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Property profile & analytics
FOR LEASE
Office buildings
161 Cherry St New Canaan, CT 06840
Individually Owned
8-yr Hold
Free & Clear
Property ID
US15-0593392
For Lease
1 / 2
Contact for pricing
161 Cherry St, New Canaan, CT 06840
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Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
10,496 SF
Lot
0.45 ac (19,602 SF)
Zoning code
BUSA
APN
NCAN M:000T B:072 L:00744
UPID
US15-0593392
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ivey Barnum & O'Mara LLC Law Firm
-
New Canaan News Review (Bike/Boat/Book/etc) Store Newspaper & Magazine
-
Klein Neil C MD Physician
-
Stamford Health Medical Group New Canaan Draw Station Medical Clinic
-
Internal Medicine-New Canaan Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.61M
Blend (final)
Blend
$1.55M
Owner & transaction history
Sotheby Chung · 8 yrs held
Sotheby Chung
since 2017
1 recorded transaction
Zoning & alternative use
BUSA · New Canaan, CT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
2004 Revision
Top alternative use upside
Auto repair, garage
$2.5M
+33.9%
Commercial (general)
$2.4M
+33.5%
Retail stores
$2.0M
+6.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New Canaan submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Canaan submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,830,000
Current use
AUTO REPAIR, GARAGE
$2,450,000
Change: +34% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,445,000
Change: +34% · Conversion: Easy
RETAIL STORES
$1,950,000
Change: +7% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$1,665,000
Change: -9% · Conversion: Easy
Blend value · Realmo final
$1.55M
Range $1.40M – $1.71M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$148 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$62,693
Tax year 2023
Assessed value
$3,310,090
Assessed 2023
Previous assessed
$3,310,090
+0.0% YoY
Effective rate
1.89%
On assessed value
Assessed land
$1,811,600
Assessed improvement
$1,498,490
Applied tax rate
127.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
2
Units
14
Bathrooms
6
Total area
10,496 SF
Lot
0.45 ac (19,602 SF)
Zoning code
BUSA
APN
NCAN M:000T B:072 L:00744
UPID
US15-0593392
Jurisdiction
NEW CANAAN
Zoning & alternative use
BUSA · New Canaan, CTZoning BUSA · permitted uses
BUSA · New Canaan, CT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
2004 Revision
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$2.4M
RETAIL STORES
Est. value
$2.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.7M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1978
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
Yes
Stories
2
Buildings
1
Units
14
Bathrooms
6
Lot
0.45 ac
Current owner
From public records · entity-resolved
Sotheby Chung
Individual
Free & Clear · 8 yrs held
Mailing address
21 LOCUST AVE STE 2C, NEW CANAAN, CT 06840-4735
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 3, 2017
—
Sotheby Chung
Chung,ray
Warranty Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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