71 Main StNorwalk, CT 06851

Property Details for 71 Main St

Year built

1942

Construction

STEEL FRAME

Lot size

0.18 AC

Property size (Sq ft)

1,360 SF

Zone code

CBDA

Property type

Retail properties

Property subtype

Turn key restaurants

APN

NORW M:1 B:72 L:5A

APU

NORWM1B72L5A

Description

This exceptional redevelopment opportunity encompasses 71 Main Street in Norwalk, Connecticut, a 1,360 square foot Class A retail property currently housing a charming 1942 roadside diner. The property sits on a 7,840.8 square foot lot and is zoned CD 4, presenting significant potential for residential development. Preliminary plans suggest the possibility of approximately 22 residential units, subject to all necessary approvals and permits. Building height restrictions apply, with a minimum of two stories and a maximum of 6.5 stories permitted. However, within 50 feet of a CD-2 property line, the maximum height is 3.5 stories, and within 50 feet of a CD-3 property line, the maximum is 4.5 stories. Ceiling height restrictions also apply, with a maximum of 13 feet, except for ground floor commercial spaces, which must have a minimum of 15 feet and a maximum of 25 feet. This property must be sold with 69 Main Street. The residential density is one dwelling unit per 500 square feet. This unique offering combines the charm of an established business with the exciting potential for substantial residential development in a desirable Connecticut location. The property's prime location and development potential make it an attractive investment for discerning buyers. The sale price is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $330,527

  6.5%

  $305,102

  7%

  $283,309

• Comparable approach

  Method

  Valuation

  Relative Method

  $447,798

  Geo Method

  $447,798

• Alternative Use

  Use

  Valuation

  Residential

  $257,365

  Hospitality

  $235,745

  Educational

  $196,137

  Medical

  $202,883

  Retail

  $305,102

Location Insight

City

Norwalk

County

Fairfield

State

Connecticut

Latitude

41.1204

Longitude

-73.4134

CBSA code

14860

CBSA name

BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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