723 Farmington AveNew Britain, CT 06053

Property Details for 723 Farmington Ave

Lot size

25.69 AC

Zone code

T

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

NBRI M:C3A B:1

APU

NBRIMC3AB1

Description

This exceptional 4-acre commercial lot presents a remarkable investment opportunity in New Britain, Connecticut. Ideally situated adjacent to a school and a newly constructed gas station, this property enjoys exceptional visibility with a daily traffic count exceeding 9,300 vehicles. The lot features 200 feet of frontage, providing ample space for development. Zoned for commercial use, this single-tenant property offers the potential for a long-term lease, possibly extending up to 100 years. Its strategic location near the Farmington town line and convenient access to Highway 84 ensures unparalleled connectivity. The high traffic volume, coupled with the proximity to a school and established retail, makes this site exceptionally attractive for a variety of developments. Consideration could include, but is not limited to, apartment buildings, senior housing, or a mixed-use project. This location is poised to generate strong rental income due to the high demand in the area. Don't miss this chance to acquire a prime commercial parcel in a thriving location. The total number of parking spaces is to be determined. Hartford County zoning applies.

• CAP approach

  CAP return

  Valuation

  6%

  $229,416,800

  6.5%

  $211,769,360

  7%

  $196,642,976

• Comparable approach

  Method

  Valuation

  Relative Method

  $226,634,784

  Geo Method

  $226,634,784

• Alternative Use

  Use

  Valuation

  Residential

  $211,769,360

  Hospitality

  $193,979,584

  Educational

  $161,388,736

  Medical

  $166,939,152

  Retail

  $251,049,152

Location Insight

City

New Britain

County

Hartford

State

Connecticut

Latitude

41.6976

Longitude

-72.7858

CBSA code

25540

CBSA name

HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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