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    Property profile & analytics

    885 Wethersfield Ave Hartford, CT 06114-3126

    • Office buildings
    • 8,100 SF
    • 0.41 lot acres
    OFF-MARKET
    Last Sale
    Apr 09, 2024
    Value Estimations
    $660,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0900140
    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

    • 32BJ SEIU / Advocacy Group

    Property Details for 885 Wethersfield Ave

    Year built
    1950
    Construction
    FRAME
    Lot size
    0.41 lot acres
    Property size
    8,100 SF
    Zone code
    MS-3
    Property type
    Office buildings
    APN
    HTFD M:278 B:810 L:100
    APU
    HTFDM278B810L100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $855,000
      Market price range: $360k - $968k
      AI Estimate
      $788,000
      Market price range: $278k - $1.63M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $610,000
      Current use
      RETAIL STORES
      $820,000
      Change: +34% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $725,000
      Change: +19% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $600,000
      Change: -1% Conversion: Easy
      COMMERCIAL (GENERAL)
      $590,000
      Change: -3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hartford
    County
    Hartford
    State
    Connecticut
    Longitude
    -72.6703
    Latitude
    41.7318
    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
    $23,925
    $81,690
    $265,300
    $346,990
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $675,000
      6,884 SF

      208 Murphy Rd

      OFFICE BUILDING • 6,884 SF
      208 Murphy Rd, Hartford, CT 06114-2107
      View Details
    • Value Estimation
      $530,000
      7,727 SF

      2 Wethersfield Ave

      OFFICE BUILDING • 7,727 SF
      2 Wethersfield Ave, Hartford, CT 06114-1128
      View Details
    • Value Estimation
      $1,095,000
      15,142 SF

      155 Locust St

      OFFICE BUILDING • 15,142 SF
      155 Locust St, Hartford, CT 06114-1504
      View Details
    • Value Estimation
      $7,670,000
      65,482 SF

      309 Wawarme Ave

      OFFICE BUILDING • 65,482 SF
      309 Wawarme Ave, Hartford, CT 06114-1509
      View Details
    • Value Estimation by Request
      5,969 SF

      184 Wethersfield Ave

      OFFICE BUILDING • 5,969 SF
      184 Wethersfield Ave, Hartford, CT 06114-1113
      View Details
    • Value Estimation
      $865,000
      20,801 SF

      90 Brainard Rd

      OFFICE BUILDING • 20,801 SF
      90 Brainard Rd, Hartford, CT 06114-1685
      View Details

    Similar Nearby for Sale

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      Well-Kept Three-Family with Garages

      Three-family property with brick exterior and two-car garages.
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      Hartford Storefront - Prime Location

      44,000 SF Retail Space, High ROI
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    • Contact for pricing
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      Leased Industrial Buildings For Sale

      Three industrial buildings totaling 38,000 SF on 3 acres.
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    • $389,000

      Turnkey Hartford Two-Family Property

      Two spacious units, garage, ready for occupancy.
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    • $540,000
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    Similar Nearby for Lease

    • Contact for pricing
      1,322 SF

      Wethersfield Avenue Office Space Available

      South Hartford office building with highway access and ample parking.
      864 Wethersfield Ave, Hartford, CT 06114
      View Details
    • $2,450 /Mo
      2,000 SF

      Commercial Space with Utilities Included

      2000 sq ft commercial space for lease with utilities included.
      110 Airport Rd, Hartford, CT 06114
      View Details
    • $1,050 /Mo
      1,700 SF

      Renovated Office Space Available

      Two renovated office units available for lease in Hartford.
      432 Franklin Ave, Hartford, CT 06114
      View Details
    • $2,700,000
      3,000 SF

      Versatile Commercial Space Near Downtown

      Office-style condo with storefront potential, near downtown Hartford.
      156-162 Franklin Ave, Hartford, CT 06114
      View Details
    • New
      $1,500 /Mo
      776 SF

      Hartford Office Space for Lease

      Professional office suites available in Hartford's South Meadows district.
      90 Brainard Rd, Hartford, CT 06114
      View Details
    • $1,800 /Mo

      Functional Office Suite For Rent

      Second-floor office suite with five private offices and reception.
      901 Wethersfield Ave Office 3, Hartford, CT 06114
      View Details
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    885 Wethersfield Ave
    Hartford, CT 06114-3126
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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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