370 Main AveNorwalk, CT 06851

Property Details for 370 Main Ave

Year built

1966

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.60 AC

Property size (Sq ft)

3,564 SF

Zone code

B2

Property type

Turn key restaurants

APN

NORW M:5 B:22A L:7A

APU

NORWM5B22AL7A

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $866,176

  6.5%

  $799,547

  7%

  $742,437

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,173,494

  Geo Method

  $1,173,494

• Alternative Use

  Use

  Valuation

  Residential

  $674,448

  Hospitality

  $617,791

  Educational

  $513,995

  Medical

  $531,672

  Retail

  $799,547

Location Insight

City

Norwalk

County

Fairfield

State

Connecticut

Latitude

41.1397

Longitude

-73.4256

CBSA code

14860

CBSA name

BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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