For Sale
$1,455,000

370 Main AveNorwalk, CT 06851

Prime Norwalk location, strong tenant, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 3,564 square foot, single-tenant net lease restaurant located at 370 Main Avenue in Norwalk, Connecticut. The property, built in 1966 and fully renovated in 2023, sits on a 0.6-acre lot and boasts 42 on-site parking spaces. Currently occupied by the Wild Rice Restaurant under an NN lease, the property offers a substantial remaining lease term of 6.3 years (commencing March 1, 2023, and expiring February 28, 2031). The asking price is $1,455,000, representing a compelling price per square foot of $408.25 and a 7.01% cap rate based on a Net Operating Income (NOI) of $102,000. The property enjoys excellent visibility and high traffic counts on Main Avenue, with an estimated 18,700 cars passing daily. Zoned CD-3C, this property offers a secure, passive income stream with a strong tenant in a desirable location. The building is a single-story structure with one unit. This is a rare opportunity to acquire a well-positioned, net-leased restaurant property in a thriving Connecticut market.

Highlights

  • 3,564 SF single-tenant building on a 0.60-acre lot.
  • Six-year lease remaining, no renewal options.
  • 42 on-site parking spaces.
  • High visibility on Main Avenue.
  • Main Avenue traffic count: 18,700 vehicles per day.
  • CD-3C (General Urban Corridor Community District) zoning.

Property Details for 370 Main Ave

Property type
Retail properties, Restaurants
Square Feet
3,564 SF
Year Built/Renovated
1966/2023
Buildings
1
Stories
1
Lot Size (sq. ft)
26,136 SF
Units
1

Location Insight

City
Norwalk
County
Fairfield
State
Connecticut
Latitude
41.139783545425
Longitude
-73.425991325706
370 Main Ave, Norwalk, Connecticut

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370 Main Ave
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