8 Novelty LnEssex, CT 06426

Property Details for 8 Novelty Ln

Year built

1890

Construction

FRAME

Lot size

0.31 AC

Property size (Sq ft)

3,004 SF

Property type

Other commercial real estate

Property subtype

Showrooms

APN

ESSE M:47 B:032 L:01

APU

ESSEM47B032L01

Description

This exceptional 468-square-foot office space, located at 8 Novelty Lane in Essex, CT, offers a unique blend of historic charm and modern amenities. Situated on the second floor of a prestigious building, this single-tenant office boasts cathedral ceilings and expansive windows that bathe the space in natural light. Enjoy picturesque panoramic winter views of the Connecticut River. The building's unique entry foyer, adorned with nautical photographs and checkered tiles, sets a sophisticated tone. This location offers ample off-street parking and prominent signage opportunities at the main entrance. The quiet side-street location is conveniently close to three area yacht clubs, local marinas, shops, restaurants, galleries, coffee shops, banks, and the post office. Nearby cultural attractions include The Griswold Inn, Connecticut River Museum, and the Historic Steamboat Dock. The building, recipient of an AIA/CSA Design Award in 1987, is known for its desirable office spaces within the historic Village of Essex and the Connecticut River Valley. This space is ideal for professionals seeking a serene yet connected workspace within a vibrant community of architectural firms and yacht sales businesses. Lease terms are $1600 for the first year, $1650 for the second year, and $1700 for the third year.

• CAP approach

  CAP return

  Valuation

  6%

  $730,077

  6.5%

  $673,917

  7%

  $625,780

• Comparable approach

  Method

  Valuation

  Relative Method

  $989,107

  Geo Method

  $989,107

• Alternative Use

  Use

  Valuation

  Residential

  $568,474

  Hospitality

  $520,719

  Educational

  $433,232

  Medical

  $448,132

  Retail

  $673,917

Location Insight

City

Essex

County

Middlesex

State

Connecticut

Latitude

41.3504

Longitude

-72.3862

CBSA code

25540

CBSA name

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

Property Tax & Assessments

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