117 New Canaan AveNorwalk, CT 06850
- Mixed-use properties
- 2,660 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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