21 Forest StNew Canaan, CT 06840

Property Details for 21 Forest St

Year built

2015

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.54 AC

Property size (Sq ft)

38,955 SF

Zone code

850

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NCAN M:000T B:073 L:00714

APU

NCANM000TB073L00714

Description

This exceptional Class A, 4,375-square-foot storefront at 21 Forest Street in New Canaan, Connecticut, presents a compelling investment opportunity. Located within the prestigious Heritage Square development (built in 2016), this commercial condominium unit boasts a 100% occupancy rate, generating a strong net operating income (NOI) of $161,081 and a 6.50% capitalization rate. The property is currently leased to two established tenants, House of Telos and Look New Canaan, under long-term triple-net (NNN) leases, ensuring consistent cash flow. The building features 15 parking spaces for tenant and customer convenience. Situated in a vibrant downtown location, this property benefits from high foot traffic and proximity to numerous restaurants and shops, including Green & Tonic, Hashi Sushi, Cava Wine Bar, Athletic Shoe Factory, and Mattress Firm. Its convenient location is also a short walk from Elm Street and the Metro-North train station. The property is zoned for Business A use and offers a rare opportunity to acquire a high-performing retail asset in a desirable New Canaan location. The asking price is $2,495,000.

• CAP approach

  CAP return

  Valuation

  6%

  $9,467,425

  6.5%

  $8,739,161

  7%

  $8,114,936

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,826,448

  Geo Method

  $12,826,448

• Alternative Use

  Use

  Valuation

  Residential

  $7,371,810

  Hospitality

  $6,752,538

  Educational

  $5,618,032

  Medical

  $5,811,245

  Retail

  $8,739,161

Location Insight

City

New Canaan

County

Fairfield

State

Connecticut

Latitude

41.1482

Longitude

-73.4919

CBSA code

14860

CBSA name

BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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