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    Commercial Office Units For Sale Title is generated by Realmo AI

    123 Elm Street, Old Saybrook, CT 06475

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    For Sale
    $225,000

    COMMERCIAL - Old Saybrook, CT

    Property size:
    2,400 SF
    Price / SF:
    $93/SF
    Added:
    Feb 17, 2026
    Days on Market:
    108
    Last Refresh:
    Jun 5 at 11:06 am

    Property Features for 123 Elm Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-2
    Bathrooms
    3
    Rooms
    Bathroom 3, Bathroom 2, Bathroom 1
    Exterior features
    Sidewalk,Gutters,Lighting,Pole Sign,Door Sign
    Standard status
    Active
    Size
    2,400 SF

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    271

    Utilities

    Sewer type
    Shared Septic
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1985
    Floors in Building
    2
    Flooring type
    Vinyl

    We can help!

    Listing Contact
    Susan Malan
    Susan Malan

    Listing agent Susan Malan License #REB.0794430

    Listing office William Pitt Sotheby's Int'l 13 Main Street, Stamford, CT

    Listing date Feb 17, 2026

    MLS# 24154768

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Combined 2,400 sq ft commercial space across two floors (Units 1300 & 1400).
    • Turnkey condition with brand‑new flooring and private restrooms on both floors.
    • Suitable for various commercial uses: offices, medical/wellness, creative studios.
    • Conveniently located near the center of town with ample off‑street parking.
    • Ideal for investors or business owners, with potential for tenant income.
    • Well‑maintained and updated space offering a bright, professional environment.

    Overview

    This sale includes two commercial office units, identified as Units 1300 and 1400, providing a combined area of approximately 2,400 square feet distributed across two floors. Unit 1300 is situated on the first floor, while Unit 1400 is located on the second floor. The property is well-maintained and updated, featuring a bright, professional environment across both levels. Each level includes new flooring, private restrooms, and a turnkey condition throughout. The layout is suitable for professional offices, medical or wellness services, creative studios, or various commercial applications. Located near the center of town, the property provides privacy, ample off-street parking, and a quiet setting. This presents an opportunity for investors seeking stable income or business owners aiming to secure their own space while offsetting expenses with an existing tenant.
    Property Profile Location Intelligence

    Current Use by Public Records

    Donovan & Donovan Law Firm Executive Real Estate Real Estate Agency Sarette Home Builders Construction Company Southeastern Connecticut Medical ... Medical Clinic Seaside CoWork Suites Coworking & Hybrid Office

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Old Saybrook
    County
    Middlesex
    State
    Connecticut
    Longitude
    -72.385847
    Latitude
    41.295472

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    FAQs

    What type of property is this?
    Office units - Two well-maintained commercial office units totaling 2,400 square feet.
    Where is this office units located?
    The property is located at 123 Elm Street Old Saybrook, CT.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Combined **2,400 sq ft commercial space** across two floors (Units 1300 & 1400).; **Turnkey condition** with brand‑new flooring and private restrooms on both floors.; Suitable for various commercial uses: offices, medical/wellness, creative studios.
    (617) 645-4392
    We can help!
    Listing Contact
    Susan Malan
    Susan Malan
    Real Estate License ID: REB.0794430
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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