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Property profile & analytics
OFF-MARKET
Estimated value
$2,610,000
Office buildings
65 Locust Ave New Canaan, CT 06840-4759
Entity Owned
9-yr Hold
Free & Clear
Property ID
US15-0385858
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
24,105 SF
Lot
0.52 ac (22,651 SF)
Zoning code
BUSC
APN
NCAN M:000T B:071 L:00722
UPID
US15-0385858
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
-
New Canaan Pediatric Dentistry Dental Office
-
US Pharmaceutical Pharmacy
-
Bert Bowler - Round Rock Advisors Financial Advisor
-
Littzi Eye Care: Jacqueline Littzi, MD Medical Clinic
-
InvestorCom, Inc. Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.70M
Blend (final)
Blend
$2.61M
Owner & transaction history
Morina Associates LLC · 9 yrs held
Morina Associates LLC
since 2016
7 recorded transactions
Zoning & alternative use
BUSC · New Canaan, CT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$4,205,000
Current use
APARTMENT HOUSE (5+ UNITS)
$3,820,000
Change: -9% · Conversion: Easy
Blend value · Realmo final
$2.61M
Range $2.35M – $2.87M · ±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
$108 / 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
$105,340
Tax year 2023
Assessed value
$5,561,780
Assessed 2023
Previous assessed
$5,561,780
+0.0% YoY
Effective rate
1.89%
On assessed value
Assessed land
$1,497,440
Assessed improvement
$4,064,340
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
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
Off-Market
Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
3
Units
12
Total area
24,105 SF
Lot
0.52 ac (22,651 SF)
Zoning code
BUSC
APN
NCAN M:000T B:071 L:00722
UPID
US15-0385858
Jurisdiction
NEW CANAAN
Zoning & alternative use
BUSC · New Canaan, CT
Zoning BUSC · permitted uses
BUSC · New Canaan, CT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New Canaan. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.8M
OFFICE BUILDING Current
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
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
1
Units
12
Lot
0.52 ac
Current owner
From public records · entity-resolved
Morina Associates LLC
Entity
Free & Clear · 9 yrs held
Mailing address
15 KIMBALL AVE, YONKERS, NY 10704-4003
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 2, 2016
$11,000,000
Morina Associates LLC
65 Locust Avenue LLC
Warranty Deed
—
Nov 27, 2013
—
65 Locust Avenue LLC
—
Deed Of Trust
related
$5,200,000 · Worth Funding INC
Aug 12, 2010
—
65 Locust Avenue LLC
—
Deed Of Trust
related
$3,500,000 · The Bank Of New Cannon
Apr 7, 2009
—
Cherry Street Assoc LP
—
Deed Of Trust
related
$250,000 · Ffld County Bank Corp
Jun 25, 2002
—
Cherry St. Assoc LP
—
Deed Of Trust
related
$535,000 · Citizens Bank Of Ct
Mar 29, 1999
—
Cherry St. Assoc LP
—
Deed Of Trust
related
$3,300,000 · Citizens Savings Bank Ct
Mar 16, 1992
—
Cherry St. Assoc LP
—
Deed Of Trust
related
$375,000 · Old Stone Bank
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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