8 Van Tassell CtNorwalk, CT 06851

  • Other commercial real estate
  • 5,132 SF
For Sale
$1,950,000 View listing

Property Details for 8 Van Tassell Ct

Year built
1946
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
0.14 AC
Property size (Sq ft)
5,132 SF
Zone code
B2
Property type
Other commercial real estate
Property subtype
Showrooms
APN
NORW M:1 B:105 L:25
APU
NORWM1B105L25

Description

This exceptional investment opportunity presents three adjacent flex/industrial buildings totaling 11,052 rentable square feet situated on a 0.55-acre lot in Norwalk, Connecticut. The property, located at 5, 8, and 10 Van Tassell Court, enjoys a prime location off Main Street, with convenient access to I-95 and Route 15. Currently 100% occupied by three tenants, generating a substantial net operating income (NOI) of $186,218 and a 9.55% cap rate, this portfolio offers immediate cash flow. The buildings consist of one single-story structure at 5 Van Tassell Court (approximately 4,000 square feet) and a combined structure at 8 and 10 Van Tassell Court (approximately 7,052 square feet). The property is zoned B2 and features three dock-high doors. The current leases include a five-year option, providing long-term stability. This offering presents a compelling investment opportunity, suitable for both income generation and potential redevelopment, given its "covered land" status and completed environmental testing. The property's strategic location and strong tenant occupancy make it an attractive asset in the thriving Norwalk market. The asking price is $1,950,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,247,255
    6.5%
    $1,151,312
    7%
    $1,069,076
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,689,779
    Geo Method
    $1,689,779
  • Alternative Use

    Use
    Valuation
    Residential
    $971,175
    Hospitality
    $889,591
    Educational
    $740,129
    Medical
    $765,584
    Retail
    $1,151,312
8 Van Tassell Ct, Norwalk, Connecticut

Location Insight

City
Norwalk
County
Fairfield
State
Connecticut
Latitude
41.1291
Longitude
-73.4236
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
$13,773
$284,620
$264,410
$549,030
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-
-
-

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