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    51 Shunpike Rd Cromwell, CT 06416
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    51 Shunpike Rd Cromwell, CT 06416

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    • Commercial real estate
    For Lease
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    Shopping Center with Regional Accessibility For Lease
    Contact for pricing

    Shopping Center with Regional Accessibility

    Ideally located shopping center between I-91 and Route 9.

    51 Shunpike Rd, Cromwell, CT 6416
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    Property ID
    US15-1059204
    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

    • T-Mobile Authorized Retailer / Mobile Phone Store / Electronics & Wireless Store
    • Massage Envy / Alternative Medicine Practice / Spa & Massage Center
    • Block Advisors / Tax Preparation
    • cloud world smoke shop / (Bike/Boat/Book/etc) Store
    • Goldfish Swim School - Cromwell / Baby Swimming School / Indoor Swimming Pool

    Property Details for 51 Shunpike Rd

    Zone code
    BUS
    Property type
    Commercial real estate
    APN
    CROM 00107910
    APU
    CROM00107910

    Description

    Cromwell Square Shopping Center presents a prime retail investment opportunity. This busy shopping center, located on Route 372, boasts a total of 21,872 square feet of leasable space, currently featuring 12,675 square feet of vacant space available for immediate occupancy. The center is strategically positioned between I-91 and Route 9, ensuring exceptional regional accessibility and high visibility for tenants. The minimum divisible space is 1,500 square feet, while the maximum contiguous space available is 6,175 square feet, offering flexibility for businesses of various sizes. This is a multi-tenant property, providing a diverse and vibrant shopping environment. Noteworthy is the ongoing construction of a Shop Rite and a Marshalls, which will significantly enhance the center's draw and foot traffic. This presents a unique chance to establish a presence in a rapidly developing retail hub with strong potential for growth and return on investment. The property's high-traffic location and the addition of major anchor tenants make this an exceptional opportunity for discerning investors seeking a thriving retail space. Contact us today to learn more about leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cromwell
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.6767
    Latitude
    41.6058
    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
    2016
    $8,239
    $0.00
    $245,000
    $245,000
    -
    $0.00
    $0.00
    $0.00

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      3.90 Acres

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    Similar Nearby for Sale

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      Commercial land for sale with easy highway access.
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      Cromwell Land Opportunity

      Land suitable for industrial, fulfillment, medical, or sports facility.
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    Similar Nearby for Lease

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      Shopping Center with Regional Accessibility

      Ideally located shopping center between I-91 and Route 9.
      51 Shunpike Rd, Cromwell, CT 06416
      View Details
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      5,522 SF

      Retail Space in Cromwell Center

      Highly visible end-cap location at a busy Cromwell intersection.
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      Large, updated one-bedroom apartment with farmhouse-inspired aesthetic and included utilities.
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      Retail Space in Cromwell Center

      Retail space available in well-located Cromwell shopping center.
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      4,500 SF

      Cromwell Office Space Sublease

      Office space available for sublease in Cromwell, Connecticut.
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    • $1,000 /Mo
      1,000 SF

      Commercial Space Near Major Highways

      Commercial space in high-traffic area, utilities included.
      241 Shunpike Rd, Cromwell, CT 06416
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    51 Shunpike Rd
    Cromwell, CT 06416
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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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