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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    700 Johnson Ave Cheshire, CT 06410-1197

    • Office buildings
    • 39,329 SF
    • 5.88 lot acres
    OFF-MARKET
    Last Sale
    Apr 24, 2024
    $1,570,750
    Value Estimations
    $1,570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0280285
    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

    • Schmitt Geralyn / Attorney
    • Benefits Group / Insurance Agency
    • Legacy Studios Northeast / Photography Studio
    • Unison Health Services Inc / Home Health Care Service

    Property Details for 700 Johnson Ave

    Year built
    1990
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    5.88 lot acres
    Property size
    39,329 SF
    Zone code
    I-2
    Property type
    Office buildings
    APN
    CHES M:2 B:10 L:
    APU
    CHESM2B10L

    Description

    This prestigious three-story Class A office building, located at 700 West Johnson Avenue in Cheshire, Connecticut (06410), offers a variety of executive office suites for lease. The 36,000 square foot building sits on a 5.88-acre lot and is conveniently situated off I-84 and I-691, providing easy access to I-91. Multiple tenancies are available, ranging from a minimum of 445 square feet to a maximum contiguous space of 7,233 square feet. Currently, 23,062 square feet of space is vacant. Available spaces include first-floor options of 5,000 and 1,000 square feet

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,570,000
      ML approach
      $1,570,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,067,000
      Market price range: $2.07M - $6.11M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheshire
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.9173
    Latitude
    41.5585
    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
    $49,126
    $282,110
    $1,117,890
    $1,400,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,250,000
      8,054 SF

      330 Main St

      OFFICE BUILDING • 8,054 SF
      330 Main St, Cheshire, CT 06410-3197
      View Details
    • Value Estimation
      $555,000
      2,182 SF

      2091 Highland Ave

      OFFICE BUILDING • 2,182 SF
      2091 Highland Ave, Cheshire, CT 06410-1219
      View Details
    • Value Estimation
      $4,900,000
      46,590 SF

      525 Knotter Dr

      OFFICE BUILDING • 46,590 SF
      525 Knotter Dr, Cheshire, CT 06410-1100
      View Details
    • Value Estimation
      $865,000
      3,955 SF

      219 Main St

      OFFICE BUILDING • 3,955 SF
      219 Main St, Cheshire, CT 06410-6300
      View Details
    • Value Estimation by Request
      2,204 SF

      577 Main St

      OFFICE BUILDING • 2,204 SF
      577 Main St, Cheshire, CT 06410-3146
      View Details
    • Value Estimation by Request
      8,652 SF

      2055 Meriden Rd

      OFFICE BUILDING • 8,652 SF
      2055 Meriden Rd, Cheshire, CT 06410-1060
      View Details

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      Cheshire Specialty Property For Sale

      Specialty property available for purchase in Cheshire, Connecticut.
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    • $1,600,000

      Land For Sale

      Land available for sale.
      9 Melrose Dr, Cheshire, CT 06410
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      2,392 SF

      Prime Cheshire Location, Suites Available

      Centrally located property with high accessibility and ample parking.
      286 Maple Ave, Cheshire, CT 06410
      View Details
    • $1,925 /Mo
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      Cheshire Office Space For Rent

      Office space available for lease in Cheshire, Connecticut.
      98 Elm St, Cheshire, CT 06410
      View Details
    • $23 SF/Yr
      6,190 SF

      Cheshire Office/Medical Space Available

      Two-story office/medical building with ample parking and convenient highway access.
      1781 Highland Ave, Cheshire, CT 06410
      View Details
    • Contact for pricing

      Adaptable Flex Space for Lease

      Flex space with parking and utilities near I-84 and I-691.
      Cheshire, CT 06410
      View Details
    • Contact for pricing
      20,000 SF

      Renovated High-Tech Manufacturing Facility

      174,000 SF renovated manufacturing facility with expansion potential.
      350 Knotter Dr, Cheshire, CT 06410
      View Details
    • $600 /Mo

      Cheshire Office Space Available

      Office spaces for rent in a prime Cheshire location.
      350 S Main St, Cheshire, CT 06410
      View Details
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    700 Johnson Ave
    Cheshire, CT 06410-1197
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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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