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

    714 Chase Pkwy Waterbury, CT 06708

    • Medical offices
    • 13,782 SF
    • 1.78 lot acres
    For Lease
    View listing
    $21 SF/Yr
    Value Estimations
    $570,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0679539
    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

    • Dr. William F. Rozmajzl Jr., DDS - Dentist / Dental Office
    • Naugatuck Valley Dental / Dental Office
    • Chase Parkway Professional Building / Medical Clinic
    • Chase Parkway Dental: Dr. Roshanak Rose Dezfoolian / Dental Office
    • John A. Salerno, MD - Trinity Health Of New England Medical Group - Westside Internal Medicine / Physician

    Property Details for 714 Chase Pkwy

    Year built
    1970
    Lot size
    1.78 lot acres
    Property size
    13,782 SF
    Zone code
    CO
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    WBRY M:0339 B:0065 L:0002
    APU
    WBRYM0339B0065L0002

    Description

    This exceptional investment opportunity presents two executive office units totaling 2,200 square feet, situated at 714 Chase Parkway in Waterbury, Connecticut. The property, built in 1970, sits on a generous 1.78-acre lot and benefits from RS zoning. Each unit represents a 9% interest in the 1,240,50 square foot building. Currently, the building has a 50% occupancy rate. The asking price for both units is $90,000. This is a multi-tenancy building with convenient access to I-84 via a nearby entrance ramp, and is located directly across from Naugatuck Valley Community College. The lease includes taxes, heat, electricity, common area maintenance (CAM), interior cleaning twice weekly, and non-hazardous trash removal. Individual unit size is 1,080 square feet. This presents a unique opportunity for investors seeking a well-located, income-producing property in a desirable Connecticut location. The property's size, location, and included amenities make it an attractive proposition for both owner-occupants and investors. The existing lease structure provides a stable income stream, while the RS zoning allows for flexibility in future development or use. This is a rare chance to acquire a piece of established commercial real estate in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $410,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $725,000
      Market price range: $391k - $1.25M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $870,000
      Current use
      WAREHOUSE, STORAGE
      $770,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0721
    Latitude
    41.5477
    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
    $64,873
    $206,920
    $990,220
    $1,197,140
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
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      MEDICAL BUILDING • 2,304 SF
      597 Highland Ave, Waterbury, CT 06708-3715
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    • Value Estimation
      $5,340,000
      53,668 SF

      160 Robbins St

      MEDICAL BUILDING • 53,668 SF
      160 Robbins St, Waterbury, CT 06708-2652
      View Details
    • Value Estimation by Request
      8,000 SF

      26 Lakeside E Blvd

      MEDICAL BUILDING • 8,000 SF
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      6,170 SF

      1155 Main St

      MEDICAL BUILDING • 6,170 SF
      1155 Main St, Waterbury, CT 06708
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    • Value Estimation by Request
      6,771 SF

      1068 Main St

      MEDICAL BUILDING • 6,771 SF
      1068 Main St, Waterbury, CT 06708-2676
      View Details

    Similar Nearby for Sale

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      Waterbury Medical Office Package

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    • $2,199,000
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      Medical Office Space For Sale

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    Similar Nearby for Lease

    • $13 SF/Yr
      59,096 SF

      Grandview Ave Medical Office Space

      Waterbury, CT Medical Office Suites Available
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      Grandview Medical Office Suite Available

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    • $12 SF/Yr
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      Waterbury Medical Office Space For Lease

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    • $14 SF/Yr
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      Professional/Medical Office Suites For Rent

      Office suites available near Waterbury Hospital, suitable for professional/medical uses.
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    • $21 SF/Yr
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      Medical Office Space Available

      Freestanding medical office building near Naugatuck Valley Community College.
      714 Chase Pkwy, Waterbury, CT 06708
      View Details
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    714 Chase Pkwy
    Waterbury, CT 06708
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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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