Retail Investment or User Building. F a i r f i e l d C o u n t y

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1 Retail Investment or User Building 21 Burtis Avenue New Canaan, Connecticut F a i r f i e l d C o u n t y

2 Executive Summary 21 Burtis Avenue New Canaan represents a unique opportunity to acquire a retail investment property with income in place and upside potential in one of the most desirable markets in Connecticut. New Canaan is a very exclusive community with one of the highest, if not the highest, demographic profile in the entire United States for a town with less than 25,000 inhabitants. The 2014 Median Household Income was $167,037. The hair salon has been at the premises for a number of years and the office and garage space currently owner-occupied will be in demand once they are made available for lease. Very few properties trade in any year in New Canaan, and 21 Burtis Ave could be an ideal user-occupied building or continue to be an income property at levels most likely higher than the current one. Additionally, is it is unusual, in premium markets, to find investment properties in the $1,000,000 range.

3 Location Very central New Canaan location, next to Main Street and Elm Street. Convenient to shopping, restaurants and municipal parking.

4 About the Property Buildings Size: Total 1,534 SF Main Building: Garage: 639 SF 1 st Floor 453 SF 2 nd Floor 1,092 SF Total Basement 444 SF Land Size: 0.18 acres Zoning: BUSA Date Built: 1890, main building fully remodeled Parking: 9 Cars Asking Price $975,000

5 Income and Expenses 21 Burtis Ave New Canaan Income and Expenses Income SF Yearly Monthly per SF Start date Expiration Notes Allure Hair salon 1,040 $39,600 $3,300 $ /1/2010 5/1/2016 Lease is Gross + Electric for the entire main building. Lease states approx. 800 SF Owner's space (projected) 494 $18,000 $1,500 $36.44 N/A N/A Small office with bathroom in the main bldg plus the garage building Total 1,534 $57,600 $4,800 $37.55 Expenses RE Taxes and sewer $6,770 Water $600 Heating oil $2,000 Refuse $900 Slow plowing $300 Total $10,570 Projected Net Income $47,030 All information is subject to errors and omissions Electric for the entire main building is paid by tenant. 100 AMP service Electric for the garage is paid by the owner. 60 Amp service. Main building roof is 2 yrs old, garage roof is 5 yrs old. Basement is dry, with about 5.5' ceiling 9 legal parking spaces (ratio of about 6/1000) Main building has vinyl siding Garage building is part metal, part concrete block According to owner, past use was always a house: his family owned it for 35 years Main building has oil heath and central A/C, garage oil heat only

6 Owner s Office

7 Salon 1 st Floor

8 Salon 1st Floor

9 Salon 2 nd Floor

10 Bathroom

11 Basement

12 Garage

13 Garage Interior

14 Site Plan

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17 Aerial 21 Burtis Avenue New Canaan, CT

18 Aerial 21 Burtis Avenue New Canaan, CT

19 Map 21 Burtis Avenue New Canaan, CT

20 For additional information, please contact: Franco Fellah Executive Vice President HK G r o u p Commercial Real Estate 253 Riverside Avenue W e s t p o r t, C T O: C :