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Property profile & analytics
FOR LEASE
Showrooms
994 N Colony Rd Wallingford, CT 06492
Individually Owned
34-yr Hold
Absentee Owner
Free & Clear
Property ID
US15-1273844
For Lease
1 / 2
$1,715,000
994 N Colony Rd, Wallingford, CT 06492
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Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
22,178 SF
Lot
2.19 ac (95,396 SF)
APN
WALL M:037 L:025
UPID
US15-1273844
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
-
Advanced Computers Tech Support Center IT Consulting Firm
-
Townfair Plaza Hotel & Motel Resort
-
GeoDataVision Consultant Doctor
-
East Coast | Wine & Spirits (Bike/Boat/Book/etc) Store Wine and Liquor Store
-
Tobacco world (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.51M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.00M
Blend (final)
Blend
$1.72M
Owner & transaction history
Neil Mellen · 34 yrs held
Neil Mellen
since 1991
Last sale
$1.7M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.4M
+9.9%
Apartment house (5+ units)
$2.3M
+6.0%
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 Wallingford submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wallingford 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
$1,665,000
ML approach
$1,510,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,190,000
Current use
RETAIL STORES
$2,405,000
Change: +10% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,320,000
Change: +6% · Conversion: Moderate
AUTO REPAIR, GARAGE
$2,010,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$1.72M
Range $1.54M – $1.89M · ±10% · vs last sale $1.70M (Feb 18 2025)
Last sale anchor
$1.70M
Feb 18 2025
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
$77 / 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
$48,329
Tax year 2023
Assessed value
$1,647,200
Assessed 2023
Previous assessed
$1,647,200
+0.0% YoY
Effective rate
2.93%
On assessed value
Assessed land
$709,500
Assessed improvement
$937,700
Applied tax rate
310.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
For Lease
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
5
Total area
22,178 SF
Lot
2.19 ac (95,396 SF)
APN
WALL M:037 L:025
UPID
US15-1273844
Jurisdiction
WALLINGFORD
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.2M
RETAIL STORES
Est. value
$2.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$2.0M
COMMERCIAL (GENERAL) Current
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
5
Lot
2.19 ac
Current owner
From public records · entity-resolved
Neil Mellen
Individual
Free & Clear · 34 yrs held
Mailing address
460 COE AVE, EAST HAVEN, CT 06512-3836
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1991
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
Oct 18, 1991
$1,700,000
Neil Mellen
Hutt,stephen J
Warranty Deed
—
Oct 4, 1991
$1,265,000
Automotive Dis Walters
New England Svg Bk
Warranty Deed
$1,000,000 · Ne Federal Savings Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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