Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23 Locust Ave New Canaan, CT 06840-4721

    • Retail space
    • 1,046 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0387746
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Joe's Pizza / Pizza Restaurant / Italian Restaurant

    Property Details for 23 Locust Ave

    Year built
    1958
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    1,046 SF
    Zone code
    RETB
    Property type
    Retail space
    APN
    NCAN M:000T B:067 L:00721
    APU
    NCANM000TB067L00721

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $207,000
      Market price range: $120k - $300k
      AI Estimate
      $222,000
      Market price range: $148k - $267k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $195,000
      Current use
      AUTO REPAIR, GARAGE
      $245,000
      Change: +26% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $245,000
      Change: +25% Conversion: Easy
      OFFICE BUILDING
      $185,000
      Change: -6% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Canaan
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4926
    Latitude
    41.1487
    CBSA code
    14860
    CBSA name
    BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $10,870
    $442,750
    $131,180
    $573,930
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $425,000
      2,232 SF

      128 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 2,232 SF
      128 Elm St, New Canaan, CT 06840
      View Details
    • Value Estimation
      $325,000
      1,349 SF

      120 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 1,349 SF
      120 Elm St, New Canaan, CT 06840-5406
      View Details
    • Value Estimation
      $280,000
      832 SF

      88 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 832 SF
      88 Elm St, New Canaan, CT 06840-5406
      View Details
    • Value Estimation
      $425,000
      2,014 SF

      100 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 2,014 SF
      100 Elm St, New Canaan, CT 06840-5406
      View Details
    • Value Estimation
      $515,000
      3,582 SF

      24 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 3,582 SF
      24 Elm St, New Canaan, CT 06840-5501
      View Details
    • Value Estimation
      $440,000
      2,160 SF

      108 Elm St

      RETAIL STORES (PERSONAL SERVICES) • 2,160 SF
      108 Elm St, New Canaan, CT 06840-5406
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,146 SF

      Downtown New Canaan Retail/Office Building

      12,146 SF retail/office building in downtown New Canaan.
      112 Main St, New Canaan, CT 06840
      View Details
    • $2,600,000
      3,082 SF

      Prime New Canaan Office Building

      Vacant, 3,082 SF Office Space, 12 Parking Spaces
      93 Cherry St, New Canaan, CT 06840
      View Details
    • $1,800,000

      Land For Sale

      Land available for purchase.
      180 Summer St, New Canaan, CT 06840
      View Details
    • $3,195,000

      New Canaan Townhome For Sale

      Townhome located at 15 Burtis Ave, New Canaan, CT 06840
      15 Burtis Ave, New Canaan, CT 06840
      View Details
    • $1,379,000
      2,735 SF

      Modern Condo in Prime Location

      Updated condo with modern amenities, close to shopping and transportation.
      181 South Ave, New Canaan, CT 06840
      View Details
    • $1,575,000
      2.11 Acres

      New Canaan Residential Land

      2.11 acre residential land with stream, close to town.
      470 Frogtown Rd, New Canaan, CT 06840
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      935 SF

      Retail Space in Downtown Location

      935 SF retail space in the heart of New Canaan.
      102 Main St, New Canaan, CT 06840
      View Details
    • $2,000 /Mo
      888 SF

      Downtown New Canaan Space Available

      Bright, open space suitable for office or retail use.
      64R Main St, 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 06840
      View Details
    • $40 SF/Yr
      750 SF

      New Canaan Office Condo - 750 SF

      Prime location, single-tenant office condo.
      93 Cherry St, New Canaan, CT 06840
      View Details
    • Contact for pricing
      2,200 SF

      Downtown New Canaan Office/Retail Space

      Prime location, two spaces available, immediate occupancy.
      80 Main St, New Canaan, CT 06840
      View Details
    • Contact for pricing
      1,300 SF

      Downtown New Canaan Office Suites

      Office suites in central New Canaan location near train station.
      3-11 Forest St, New Canaan, CT 06840
      View Details
    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.
    23 Locust Ave
    New Canaan, CT 06840-4721
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.