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199 Elm St 21,764 SF 79% Leased Office Building New Canaan, CT 06840 $16,981,200 CAD ($780.24 CAD/SF) 5.83% Cap Rate
Investment Highlights
- 5.83% going-in cap rate with approximately $700,000 NOI
- Two-building offering totaling approximately 21,764 SF
- Directly across from New Canaan Metro-North and walkable to downtown
- 4,334 SF premier office suite available for an owner-user
- Two contiguous parcels totaling approximately 0.88 acres
- Long-term upside under the contemplated 1.0 FAR zoning change
Executive Summary
Rare opportunity to acquire a prominent two-building commercial property at the gateway to downtown New Canaan. Offered at $12,000,000 with approximate NOI of $700,000, the property provides a 5.83% going-in capitalization rate.
The offering includes 199 and 215 Elm Street, comprising approximately 21,764 square feet of building area on two contiguous parcels totaling 38,298 square feet, or approximately 0.88 acres. Located directly across from the New Canaan Metro-North station, the property offers exceptional visibility, on-site parking and immediate access to the shops, restaurants and services of New Canaan’s walkable village center.
Approximately 4,334 square feet of exceptional office space is currently available, creating a rare opportunity for an owner-user to occupy one of the property’s premier suites while benefiting from income generated by the remaining tenants. The space is also being marketed separately for lease.
The existing tenant roster includes Douglas Elliman, The Glass House Visitor Center and a range of established financial, professional, design and service businesses.
The property also offers meaningful long-term optionality. Under the contemplated increase of the Business A Zone FAR to 1.0, the combined site could support up to approximately 38,298 square feet of total floor area, subject to adoption of the zoning amendment and all applicable approvals.
The offering includes 199 and 215 Elm Street, comprising approximately 21,764 square feet of building area on two contiguous parcels totaling 38,298 square feet, or approximately 0.88 acres. Located directly across from the New Canaan Metro-North station, the property offers exceptional visibility, on-site parking and immediate access to the shops, restaurants and services of New Canaan’s walkable village center.
Approximately 4,334 square feet of exceptional office space is currently available, creating a rare opportunity for an owner-user to occupy one of the property’s premier suites while benefiting from income generated by the remaining tenants. The space is also being marketed separately for lease.
The existing tenant roster includes Douglas Elliman, The Glass House Visitor Center and a range of established financial, professional, design and service businesses.
The property also offers meaningful long-term optionality. Under the contemplated increase of the Business A Zone FAR to 1.0, the combined site could support up to approximately 38,298 square feet of total floor area, subject to adoption of the zoning amendment and all applicable approvals.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Medical
Building Size
21,764 SF
Building Class
A
Year Built/Renovated
1944/2025
Price
$16,981,200 CAD
Price Per SF
$780.24 CAD
Cap Rate
5.83%
NOI
$990,570 CAD
Percent Leased
79%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
9,055 SF
Building FAR
0.83
Lot Size
0.60 AC
Zoning
700 - Business A Zone
Parking
56 Spaces (2.57 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Nuritas
- Professional, Scientific, and Technical Services
-
99,999 SF
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Nuritas | Professional, Scientific, and Technical Services | 99,999 SF | - | - |
Moderately walkable
60/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | NCAN-000000-L000018-000849 | Improvements Assessment | $2,435,118 CAD |
| Land Assessment | $3,394,881 CAD | Total Assessment | $5,830,000 CAD |
Property Taxes
Parcel Number
NCAN-000000-L000018-000849
Land Assessment
$3,394,881 CAD
Improvements Assessment
$2,435,118 CAD
Total Assessment
$5,830,000 CAD
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199 Elm St
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