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    Property profile & analytics

    9 Progress Dr Cromwell, CT 06416-1035

    • Industrial properties
    • 5,970 SF
    • 2.00 lot acres
    OFF-MARKET
    Last Sale
    Apr 19, 2022
    $600,000
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0462142
    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 9 Progress Dr

    Year built
    2000
    Construction
    STEEL FRAME
    Lot size
    2.00 lot acres
    Property size
    5,970 SF
    Zone code
    IND
    Property type
    Industrial properties
    APN
    CROM M:00520701
    APU
    CROMM00520701

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $580,000
      ML approach
      $580,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $491,000
      Market price range: $261k - $694k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $495,000
      Current use
      COMMERCIAL (GENERAL)
      $720,000
      Change: +45% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $635,000
      Change: +28% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cromwell
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.7108
    Latitude
    41.6124
    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
    $11,531
    $102,830
    $289,240
    $392,070
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $22,710,000
      403,000 SF

      120 Countyline Dr

      INDUSTRIAL (GENERAL) • 403,000 SF
      120 Countyline Dr, Cromwell, CT 06416-1186
      View Details
    • Value Estimation
      $3,020,000
      106,600 SF

      14 Alcap Rdg

      INDUSTRIAL (GENERAL) • 106,600 SF
      14 Alcap Rdg, Cromwell, CT 06416-1058
      View Details
    • Value Estimation
      $735,000
      9,582 SF

      200 Corporate Row

      INDUSTRIAL (GENERAL) • 9,582 SF
      200 Corporate Row, Cromwell, CT 06416-2029
      View Details
    • Value Estimation
      $730,000
      7,350 SF

      10 Progress Dr

      INDUSTRIAL (GENERAL) • 7,350 SF
      10 Progress Dr, Cromwell, CT 06416-1034
      View Details
    • Value Estimation by Request
      4.68 Acres

      50 Sebethe Dr

      INDUSTRIAL (GENERAL) • 4.68 Acres
      50 Sebethe Dr, Cromwell, CT 06416-1015
      View Details
    • Value Estimation by Request
      5,700 SF

      15 Commerce Dr

      INDUSTRIAL (GENERAL) • 5,700 SF
      15 Commerce Dr, Cromwell, CT 06416-1167
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Cromwell, CT Industrial Land

      ±23.6 Acres, Multi-Use Potential
      210 Court St, Cromwell, CT 06416
      View Details
    • $664,500

      Sydney Lane Specialty Property

      Specialty property available for sale in Cromwell, Connecticut.
      12 Sydney Ln, Cromwell, CT 06416
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      Cromwell Specialty Property For Sale

      Specialty property available for purchase in Cromwell, Connecticut.
      37 Coles Rd, Cromwell, CT 06416
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    • $489,500

      Established Tavern with Growth Potential

      Family-owned tavern/sports bar with growth potential, renovated interior, and outdoor patio.
      1 Wall St, Cromwell, CT 06416
      View Details
    • Contact for pricing

      Prime Land with I-91 Visibility

      13-acre site ideal for office, retail, hospitality, and self-storage.
      10 Sebethe Dr, Cromwell, CT 06416
      View Details
    • $2,500,000

      Restaurant and Retail Opportunity

      Two buildings on 0.51 acres with ample parking.
      198-200 West St, Cromwell, CT 06416
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      New Construction Industrial Flex Space

      New construction industrial condominium units for lease, convenient location.
      60 Countyline Dr, Cromwell, CT 06416
      View Details
    • Contact for pricing
      14,220 SF

      Industrial Building with Air Conditioning

      14,220 SF industrial building on 2.14 acres for lease.
      10 Countyline Dr, Cromwell, CT 06416
      View Details
    • $650 /Mo
      200 SF

      One-Room Office Space Available

      One-room office space with private entrance and parking.
      110 Court St, Cromwell, CT 06416
      View Details
    • Contact for pricing
      21,872 SF

      Cromwell Square Shopping Center

      High-traffic retail space, Route 372
      51 Shunpike Rd, Cromwell, CT 06416
      View Details
    • Contact for pricing
      5,522 SF

      Retail Space in Cromwell Center

      Highly visible end-cap location at a busy Cromwell intersection.
      195 West St, Cromwell, CT 06416
      View Details
    • $1,600 /Mo
      850 SF

      Unique Retail Space in Cromwell

      Retail space for lease in a unique Cromwell location.
      309 Main St Unit, Cromwell, CT 06416
      View Details
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    9 Progress Dr
    Cromwell, CT 06416-1035
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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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