For Sale Details
Disclosed
- Property Type Mixed-Use / Office / Residential
- Status Active
- Created 09/26/24
- Updated 10/14/24
About 84 West Avenue, Norwalk, CT 06854
Angel Commercial, LLC, as the exclusive real estate broker, is pleased to present an exceptional redevelopment opportunity at 84 West Avenue, a prominent three-story mixed-use building nestled on a 0.77-acre lot in the vibrant heart of South Norwalk, CT. This 9,098 SF building, boasting 11 apartments and 2 office suites, is strategically located directly across from “The SoNo Collection,” an upscale shopping destination, offering unmatched visibility with 150 linear feet of frontage on West Avenue.
Sale Overview:
The property was purchased by the current owner in 1994, who spent 20 months on extensive renovations, including mechanical updates. The owner believes that recently revised zoning regulations have expanded the scope and potential uses of the property. Now, at 70 years old, the owner is offering the property to a developer who can leverage the new zoning classification.
Key Property Highlights:
Strategic Location: Situated within walking distance of the South Norwalk Train Station and mere minutes from I-95 and Route 7, this property is perfectly positioned for commuters and visitors alike. The area is brimming with amenities, including renowned restaurants, banks, hotels, and retail stores, all within a short stroll. Nearby attractions including the Maritime Aquarium and Stepping Stones Museum further enhance its appeal.
Strong Income Potential: With a Projected 2024 Net Operating Income (NOI) of $105,000 and a low 3% vacancy rate, this property presents a rare opportunity for immediate rental income. Most tenants are on month-to-month leases, while three have leases expiring in August 2025, providing the new owner with flexibility as they await approval for development plans from the town’s zoning and planning committee.
Tenant Convenience: The building is equipped with individual gas boilers for eight units, while the remaining units utilize electric power. Tenants enjoy the convenience of onsite laundry facilities and ample parking for approximately 25 vehicles. The sole commercial tenant, Durango Insurance, occupies the ground floor.
Redevelopment Potential: Meticulously maintained by long-term ownership, 84 West Avenue stands as a solid investment in one of South Norwalk’s most desirable locations. The property's proximity to The SoNo Collection, a 700,000+ square foot mall anchored by Bloomingdale’s and Nordstrom, underscores its prime redevelopment potential.
Offering Details:
This is a sealed bid offering, with a submission deadline set for Tuesday, November 12, 2024, at 5 PM EST.
Don’t miss this unparalleled opportunity to acquire a prime asset in a thriving market, with the potential for significant future return. For more information, please contact Jon Angel, President, Angel Commercial, LLC, at (203) 335-6600, Ext. 21.
Building Details
- Tenancy: Multitenant
- Building Area (SF): 9,098
- Year Built: 1920
- Percent Finished: 100%
- Number of Units: 13
- Number of Stories: 3
- Number of Buildings: 1
Land Details
- Parking Count: 25
- Acreage: 0.77
- Gas: Yes
- Sewage System: Public Sewer
- Water System: Public Water
Financial Characteristics
- Net Operating Income: $105,000
- Financials Based On: Pro Forma
- Financials Year: 2024
- Occupancy Percent: 97%
The Mixed-Use / Office / Residential property at 84 West Avenue, Norwalk, CT 06854 is currently available for sale. Contact Jon Angel from Angel Commercial, LLC for more information.
For Sale by
Call:
203-335-6600
Ext: 21
Company:
Angel Commercial, LLC
Email:
jangel@angelcommercial.com
