117 New Canaan AveNorwalk, CT 06850

  • Mixed-use properties
  • 2,660 SF
For Sale
$1,475,000 View listing

Property Details for 117 New Canaan Ave

Year built
2000
Construction
FRAME
Lot size
0.14 AC
Property size (Sq ft)
2,660 SF
Zone code
NB
Property type
Mixed-use properties
Property subtype
Other investment properties
APN
NORW M:5 B:51 L:12
APU
NORWM5B51L12

Description

This exceptional commercial property at 117 New Canaan Avenue in Norwalk, CT, presents a rare investment opportunity. The 2,765 square foot building boasts a thriving, well-established kitchen remodeling business with high gross sales and name-brand recognition. The immaculate building features a striking stone facade and offers a versatile layout ideal for continued business operation and rental income. A spacious 1,400 square foot kitchen showroom, complete with office and bathroom, forms the heart of the business. Adding to the income potential are two attractive 700 square foot, one-bedroom apartments, each renting for $1,900 per month. These apartments include contemporary kitchens with full appliances, hardwood floors, and in-unit laundry. The property also includes nine paved parking spaces, a garage, and a private outdoor patio area. A substantial 1,400 square foot dry basement, in excellent condition, provides ample storage space. All mechanical systems are in great working order. This prime location in the busy Broad River section of Norwalk benefits from high traffic volume and convenient access to major roadways. The Merritt Parkway is just 1.3 miles away, and the Route 7 Connector is a mere 0.5 mile distant. The property's location on Route 123 provides easy access to New Canaan, only 10 minutes away. Owner financing is available, making this an even more compelling opportunity for the discerning investor. The 0.14-acre lot provides ample space for the building and its associated amenities.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $439,777
    6.5%
    $405,948
    7%
    $376,952
  • Comparable approach

    Method
    Valuation
    Relative Method
    $347,556
    Geo Method
    $347,556
  • Alternative Use

    Use
    Valuation
    Residential
    $503,376
    Hospitality
    $461,090
    Educational
    $383,621
    Medical
    $396,815
    Retail
    $596,744
117 New Canaan Ave, Norwalk, Connecticut

Location Insight

City
Norwalk
County
Fairfield
State
Connecticut
Latitude
41.1276
Longitude
-73.4348
CBSA code
14860
CBSA name
BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$13,166
$282,090
$241,170
$523,260
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-
-
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