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

    698 Bank St New London, CT 06320-5040

    • Showrooms
    • 14,206 SF
    • 1.47 lot acres
    OFF-MARKET
    Last Sale
    Oct 30, 2020
    $6,433,333
    Value Estimations
    $6,185,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0093140
    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

    • Walgreens Pharmacy / Pharmacy
    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Frederick Daddario / Pharmacy
    • Kevin Embree / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 698 Bank St

    Year built
    2008
    Construction
    STEEL FRAME
    Lot size
    1.47 lot acres
    Property size
    14,206 SF
    Property type
    Showrooms
    APN
    NLON M:E14 B:0110 L:0004
    APU
    NLONME14B0110L0004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,160,000
      ML approach
      $5,715,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New London
    County
    New London
    State
    Connecticut
    Longitude
    -72.1041
    Latitude
    41.3489
    CBSA code
    35980
    CBSA name
    NORWICH-NEW LONDON, 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
    $128,105
    $515,550
    $2,817,920
    $3,333,470
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $5,610,000
      88,070 SF

      6 Shaws Cv

      SHOW ROOM, WAREHOUSE • 88,070 SF
      6 Shaws Cv, New London, CT 06320-4969
      View Details
    • Value Estimation
      $4,430,000
      70,158 SF

      3 Shaws Cv

      SHOW ROOM, WAREHOUSE • 70,158 SF
      3 Shaws Cv, New London, CT 06320-4952
      View Details
    • Value Estimation
      $3,495,000
      36,911 SF

      78 Viets St

      SHOW ROOM, WAREHOUSE • 36,911 SF
      78 Viets St, New London, CT 06320-3354
      View Details
    • Value Estimation by Request
      9,870 SF

      17 Brewer St

      SHOW ROOM, WAREHOUSE • 9,870 SF
      17 Brewer St, New London, CT 06320
      View Details
    • Value Estimation
      $3,830,000
      32,512 SF

      488 Colman St

      SHOW ROOM, WAREHOUSE • 32,512 SF
      488 Colman St, New London, CT 06320-3739
      View Details
    • Value Estimation by Request
      2,381 SF

      56 Huntington St

      SHOW ROOM, WAREHOUSE • 2,381 SF
      56 Huntington St, New London, CT 06320-6113
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,459 SF

      Mixed-Use Space in Downtown Location

      Office or retail spaces available in a high-traffic downtown area.
      281 State St, New London, CT 06320
      View Details
    • $567,000
      0.08 Acres

      Downtown New London Mixed-Use Gem

      Prime location, 11,656 SF, development ready.
      27 Bank St, New London, CT 06320
      View Details
    • Contact for pricing
      2.00 Acres

      New London Commercial Land Assemblage

      Four-acre redevelopment opportunity in prime location.
      377 Colman St, New London, CT 06320
      View Details
    • $3,750,000
      48,843 SF

      New London Office Complex Investment

      48,843 SF Multi-Building Office Complex
      224 Bank St, New London, CT 06320
      View Details
    • $6,500,000
      81,312 SF

      State Street Executive Office Building

      Prime New London Office Space, 81,312 SF
      153 State St, New London, CT 06320
      View Details
    • $1,200,000

      Retail Property For Sale

      Retail property available for purchase in New London, CT.
      595 Bank St, New London, CT 06320
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      1,500 SF

      Downtown New London Retail Space

      Recently renovated retail space in downtown New London.
      128-138 State St, New London, CT 06320
      View Details
    • $1,750 /Mo
      5,200 SF

      Downtown New London Office/Retail Spaces

      Office and retail spaces for lease in downtown New London.
      27 Bank St, New London, CT 06320
      View Details
    • $3,000 /Mo
      950 SF

      Downtown Retail/Restaurant Space Available

      950 SF retail or restaurant space in downtown New London.
      4 State St, New London, CT 06320
      View Details
    • $1,900 /Mo
      81,312 SF

      Downtown Retail/Office Space Available

      Historic mixed-use building in downtown New London with great visibility.
      153 State St, New London, CT 06320
      View Details
    • $1,700 /Mo
      1,500 SF

      New London Commercial Flex Space

      Flexible commercial space in historic New London firehouse.
      245 Shaw St, New London, CT 06320
      View Details
    • $2,500 /Mo
      1,500 SF

      Downtown Commercial Unit For Lease

      Recently renovated 1,500 SF commercial unit in downtown New London.
      128 State St, New London, CT 06320
      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.
    698 Bank St
    New London, CT 06320-5040
    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.