245 Locust StHartford, CT 06114

Property Details for 245 Locust St

Year built

1968

Construction

FRAME

Lot size

3.54 AC

Property size (Sq ft)

47,967 SF

Zone code

ID-1

Property type

Office buildings

APN

HTFD M:298 B:690 L:008

APU

HTFDM298B690L008

Description

This ±52,000 square foot industrial facility, situated on ±3.53 acres in Hartford, CT's South End, presents a compelling investment opportunity. Currently, approximately 30,000 square feet of space is available for lease or development, supplementing the income generated by existing long-term tenants. Built in 1968 and renovated in 1998, this single-story building offers versatile space suitable for various uses, including office, flex, educational, or manufacturing purposes. The property boasts ample parking for 200 vehicles, a convenient pick-up/drop-off area, and central air conditioning. Its prime location provides easy access to major transportation arteries like Route 15, I-84, and I-91, enhancing its appeal to a wide range of businesses. The property benefits from fiber optic connectivity and is surrounded by established businesses such as UPS, Pitney Bowes, and U-Haul, creating a strong and desirable business environment. The minimum divisible space is 30,000 square feet, with a maximum contiguous space of 30,000 square feet. This property offers a unique blend of established income and significant development potential.

• CAP approach

  CAP return

  Valuation

  6%

  $7,930,378

  6.5%

  $7,320,349

  7%

  $6,797,466

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,267,368

  Geo Method

  $6,267,368

• Alternative Use

  Use

  Valuation

  Residential

  $9,077,233

  Hospitality

  $8,314,696

  Educational

  $6,917,730

  Medical

  $7,155,641

  Retail

  $10,760,913

Location Insight

City

Hartford

County

Hartford

State

Connecticut

Latitude

41.7426

Longitude

-72.6672

CBSA code

25540

CBSA name

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

Property Tax & Assessments

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