117 New Canaan AveNorwalk, CT 06850

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

Investment properties

Property subtype

Live-work space

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.

• 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

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