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Property profile & analytics
FOR LEASE
Industrial properties
84 Progress Ln, Waterbury, CT 06705
Entity Owned
29-yr Hold
~
Est. High Equity
Property ID
US15-0857647
For Lease
1 / 3
$8 SF/Yr
84 Progress Ln, Waterbury, CT 06705
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Property summary
AI-generated overview
This exceptional Class A office space, located at 84 Progress Lane, offers 19,194 square feet of premium workspace. Situated on the second floor of a two-story building, this former bank processing center boasts a spacious, open-plan layout ideal for a variety of businesses. The suite features abundant natural light from windows on two sides, offering stunning mountain views. A private break room adds to the convenience and functionality of the space. Accessibility is enhanced by a single elevator, two stairwells, and conveniently located full restrooms. The building's zoning is IP. The minimum divisible space is 19,194 square feet, and the maximum contiguous space available is also 19,194 square feet. The total building size is 144,000 square feet, with this 19,194 square foot suite currently vacant and ready for immediate occupancy. Its prime location near Interstate 84 provides easy access and excellent visibility, making it an ideal location for businesses seeking a professional and convenient environment. This is a rare opportunity to secure a significant amount of high-quality office space in a desirable location.
Property profile
Verified
Property type
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Year built
1987
Total area
149,109 SF
Lot
15.36 ac (669,082 SF)
Zoning code
IP
APN
WBRY M:0473 B:0490 L:0037
UPID
US15-0857647
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Health Complex Medical Medical Supply Store
-
Mortgage Refinance Waterbury CT - Home Refinance Connecticut - Refi Home Loan Lenders Bank Credit Union
-
Western Connecticut Area Agency Social Service Agency Charitable Organization
-
Senior Wyze Senior Care & Assisted Living Waterbury Nursing Home Retirement Community
-
Richard Aust Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.54M
Blend (final)
Blend
$5.04M
Owner & transaction history
LP Arev II · 29 yrs held
LP Arev II
since 1997
2 recorded transactions
Zoning & alternative use
IP · Waterbury, CT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waterbury submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waterbury submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$5.04M
Range $4.53M – $5.54M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$34 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$295,054
Tax year 2023
Assessed value
$5,444,810
Assessed 2023
Previous assessed
$5,444,810
+0.0% YoY
Effective rate
5.42%
On assessed value
Assessed land
$400,050
Assessed improvement
$5,044,760
Applied tax rate
312.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Status
For Lease
Year built
1987
Heating
SPACE
Buildings
1
Stories
2
Total area
149,109 SF
Lot
15.36 ac (669,082 SF)
Zoning code
IP
APN
WBRY M:0473 B:0490 L:0037
UPID
US15-0857647
Jurisdiction
WATERBURY
Zoning & alternative use
IP · Waterbury, CT
Zoning IP · permitted uses
IP · Waterbury, CT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Waterbury. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1987
Heating
SPACE
Stories
2
Buildings
1
Lot
15.36 ac
Current owner
From public records · entity-resolved
LP Arev II
Entity
Mailing address
PO BOX 151, WATERBURY, CT 06720-0151
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 30, 1997
$2,000,000
LP Arev II
First Union Bank Conn
Warranty Deed
$1,000,000 · Arev I LP
Jun 30, 1997
—
LP Arev II
—
Deed Of Trust
related
$600,000 · Zuckerman Family Nomi
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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