Angel Commercial, LLC, acting as the exclusive commercial real estate broker, is pleased to offer 12 Elmcrest Terrace in Norwalk, CT, for sale at $1,625,000. This is an investment opportunity with a fully leased 7,890 SF mixed-use building on 0.49 acres in a D Residence Zone in Norwalk, CT. Minutes to Route 1, I-95, and Route 7, which connects to the Merritt Parkway, the property has 128 linear feet of frontage on Elmcrest Terrace. The current configuration of the building includes 5,944 SF of office space on two lower levels and two apartments on the upper level totaling 1,946 SF. With prominent street signage, 12 Elmcrest provides abundant parking with 23 spaces. The 2020 Net Operating Income was $129,503.74, and the cap rate is 7.97%.
Leased to Urology Associates of Norwalk for ten years*, the handicap-accessible office space is on two levels with separate entrances and exits. Each space features central air conditioning, a reception area, a waiting room, multiple exam rooms, and three restrooms. The main level office space includes an executive office with a fireplace. There is a 1,109 SF two-bedroom, one-bath apartment with a fireplace and an 837 SF one-bedroom, one-bath apartment on the upper level. Both apartments are leased to medical professionals at Norwalk Hospital.
12 Elmcrest Terrace is conveniently located within walking distance from a Norwalk Transit Bus Stop, 0.6 miles from Route 7, less than one mile from I-95 (Exit 14), and 1.3 miles from the South Norwalk Train Station. It is across the street from Norwalk Hospital and near the SoNo Collection Shopping Mall, restaurants, banks, and shopping.
For more information, please contact Jon Angel, President, Angel Commercial, LLC, at (203) 335-6600, Ext. 21.
*Subject to a cancellation right with a one-year termination fee after year 5.