbury, CT 06704-2413
      View Details
    • Value Estimation by Request
      6,234 SF

      633 Lakewood Rd

      PARKING GARAGE, PARKING STRUCTURE
      633 Lakewood Rd, Waterbury, CT 06704-2421
      View Details
    • Value Estimation by Request
      2,758 SF

      1485 Main St

      PARKING GARAGE, PARKING STRUCTURE
      1485 Main St, Waterbury, CT 06704-2714
      View Details
    • Value Estimation by Request
      2,068 SF

      1559 Main St

      PARKING GARAGE, PARKING STRUCTURE
      1559 Main St, Waterbury, CT 06704-2767
      View Details
    • Value Estimation by Request
      2,142 SF

      420 Chase Ave

      PARKING GARAGE, PARKING STRUCTURE
      420 Chase Ave, Waterbury, CT 06704-1902
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      34,340 SF

      Retail Building with Service Garage

      Retail building with service garage and high traffic volume.
      771 Lakewood Rd, Waterbury, CT 06704
      View Details
    • Contact for pricing
      10,470 SF

      Hardware Store with Repair Shop

      Retail hardware store and repair shop for sale.
      440-464 Chase Ave, Waterbury, CT 06704
      View Details
    • Contact for pricing
      5,000 SF

      Renovated Retail/Office/Mixed-Use Property

      5000 SF renovated property suitable for retail, office, or medical.
      496 Chase Ave, Waterbury, CT 06704
      View Details
    • Contact for pricing

      Retail Property in Waterbury

      Retail property available for sale in Waterbury, Connecticut.
      491 Lakewood Rd, Waterbury, CT 06704
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,736 SF

      Retail Property with Auto Features

      Retail property equipped for automotive sales and service.
      37-39 Chase Ave, Waterbury, CT 06704
      View Details
    • Contact for pricing
      14,200 SF

      Retail Space Near Route 8

      Retail locations for lease with easy highway access.
      218-252 Chase Ave, Waterbury, CT 06704
      View Details
    • New
      $2,000 /Mo
      64,648 SF

      Waterbury Commercial Space for Rent

      1440 SF flex space in Waterbury, CT for $2,000/month.
      280 Chase River Rd, Waterbury, CT 06704
      View Details
    • $6,000 /Mo

      Renovated Retail/Office/Mixed-Use Space

      5000 sq ft renovated space in high-traffic Waterbury location.
      496 Chase Ave, Waterbury, CT 06704
      View Details
    • $6,000 /Mo
      5,000 SF

      Renovated Mixed-Use Space, Waterbury

      5000 SF renovated retail/office space in high-traffic Waterbury location.
      496 Chase Ave, Waterbury, CT 06704
      View Details
    • Contact for pricing
      5,000 SF

      Renovated Mixed-Use Property For Lease

      5000 sq ft renovated retail/office space in prime location.
      496 Chase Ave, Waterbury, CT 06704
      View Details

    Property Visit Statistics

    • Visits by month
      5.3k
    • Visitors by month
      3.9k
    • Avg Time on site
      26 min
    View Listing
    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.
    491 Lakewood Rd
    Waterbury, CT 06704
    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
    491 Lakewood Rd, Waterbury, CT, 06704
    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!