588 Main Avenue, Norwalk, CT
Fully Leased Retail Strip Center for Sale at $2,900,000
Angel Commercial, LLC, is pleased to announce that the retail strip center located at 588 Main Avenue in Norwalk, CT, is available for sale at $2.9 million for the first time in many decades of ownership. The 5,732 SF retail strip center is fully occupied by two long-term national tenants, Subway and Mattress Firm. Subway has annual rent increases & both tenants have renewal rights. The projected 2021 NOI is $158,661 Triple Net.
The Strip Center has excellent visibility on Route 7 and is within close proximity to 2 million square feet of office and medical space. It is easily accessible from Norwalk and Wilton.
588 Main Avenue is conveniently located half a mile from the Merritt Parkway (Exit 40). It is within walking distance to banks, shopping, hotels, medical offices, and restaurants, including Starbucks, Walmart, Panera Bread, LA Fitness, Bank of America, and the Hilton Garden Inn. The property is in a high-density location, surrounded by newly constructed apartment buildings and near the CT Department of Motor Vehicles.
|Real Estate Taxes:||$29,104.38 (2021)|
|Projected 2021 NOI:||$158,661 NNN|
|Lease Expiration Dates:||*Subway: 4/30/2031
*Mattress Firm: 11/30/2025
*Subway has annual rent increases & both tenants have renewal rights.
|Total Building Size:||5,732 SF|
|Zoning:||Business Zones No. 2 (B2)|
|Construction:||Block & Wood Construction|
|Traffic Count:||36,557 Average Daily Volume|
|Demographics||1 Mile||3 Miles||5 Miles|
|Median HH Income:||$132,592||$118,505||$119,460|
omissions, change of price, rental or other conditions, withdrawal without notice and to any special listing conditions imposed by our principals.