Stamford Commercial Building on
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242 Hope St, Stamford, CT 06906
4,520 SF commercial building in Stamford's Glenbrook neighborhood.
Property Size4,520 SF
Price / SF$331.86
Days on Market768
Property Features for 242 Hope St
General Information
Standard status
Active
Size
4,520 SF
Class
B
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
C-N
Listing Agency:
Coldwell Banker Commercial NRT Danbury
(203) 837-7187
Listed By:
Kevin Coleman · License #0825423
Source:
Crexi
Added: Jul 2, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial NRT Danbury
Investment Insights
Based on property information with market context.
The property at 242 Hope Street in Stamford, CT, is a 4,520 SF commercial building formerly occupied by Cornerstone Community Credit Union. The building features an ATM machine, a bank teller floor, and a vault. It also includes two private offices, an ADA-compliant restroom, and second-floor office space with a conference room. The property is situated on Hope Street in the Glenbrook neighborhood of Stamford, conveniently located near Stamford Hospital and with easy access to I-95 and the Merritt Parkway. This location is suitable for various commercial real estate purposes.
Key Highlights
- Prime location on bustling Hope Street in Stamford's Glenbrook neighborhood.
- 4,520 SF building formerly used as a credit union, ready for similar or adaptable uses.
- Includes valuable existing infrastructure: ATM, bank teller floor, vault.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$90,045
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,800,900
$1.8M
Cap Rate 7%
$1,286,357
$1.3M
Cap Rate 9%
$1,000,500
$1.0M
Market Conditions
NOI Build-Up for 4,520 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$126.4K $27.96/SF
− Vacancy
−$6.3K −$1.40/SF
EGI
$120.1K $26.56/SF
− OpEx
−$30.0K −$6.64/SF
NOI
$90.0K $19.92/SF
Area
Stamford, CT
Vacancy
5.00%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,800,900
Cap Rate 7%
$1,286,357
Cap Rate 9%
$1,000,500
Alternative Uses
Best Use
Specialty Retail
$1.29M
$1.13M – $1.50M
NOI $90,045 @ 7.0% cap · market cap 6.00%
Second Best
Retail
$1.11M
$973.2K – $1.30M
NOI $77,859 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$1.63M
$1.43M – $1.91M
NOI $114,402 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,554
Businesses Nearby
Explore this area
Business Placement
Demographics for 06906, CT
9,902
Population
3,727
Households
2.7
Avg Household Size
38
Median Age
47%
College-Educated
80%
High-School Grad
1.3 sq mi
ZIP Area
7,617
Density / Sq Mi
$91,710
Median Household Income
$45,518
Median Earnings
$2,207
Median Rent
$576,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 4,520 SF commercial building in Stamford's Glenbrook neighborhood.
Where is this office building located?
The property is located at 242 Hope St Stamford, CT.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime location on bustling Hope Street in Stamford's Glenbrook neighborhood.; 4,520 SF building formerly used as a credit union, ready for similar or adaptable uses.; Includes valuable existing infrastructure: **ATM, bank teller floor, vault.**
