Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Office Space with Custom Renovation Title is generated by Realmo AI

    49-51 Locust Avenue, New Canaan, CT 06840

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Office space available for rent with customized build-out options.

    Type:Office
    Added:
    Oct 27, 2023
    Days on Market:
    953
    Last Refresh:
    May 12 at 10:58 pm

    Property Features for 49-51 Locust Avenue

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 49-51 Locust Avenue Contact us

    Available Suite $35/Mo

    Size
    Type
    Office
    Lease rate: $35.00 per sq. ft. plus electric
    Contact us

    Space Available $35/Mo

    Size
    685 SF
    Type
    Office
    Lease rate: $35.00 per sq. ft. plus electric
    Contact us

    We can help!

    Listing Contact
    Michael Lombardo

    Listing agent Michael Lombardo License #REB.0754980

    Listing office Plaza Realty & Management Corporation

    Listing date Oct 27, 2023

    Source Crexi

    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 Plaza Realty & Management Corporation

    HighLights

    • Landlord will renovate to tenant's needs.
    • Turnkey basis renovation.
    • Located at 49‑51 Locust.
    • Suite 107 & 108.

    Overview

    Suites 107 and 108 at 49-51 Locust Avenue offer office space for rent. The landlord is willing to renovate the space to meet a tenant's specific needs on a turnkey basis.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New Canaan
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4911868
    Latitude
    41.1490772

    Nearby Similar for Lease

    • $50 SF/Yr
      5,000 SF

      Premium Office Suites in New Canaan

      Professional office suites available in a recently renovated building.
      25 South Avenue, New Canaan, CT 06840
      View Details
    • $50 SF/Yr
      5,000 SF

      Professional Office Suites in New Canaan

      Premium, move-in ready office suites in a renovated building.
      25 South Avenue, New Canaan, CT 06840
      View Details
    • $5,975/Mo

      New Canaan Boutique Apartment Living

      Luxury apartments in downtown New Canaan, built in 2024.
      8 Husted Ln 1D, New Canaan, CT 06840
      View Details
    • $3,200/Mo
      10,298 SF

      Renovated Office Space Available

      Recently renovated office space featuring high ceilings and ample natural light.
      72 Park Street #103, New Canaan, CT 06840
      View Details
    • $39 SF/Yr
      1,604 SF

      Prime Retail Space in New Canaan

      Desirable retail space in New Canaan's 'Golden Triangle'.
      70 Main St, New Canaan, CT
      View Details
    • $40 SF/Yr
      3,456 SF

      Well-Maintained Office Space Available

      Inviting office space with high ceilings and fantastic lighting.
      21 South Avenue, New Canaan, CT 06840
      View Details
    • $950/Mo
      250 SF

      Bright Office Space Available

      Second-floor office space with ample natural light and convenient location.
      72 Park Street, New Canaan, CT 06840
      View Details
    • $700/Mo
      175 SF

      New Canaan Office Space Available

      Multiple office spaces available for rent in New Canaan.
      72 Park Street #107, New Canaan, CT 06840
      View Details
    • Contact for pricing
      1,357 SF

      Downtown New Canaan Office Space

      Three-story office building in downtown New Canaan for rent.
      161 Cherry St, New Canaan, CT
      View Details
    • Contact for pricing

      Retail Space on Elm Street

      Retail space available for rent on Elm Street.
      115 Elm Street, New Canaan, CT 06840
      View Details
    • Contact for pricing
      1,400 SF

      Renovated Office Space Available

      Recently renovated office space with parking, available April 2025.
      15 Grove St, New Canaan, CT
      View Details
    • Contact for pricing
      2,700 SF

      New Canaan Office Space Available

      Office space with private entrance, open layout, and parking.
      21 Grove St, New Canaan, CT
      View Details

    FAQs

    What type of property is this?
    Office units - Office space available for rent with customized build-out options.
    Where is this office units located?
    The property is located at 49-51 Locust Avenue New Canaan, CT.
    What is the lease rate?
    The lease rate is $35 SF/Yr.
    What are key features of this property?
    This property features: Landlord will renovate to tenant's needs.; Turnkey basis renovation.; Located at 49‑51 Locust.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Lombardo
    Real Estate License ID: REB.0754980
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    49-51 Locust Avenue, New Canaan, CT 06840
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!