258 Elm Street, New Canaan CT

Gulf 258 Elm Street, New Canaan CT

The Principals of Valorem acquired this boutique owner occupied office building in an affluent suburb of New York City with the intention of subdividing the building for multi-tenant use. During our marketing we were able to identify a local bank that was looking for a new corporate headquarters. We signed a 10-year lease with the bank at rates above our initial underwriting.

Acquisition Summary

All in Cost $11,500,000
Market New Canaan, CT
Square Feet 29,500
Projected IRR 20%
Realized IRR 17.6%
Holding period 5 years – Projected
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