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

    723 Farmington Ave New Britain, CT 06053

    • Industrial properties
    • 25.69 lot acres
    For Lease
    View listing
    $2,000 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0317891
    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

    • Industrial properties

    Property Details for 723 Farmington Ave

    Lot size
    25.69 lot acres
    Zone code
    T
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    NBRI M:C3A B:1
    APU
    NBRIMC3AB1

    Description

    This exceptional 4-acre commercial lot presents a remarkable investment opportunity in New Britain, Connecticut. Ideally situated adjacent to a school and a newly constructed gas station, this property enjoys exceptional visibility with a daily traffic count exceeding 9,300 vehicles. The lot features 200 feet of frontage, providing ample space for development. Zoned for commercial use, this single-tenant property offers the potential for a long-term lease, possibly extending up to 100 years. Its strategic location near the Farmington town line and convenient access to Highway 84 ensures unparalleled connectivity. The high traffic volume, coupled with the proximity to a school and established retail, makes this site exceptionally attractive for a variety of developments. Consideration could include, but is not limited to, apartment buildings, senior housing, or a mixed-use project. This location is poised to generate strong rental income due to the high demand in the area. Don't miss this chance to acquire a prime commercial parcel in a thriving location. The total number of parking spaces is to be determined. Hartford County zoning applies.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Britain
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.7858
    Latitude
    41.6976
    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
    2023
    $14,057
    $200,970
    $166,250
    $367,220
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $600,000
      18,940 SF

      45 Burritt St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 18,940 SF
      45 Burritt St, New Britain, CT 06053-4003
      View Details
    • Value Estimation by Request
      3.02 Acres

      777 Osgood Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 3.02 Acres
      777 Osgood Ave, New Britain, CT 06053-2268
      View Details
    • Value Estimation by Request
      3.05 Acres

      1340 Ee St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 3.05 Acres
      1340 Ee St, New Britain, CT 06053-2524
      View Details
    • Value Estimation
      $645,000
      47.11 Acres

      600 Myrtle St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 47.11 Acres
      600 Myrtle St, New Britain, CT 06053-3976
      View Details
    • Value Estimation
      $6,405,000
      178,509 SF

      200 Myrtle St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 178,509 SF
      200 Myrtle St, New Britain, CT 06053-4160
      View Details
    • Value Estimation
      $2,925,000
      138,097 SF

      1 Celebration Way

      INDUSTRIAL (GENERAL) • 138,097 SF
      1 Celebration Way, New Britain, CT 06053-1480
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      134,000 SF

      New Britain Industrial Flex Space

      134,000 SF Flex/Warehouse, Excellent Location
      436 Slater Rd, New Britain, CT 06053
      View Details
    • $535,000

      Mixed-Use Building in High-Traffic Location

      Fully occupied, four-unit building with commercial and residential spaces.
      335 Broad St, New Britain, CT 06053
      View Details
    • $379,900

      Spacious Two-Family Home

      Two-family home with identical units, ideal for owner-occupants or investors.
      38 Brown St, New Britain, CT 06053
      View Details
    • $78,500

      Land For Sale

      Land available for sale.
      19 Maplehurst Ave, New Britain, CT 06053
      View Details
    • $58,500

      Land For Sale

      Land available for sale.
      107 Allen St, New Britain, CT 06053
      View Details
    • $525,000

      Well-Maintained Three-Family Property

      Three-family property with separate utilities, garage bays, newer roof.
      1467 Corbin Ave, New Britain, CT 06053
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      84,000 SF

      Air-Conditioned Warehouse and Office Space

      84,000 SF warehouse and office space for lease.
      490 Slater Rd, New Britain, CT 06053
      View Details
    • Contact for pricing
      134,000 SF

      New Britain Warehouse - 87,000 SF

      Modern warehouse space, I-84 access. Excellent location.
      436 Slater Rd, New Britain, CT 06053
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in New Britain

      2000 SF retail space available for rent.
      587 Hartford Rd, New Britain, CT 06053
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space on Main Street

      Retail space available for lease in New Britain, CT.
      944-950 W Main St, New Britain, CT 06053
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space in High-Traffic Area

      Retail space with high visibility and strong anchor tenants.
      665 W Main St, New Britain, CT 06053
      View Details
    • $1,550 /Mo

      Updated 2-Bedroom Rental

      Spacious, updated 2-bedroom rental with modern amenities and convenient location.
      465 Burritt St, New Britain, CT 06053
      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.
    723 Farmington Ave
    New Britain, CT 06053
    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.