About Lyman Real Estate

Brokerage & Development

HQ, Westbrook

Headquartered in the shoreline town of Westbrook, Connecticut, Lyman Real Estate serves sellers and buyers from New Haven, Middletown and Hartford and all towns east to Rhode Island.

We bring our knowledge of this region to help and guide Sellers realize maximum value of their properties. We aid Buyers in finding the perfect property to suit their needs. In addition to serving the average business owner, we develop sites and attract prominent national and regional tenants as the anchor. CEO Ron Lyman, is the founder of Lyman Real Estate and has led the company for over 35 years. As the real estate market evolves, our brokerage & development work continues to contribute to the growth and prosperity of Connecticut, attracting more visitors and providing thousands of new jobs for residents.

Since 1989, LYMAN has developed over 500,000 square feet of commercial real estate. Projects include ground-up constructions and repurposing or retail strip centers, industrial/flex buildings, office buildings, and apartments that LYMAN owns & manages.

Tyler Square, located at 1310 Main Street, Willimantic, CT is a well-established retail and office complex that opened in 1989 and continues to serve this area all these years later.

Max’s Place Shopping Center opened in August of 2014 and is located on Spencer Plain Road and Route 1 in Old Saybrook. It’s anchored by a 55,500 square foot Big Y grocery store and a Kohl’s Department Store. Other tenants include Five Guys Burgers & Fries, Choice Pet, ULTA Beauty, T-Mobile, and Supercuts. Phase II of Max’s Place will be underway soon, bringing more retail businesses to the shopping center.

At Lyman Real Estate Brokerage & Development, we focus on understanding your goals, making them our own, and integrating them into an enduring partnership as your commercial real estate experts. Contact us today to help suit your commercial real estate needs.

Notable Developments

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Lyman Guide

Ways to Financially Analyze a Commercial Real Estate Investment

Commercial real estate (CRE) is a numbers game

So, financial analysis is the foundation for making informed commercial real estate decisions

  • Helps you evaluate financial performance, investment return, property values
  • Helps you arrive at the value of a purchase, compare purchase options

Key measures

  • Net operating income (NOI)
    • NOI = gross income — operating expenses
    • Lenders use this to determine the maximum loan amount they’ll approve
  • Debt-service-coverage ratio (DSCR)
    • DSCR = NOI / annual debt service
    • Tells you the cash flow available to service the property’s debt
    • DSCR of 1.25 or higher normally adequate for a CRE investment
  • Capitalization rate (cap rate)
    • Cap rate = NOI / property’s market value
    • Used to determine the rate of return expected on an investment property
    • Can also calculate a property’s value based on a desired rate of return, using the following formula:
      • Property value = NOI / cap rate
    • Useful for comparing the relative values of alternative CRE investments
    • Higher cap rate generally indicates a higher return, but also, typically, a higher risk
  • Return on Investment (ROI)
    • REI = NOI / amount invested
    • The higher the ROI, the better the investment
  • Cash-on-cash return (CoC)
    • CoC = annual pretax cash flow / total cash invested
    • The higher the CoC return, the better the investment