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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    93 Cherry St New Canaan, CT 06840

    • Office Properties & Spaces
    • 715 SF
    For Sale
    View listing
    $2,600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0566945
    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

    • Brown Harris Stevens / Real Estate Agency
    • Dharma Drum Mountain Buddhist Association Fairfield County Branch / Association / Organization
    • Century Products LLC / Software Company
    • Contek International / Software Company
    • Nielsen & Co / Insurance Agency

    Property Details for 93 Cherry St

    Year built
    1976
    Property size
    715 SF
    Zone code
    700
    Property type
    Office Properties & Spaces
    APN
    NCAN M:000T B:076 L:658 U:G1
    APU
    NCANM000TB076L658UG1

    Description

    This exceptional 750-square-foot office condo is located at 93 Cherry Street in New Canaan, Connecticut, zip code 06840. Situated on the first floor of a highly visible building, this space enjoys exposure to approximately 8,000 vehicles daily, thanks to excellent signage opportunities. The property is ideally suited for either retail or office use, offering a single-tenant occupancy. The unit boasts a private bathroom and entrance, providing a high degree of privacy and convenience. Climate control is ensured by a dedicated HVAC system and individual thermostat. Large windows flood the space with natural light, creating a bright and welcoming atmosphere. This prime location offers excellent proximity to the heart of New Canaan's town center and bustling business district. The building also houses a well-established real estate firm on the second floor. This is the last available space in the building, making it a truly unique opportunity. The property is classified as a traditional office space and is a single-tenant occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $144,000
      Market price range: $71.4k - $184k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $165,000
      COMMERCIAL (GENERAL)
      $165,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New Canaan
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4911
    Latitude
    41.1462
    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
    $5,631
    $0.00
    $297,290
    $297,290
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $415,000
      4,908 SF

      220 Elm St, Unit B

      CONDOMINIUM OFFICES • 4,908 SF
      220 Elm St, New Canaan, CT 06840-5322
      View Details
    • Value Estimation
      $210,000
      1,069 SF

      39 Pne St6a

      CONDOMINIUM OFFICES • 1,069 SF
      39 Pne St6a, New Canaan, CT 06840-5409
      View Details
    • Value Estimation
      $195,000
      840 SF

      51 Pne St1a

      CONDOMINIUM OFFICES • 840 SF
      51 Pne St1a, New Canaan, CT 06840-5409
      View Details
    • Value Estimation
      $280,000
      2,197 SF

      1028 Silvermine Rd

      CONDOMINIUM OFFICES • 2,197 SF
      1028 Silvermine Rd, New Canaan, CT 06840-4336
      View Details
    • Value Estimation
      $185,000
      826 SF

      93 Cherry St, Unit H2

      CONDOMINIUM OFFICES • 826 SF
      93 Cherry St, New Canaan, CT 06840
      View Details
    • Value Estimation
      $185,000
      715 SF

      93 Cherry St, Unit H1

      CONDOMINIUM OFFICES • 715 SF
      93 Cherry St, New Canaan, CT 06840
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $40 SF/Yr
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      New Canaan Office Condo - 750 SF

      Prime location, single-tenant office condo.
      93 Cherry St, New Canaan, CT 06840
      View Details
    • $35 SF/Yr
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      Prime New Canaan Office Space

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      Prime New Canaan Executive Office Space

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    • Contact for pricing
      2,200 SF

      Downtown New Canaan Office/Retail Space

      Prime location, two spaces available, immediate occupancy.
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      Downtown New Canaan Office Suites

      Office suites in central New Canaan location near train station.
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    • 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 06840
      View Details
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    93 Cherry St
    New Canaan, CT 06840
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    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
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