Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    656 Straits Tpke Middlebury, CT 06762-2807

    • Investment properties
    • 1,403 SF
    • 2.51 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2022
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    6.2%
    Investment properties
    Location Intelligence
    Property ID
    US15-0858948
    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 656 Straits Tpke

    Year built
    1972
    Lot size
    2.51 lot acres
    Property size
    1,403 SF
    Zone code
    R40
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    MIDD M:4-06 L:439
    APU
    MIDDM406L439

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $285,000
      6.5%
      $260,000
      7%
      $245,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $205,000
      Market price range: $50.8k - $274k

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

    Location Insight

    • Map
    • Local Demand
    City
    Middlebury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0844
    Latitude
    41.5276
    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
    $4,626
    $53,300
    $90,100
    $143,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $375,000
      6,074 SF

      120 Fenn Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 6,074 SF
      120 Fenn Rd, Middlebury, CT 06762-2515
      View Details
    • Value Estimation
      $255,000
      2,004 SF

      1157 Southford Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,004 SF
      1157 Southford Rd, Middlebury, CT 06762-3212
      View Details
    • Value Estimation
      $190,000
      1,708 SF

      625 Straits Tpke

      OFFICE/RESIDENTIAL (MIXED USE) • 1,708 SF
      625 Straits Tpke, Middlebury, CT 06762-2808
      View Details
    • Value Estimation
      $355,000
      1,428 SF

      121 Allerton Farms Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,428 SF
      121 Allerton Farms Rd, Middlebury, CT 06762-2830
      View Details
    • Value Estimation
      $250,000
      2,644 SF

      542 Whittemore Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,644 SF
      542 Whittemore Rd, Middlebury, CT 06762-3112
      View Details
    • Value Estimation
      $285,000
      2,559 SF

      86 Woodland Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,559 SF
      86 Woodland Rd, Middlebury, CT 06762-2328
      View Details

    Similar Nearby for Sale

    • $3,900,000
      15.38 Acres

      High-Traffic Middlebury Commercial Land

      15.38 Acres, Mixed-Use Potential, Prime Location
      1700 Straits Tpke, Middlebury, CT 06762
      View Details
    • $295,000
      105,000 SF

      Turnpike Office Park: Premier Office Space

      Executive Suites, 105,000 SF, CT
      1579 Straits Tpke, Middlebury, CT 06762
      View Details
    • $3,900,000

      Land For Sale Middlebury

      Land available for sale in Middlebury, Connecticut.
      1700 Straits Tpke, Middlebury, CT 06762
      View Details
    • $495,000
      1.16 Acres

      Prime Middlebury Commercial Land

      1.16 Acres, 6,500 SF Potential
      1395 West St, Middlebury, CT 06762
      View Details
    • $75,000

      Three-Lot Subdivision Development Opportunity

      Three-lot subdivision for sale in Middlebury, Connecticut.
      Ferndale Ave, Middlebury, CT 06762
      View Details
    • $399,000

      Land For Sale Middlebury

      Land available for sale in Middlebury, Connecticut.
      1140 Southford Rd, Middlebury, CT 06762
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      4,800 SF

      472 Middlebury Rd

      Individual retail properties • 4,800 SF
      472 Middlebury Rd, Middlebury, CT 06762
      View Details
    • $650 /Mo
      400 SF

      Professional Office Space Available

      Office suites available in well-maintained plaza with utilities included.
      900 Straits Tpke, Middlebury, CT 06762
      View Details
    • $14 SF/Yr
      1,000 SF

      Flexible Office & Retail Space

      Office and retail spaces available in Middlebury, near I-84.
      750 Straits Tpke, Middlebury, CT 06762
      View Details
    • $16 SF/Yr
      1,305 SF

      New Industrial Flex Space Available

      New construction industrial flex space for lease with easy access.
      80 Turnpike Dr, Middlebury, CT 06762
      View Details
    • $19 SF/Yr
      32,708 SF

      Middlebury Medical Office Space For Lease

      Modern medical office suites available in prime location.
      765 Straits Tpke, Middlebury, CT 06762
      View Details
    • $16 SF/Yr
      2,200 SF

      Former Bank with Drive-Thru

      2,200 SF former bank with drive-thru on Rt. 64.
      503 Middlebury Rd, Middlebury, CT 06762
      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.
    656 Straits Tpke
    Middlebury, CT 06762-2807
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.