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    8 Novelty Ln Essex, CT 06426
    Property profile & analytics

    8 Novelty Ln, Essex, CT 06426

    View on Map
    • Showrooms
    • 3,004 SF
    • 0.31 lot acres
    For Lease
    $1,880/Mo
    View Listing →
    First-Floor Office Space in Essex For Lease
    $1,880/Mo

    First-Floor Office Space in Essex

    Bright office space in historic Essex Village with river views.

    8 Novelty Ln, Essex, CT 6426
    View Listing
    Property ID
    US15-0425564
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Roderic M Hartung Architects / Architect
    • Samantha Steinmacher / Counselor
    • Mc Cann William J MD / Physician
    • Atlantic Intermediaries LLC / Insurance Agency

    Property Details for 8 Novelty Ln

    Year built
    1890
    Construction
    FRAME
    Lot size
    0.31 lot acres
    Property type
    Showrooms
    APN
    ESSE M:47 B:032 L:01
    APU
    ESSEM47B032L01

    Description

    This exceptional 468-square-foot office space, located at 8 Novelty Lane in Essex, CT, offers a unique blend of historic charm and modern amenities. Situated on the second floor of a prestigious building, this single-tenant office boasts cathedral ceilings and expansive windows that bathe the space in natural light. Enjoy picturesque panoramic winter views of the Connecticut River. The building's unique entry foyer, adorned with nautical photographs and checkered tiles, sets a sophisticated tone. This location offers ample off-street parking and prominent signage opportunities at the main entrance. The quiet side-street location is conveniently close to three area yacht clubs, local marinas, shops, restaurants, galleries, coffee shops, banks, and the post office. Nearby cultural attractions include The Griswold Inn, Connecticut River Museum, and the Historic Steamboat Dock. The building, recipient of an AIA/CSA Design Award in 1987, is known for its desirable office spaces within the historic Village of Essex and the Connecticut River Valley. This space is ideal for professionals seeking a serene yet connected workspace within a vibrant community of architectural firms and yacht sales businesses. Lease terms are $1600 for the first year, $1650 for the second year, and $1700 for the third year.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $585,000
      Market price range: $245k - $591k
      AI Estimate
      $570,000
      Market price range: $200k - $586k

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

    Location Insight

    • Map
    • Local Demand
    City
    Essex
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.3862
    Latitude
    41.3504
    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
    2024
    $7,422
    $249,400
    $161,800
    $411,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      3 Main St

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      6 Main St

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      57 Main St

      SHOW ROOM, WAREHOUSE
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    • Value Estimation
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      147 Westbrook Rd

      SHOW ROOM, WAREHOUSE
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      View Details
    • Value Estimation
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      7,118 SF

      158 Westbrook Rd

      SHOW ROOM, WAREHOUSE
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      View Details

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    • New
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      Land in Essex Village Location

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      First-Floor Office Space in Essex

      Bright office space in historic Essex Village with river views.
      8 Novelty Ln, Essex, CT 06426
      View Details
    • $7 SF/Yr
      21,000 SF

      Industrial/Warehouse and Office Space

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    View Listing
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    Essex, CT 06426
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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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