72 Park StNew Canaan, CT 06840

Property Details for 72 Park St

Year built

1953

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.20 AC

Property size (Sq ft)

6,384 SF

Zone code

RETA

Property type

Office properties

Property subtype

Office buildings

APN

NCAN M:000T B:043 L:00829

APU

NCANM000TB043L00829

Description

This exceptional mixed-use property at 72 Park Street in New Canaan, Connecticut, presents a compelling investment opportunity. The 10,298 square foot building, constructed in 1950, is classified as Class B and features a desirable Traditional Office subtype within a Retail A zoning district. Currently housing fourteen tenants, many of whom have enjoyed long-term occupancy (20+ years), this building offers a stable income stream. The asking price is $3,600,000, translating to $349.58 per square foot. The property includes a private parking lot with seven spaces, and benefits from its proximity to a municipal parking lot and a highly convenient location directly across from the train station and just 100 feet from a Starbucks. The 0.2-acre lot allows for potential expansion, with possibilities for building additions to the front, back, and upward. Furthermore, the property's zoning allows for the possibility of conversion to residential use, offering significant future development potential. The lease type is Net, and the building boasts a blend of office and retail spaces, catering to a diverse tenant base. This property represents a rare opportunity to acquire a well-located, income-producing asset with significant upside potential in a thriving Connecticut community.

• CAP approach

  CAP return

  Valuation

  6%

  $1,055,466

  6.5%

  $974,276

  7%

  $904,685

• Comparable approach

  Method

  Valuation

  Relative Method

  $834,133

  Geo Method

  $834,133

• Alternative Use

  Use

  Valuation

  Residential

  $1,208,102

  Hospitality

  $1,106,615

  Educational

  $920,691

  Medical

  $952,355

  Retail

  $1,432,186

Location Insight

City

New Canaan

County

Fairfield

State

Connecticut

Latitude

41.147

Longitude

-73.495

CBSA code

14860

CBSA name

BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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