76 Elm Street, New Canaan, CT
14,991 SF | 94% Leased | Retail Building | New Canaan, CT 06840 | For Sale
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
- Property Type
-
Retail
- Square Feet
- 14,991 SF
Listing Contacts
Al Mirin
Verified Profile
Kate Schwartz
Verified Profile
Matthew Torrance
Verified Profile
- Property Info
Property Overview
We are pleased to offer for sale 76 Elm Street in New Canaan, Connecticut. 76 Elm Street is a 97.5% occupied 14,991± SF (plus 4,647± SF basement) retail/office building optimally situated at the corner of Elm Street (114.3’±) and South Avenue (99.0’±) in the heart of New Canaan’s fashionable “Town Center.” This prestigious location is surrounded by numerous upscale boutiques and national retailers, such as Ralph Lauren, J.Crew and Vineyard Vines, fine dining establishments and professional/service offices. The appeal of the property is further enhanced by its access to ample municipal parking, as well as its proximity to the area’s main transportation routes and the New Canaan Metro-North Train Station (0.1± mile).
Downtown New Canaan is a high barrier to entry market and prime-location buildings like 76 Elm Street infrequently become available for sale. The offering of 76 Elm Street provides the rare opportunity to acquire a highly visible corner-sited building in the heart of downtown New Canaan that has consistently had a strong tenant demand and a stable cash flow, with the ability to mark-to-market rents as leases roll. As of 2nd Quarter 2024, the retail and office vacancy rates in New Canaan were approximately 6%. The submarket’s historically low vacancy rates, together with the consistent demand for New Canaan CBD properties, provides a competitive advantage when negotiating terms with prospective tenants.
Downtown New Canaan is a high barrier to entry market and prime-location buildings like 76 Elm Street infrequently become available for sale. The offering of 76 Elm Street provides the rare opportunity to acquire a highly visible corner-sited building in the heart of downtown New Canaan that has consistently had a strong tenant demand and a stable cash flow, with the ability to mark-to-market rents as leases roll. As of 2nd Quarter 2024, the retail and office vacancy rates in New Canaan were approximately 6%. The submarket’s historically low vacancy rates, together with the consistent demand for New Canaan CBD properties, provides a competitive advantage when negotiating terms with prospective tenants.
Property Details
- Class
- B
- Year Built/Renovated
- 1930/2020
- Stories
- 2
- Property Subtype
- Storefront Retail/Office
- Lot Size (sq. ft)
- 12,197 SF
Highlights
- Stable Asset in High Barrier to Entry Market
- Prime Setting—Prominent Corner Location
- Immediate Access to Ample Parking
Nearby Properties
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