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    Property profile & analytics

    8 Migeon Ave Torrington, CT 06790

    • Retail space
    • 2,037 SF
    • 0.16 lot acres
    For Lease
    View listing
    $2,400 /Mo
    Last Sale
    Sep 30, 2024
    $275,000
    Value Estimations
    $270,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0101113
    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

    • Litchfield County Refinishing / Furniture Repair Shop / Antique Furniture Restoration Service

    Property Details for 8 Migeon Ave

    Year built
    1942
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.16 lot acres
    Property size
    2,037 SF
    Zone code
    DD
    Property type
    Retail space
    APN
    TORR M:117 B:005 L:001
    APU
    TORRM117B005L001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $275,000
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $206,000
      Market price range: $82.9k - $248k
      AI Estimate
      $191,000
      Market price range: $90.5k - $260k

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

    Location Insight

    • Map
    • Local Demand
    City
    Torrington
    County
    Litchfield
    State
    Connecticut
    Longitude
    -73.1273
    Latitude
    41.8033
    CBSA code
    45860
    CBSA name
    TORRINGTON, CT MICROPOLITAN 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
    2024
    $6,019
    $45,850
    $79,630
    $125,480
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $510,000
      3,535 SF

      1385 New Litchfield St

      RETAIL STORES (PERSONAL SERVICES) • 3,535 SF
      1385 New Litchfield St, Torrington, CT 06790-6018
      View Details
    • Value Estimation
      $575,000
      8,535 SF

      20 Main St

      RETAIL STORES (PERSONAL SERVICES) • 8,535 SF
      20 Main St, Torrington, CT 06790-5426
      View Details
    • Value Estimation
      $285,000
      2,120 SF

      374 Church St

      RETAIL STORES (PERSONAL SERVICES) • 2,120 SF
      374 Church St, Torrington, CT 06790-5210
      View Details
    • Value Estimation
      $295,000
      2,400 SF

      867 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      867 Main St, Torrington, CT 06790-3916
      View Details
    • Value Estimation
      $375,000
      9,878 SF

      110 Main St

      RETAIL STORES (PERSONAL SERVICES) • 9,878 SF
      110 Main St, Torrington, CT 06790-5429
      View Details
    • Value Estimation
      $280,000
      776 SF

      438 Main St

      RETAIL STORES (PERSONAL SERVICES) • 776 SF
      438 Main St, Torrington, CT 06790-5654
      View Details

    Similar Nearby for Sale

    • New
      $950,000
      5,248 SF

      Turnkey Commercial Property Route 202

      Fully occupied commercial property with established tenants.
      1185 New Litchfield St, Torrington, CT 06790
      View Details
    • Contact for pricing
      3,600 SF

      Retail Building on High-Traffic Street

      3,600 SF retail building with high visibility.
      25 Pineridge Rd, Torrington, CT 06790
      View Details
    • $1,300,000
      16 SF

      Retail/Warehouse Building on State Road

      Freestanding, fully leased retail/warehouse building with updated infrastructure.
      379 Goshen Rd, Torrington, CT 06790
      View Details
    • $2,100,000
      31,036 SF

      Torrington Multi-Building Retail Complex

      High-yield retail investment, 100% occupied.
      1083 Main St, Torrington, CT 06790
      View Details
    • $595,000
      8,060 SF

      Torrington Commercial Building with Rental Income

      Versatile commercial building in downtown Torrington with income potential.
      73 East Main St, Torrington, CT 06790
      View Details
    • $1,077,000

      Mixed-Use Property with Upholstery Business

      Mixed-use building with upholstery business and income potential.
      443 Main St, Torrington, CT 06790
      View Details

    Similar Nearby for Lease

    • $16,666 /Mo
      14,820 SF

      Retail Space Near Walmart, Target

      Prime corner retail location near Walmart and Target.
      1745 E Main St, Torrington, CT 06790
      View Details
    • Contact for pricing
      1,509 SF

      Retail Space in Downtown Torrington

      Retail space anchored by Super Stop & Shop in Torrington.
      223-251 High St, Torrington, CT 06790
      View Details
    • $2,200 /Mo

      Prime Retail Space Available

      High-visibility storefront in a busy downtown area, ready for your business.
      38 East Main St, Torrington, CT 06790
      View Details
    • New
      $1,250 /Mo
      800 SF

      Torrington Commercial Space For Lease

      800 sq ft office/retail space in a 3-unit building.
      286 Main St, Torrington, CT 06790
      View Details
    • Contact for pricing
      1,900 SF

      Retail Space in Downtown Torrington

      Retail space anchored by Stop & Shop in downtown Torrington.
      211-215 High St, Torrington, CT 06790
      View Details
    • $1,300 /Mo
      650 SF

      Renovated Retail/Office Space For Rent

      Newly renovated retail or office space with high visibility.
      835 New Harwinton Rd, Torrington, CT 06790
      View Details
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    8 Migeon Ave
    Torrington, CT 06790
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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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