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    965 Main St Meriden, CT 06450
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    Property profile & analytics

    965 Main St Meriden, CT 06450

    View on Map
    • Grocery and convenience stores
    • 3.50 lot acres
    Off-Market
    Property ID
    US15-1039629
    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

    • Community Economic Development Fund / Charitable Organization / Social Service Agency
    • Just Right Bookkeeping & Consulting Service / Consultant

    Property Details for 965 Main St

    Lot size
    3.50 lot acres
    Property type
    Grocery and convenience stores

    Description

    This exceptional 3.5-acre redevelopment opportunity in Meriden, Connecticut, presents a compelling investment prospect. Located at 965 East Main Street, the property boasts unparalleled visibility due to its direct highway access, making it an ideal location for a variety of commercial ventures. The existing two-story building, encompassing approximately 19,705 square feet, offers potential for repurposing or demolition. The property is zoned C-3, allowing for diverse uses, including but not limited to convenience stores, quick-service restaurants, and full-service restaurants. The zoning also permits multi-family residential dwellings with a special permit. The site benefits from exceptional daily traffic counts, with East Main Street averaging 24,310 vehicles daily and I-91 boasting an average daily traffic count of 70,729. Convenient access to I-91, I-691, and Route 15 further enhances its strategic location. The asking price for this prime redevelopment site is $3,000,000. This presents a unique chance to capitalize on a high-traffic location in a thriving area with numerous nearby amenities. The property's size and zoning flexibility offer significant potential for a wide range of development projects.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Meriden
    County
    New Haven
    State
    Connecticut
    Longitude
    -72.7717526
    Latitude
    41.5264197

    Comparable in this City

    • $2,995,000

      Meriden Office/Retail Investment Opportunity

      21,953 SF Meriden property suitable for office, retail, or investment.
      43 E Main St, Meriden, CT 06450
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    • $1,550,000

      Redevelopment Opportunity on Broad Street

      20,445 SF retail building on 3 acres for sale.
      577 S Broad St, Meriden, CT 06450
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    • $2,995,000
      21,953 SF

      21,953 SF on 0.71 AC Building for Office, Retail, and Investor Development

      21,953 SF on 0.71 AC Building for Office, Retail, and Investor Development
      43 E. Main St., Meriden, CT 06450
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    • $1,250,000

      Restaurant Opportunity on 1.33 Acres

      Restaurant for sale with established business and prime location.
      1320 E Main St, Meriden, CT 06450
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    • $315,000
      11,108 SF

      Operating Restaurant and Banquet Facility

      Fully operational Indo-Pakistani restaurant and banquet facility for sale.
      1835 North Broad St, Meriden, CT 06450
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    • $180,000

      Established Pizzeria in Prime Location

      Turnkey pizzeria for sale in high-traffic Meriden location.
      177 Broad St, Meriden, CT 06450
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    Similar Nearby for Sale

    • $2,995,000

      Meriden Office/Retail Investment Opportunity

      21,953 SF Meriden property suitable for office, retail, or investment.
      43 E Main St, Meriden, CT 06450
      View Details
    • $1,550,000

      Redevelopment Opportunity on Broad Street

      20,445 SF retail building on 3 acres for sale.
      577 S Broad St, Meriden, CT 06450
      View Details
    • $2,995,000
      21,953 SF

      21,953 SF on 0.71 AC Building for Office, Retail, and Investor Development

      21,953 SF on 0.71 AC Building for Office, Retail, and Investor Development
      43 E. Main St., Meriden, CT 06450
      View Details
    • $1,250,000

      Restaurant Opportunity on 1.33 Acres

      Restaurant for sale with established business and prime location.
      1320 E Main St, Meriden, CT 06450
      View Details
    • $315,000
      11,108 SF

      Operating Restaurant and Banquet Facility

      Fully operational Indo-Pakistani restaurant and banquet facility for sale.
      1835 North Broad St, Meriden, CT 06450
      View Details
    • $180,000

      Established Pizzeria in Prime Location

      Turnkey pizzeria for sale in high-traffic Meriden location.
      177 Broad St, Meriden, CT 06450
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      31,600 SF

      Meriden Mixed-Use Facility Available

      438,000 SF mixed-use facility on 12.63 acres for lease.
      290 Pratt St, Meriden, CT 06450
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    • $4,000 /Mo
      3,400 SF

      Prime Retail Space in Meriden

      3400 sq ft retail space in high-traffic Meriden location.
      711 E Main St, Meriden, CT 06450
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    • Contact for pricing
      2,100 SF

      Retail Space in Shopping Center

      Retail space with high visibility and easy highway access.
      1231 E Main St, Meriden, CT 06450
      View Details
    • Contact for pricing

      Dominant Shopping Center Space Available

      Prime retail space for lease in a dominant shopping center.
      533 S Broad St, Meriden, CT 06450
      View Details
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    Meriden, CT 06450
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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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