Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    551 Franklin Ave, Unit 553 Hartford, CT 06114-3023

    • Investment properties
    • 6,456 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Dec 20, 2023
    $635,000
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0731884
    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

    • Investment properties

    Property Details for 551 Franklin Ave

    Year built
    1919
    Construction
    FRAME
    Lot size
    0.17 lot acres
    Property size
    6,456 SF
    Zone code
    MS-2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    HTFD M:254 B:801 L:199
    APU
    HTFDM254B801L199

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $670,000
      ML approach
      $665,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $470,000
      Current use
      RETAIL STORES
      $650,000
      Change: +39% Conversion: Easy
      AUTO REPAIR, GARAGE
      $580,000
      Change: +23% Conversion: Difficult
      OFFICE BUILDING
      $485,000
      Change: +3% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $480,000
      Change: +2% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6752
    Latitude
    41.7335
    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
    2024
    $12,549
    $29,960
    $152,040
    $182,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      3,867 SF

      35-37 Franklin Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,867 SF
      35-37 Franklin Ave, Hartford, CT 06114
      View Details
    • Value Estimation by Request
      3,029 SF

      539 Franklin Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,029 SF
      539 Franklin Ave, Hartford, CT 06114-3019
      View Details
    • Value Estimation by Request
      3,857 SF

      544-546 Franklin Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,857 SF
      544-546 Franklin Ave, Hartford, CT 06114
      View Details
    • Value Estimation by Request
      3,840 SF

      487-489 Franklin Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,840 SF
      487-489 Franklin Ave, Hartford, CT 06114
      View Details
    • Value Estimation by Request
      0.46 Acres

      20 Julius St

      OFFICE/RESIDENTIAL (MIXED USE) • 0.46 Acres
      20 Julius St, Hartford, CT 06114-3726
      View Details
    • Value Estimation by Request
      5,733 SF

      104 Preston St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,733 SF
      104 Preston St, Hartford, CT 06114-2500
      View Details

    Similar Nearby for Sale

    • $250,000
      0.23 Acres

      Hartford Investment Opportunity

      Investment property for sale in Hartford, Connecticut.
      184 Franklin Ave, Hartford, CT 06114
      View Details
    • $5,300,000
      44,000 SF

      Hartford Storefront - Prime Location

      44,000 SF Retail Space, High ROI
      301 Murphy Rd, Hartford, CT 06114
      View Details
    • $3,200,000
      38,000 SF

      Leased Industrial Buildings For Sale

      Three industrial buildings totaling 38,000 SF on 3 acres.
      386-400 Ledyard St, Hartford, CT 06114
      View Details
    • $389,000

      Turnkey Hartford Two-Family Property

      Two spacious units, garage, ready for occupancy.
      218 Grandview Ter, Hartford, CT 06114
      View Details
    • $450,000

      Well-Kept Three-Family with Garages

      Three-family property with brick exterior and two-car garages.
      15 Bond St, Hartford, CT 06114
      View Details
    • $439,900

      Spacious Renovated Two-Family Home

      Well-maintained two-family home with renovated units and income potential.
      49 Newbury St, Hartford, CT 06114
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      10,990 SF

      Industrial/Flex Space For Lease

      Industrial/flex space featuring a dock, drive-in door, and office.
      237 Ledyard St, Hartford, CT 06114
      View Details
    • Contact for pricing
      149,282 SF

      Hartford Industrial Space for Lease

      149,282 SF industrial space available for lease in Hartford.
      121 Wawarme Ave, Hartford, CT 06114
      View Details
    • $10 SF/Yr
      1,322 SF

      Wethersfield Avenue Office Space Available

      South Hartford office building with highway access and ample parking.
      864 Wethersfield Ave, Hartford, CT 06114
      View Details
    • $6 SF/Yr
      32,641 SF

      Hartford Warehouse with Retail Exposure

      32,641 SF Hartford warehouse space for lease.
      376 Ledyard St, Hartford, CT 06114
      View Details
    • $1,800 /Mo

      Remodeled Office Suite For Lease

      Newly remodeled 1,800 sq. ft. office suite for lease.
      901 Wethersfield Ave Office 1, Hartford, CT 06114
      View Details
    • $2,200 /Mo

      Updated Office Suite For Rent

      Professionally updated office suite with flexible space and convenient location.
      901 Wethersfield Ave Office 2, Hartford, CT 06114
      View Details
    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.
    551 Franklin Ave, Unit 553
    Hartford, CT 06114-3023
    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

    Google sign-in failed. Please try again or use another login method.