588 Main Avenue, Norwalk, CT

588 Main Avenue

Norwalk, CT 06851

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.

For more information, please contact Brett A.​ Sherman, CCIM, Senior Vice President at Angel Commercial, LLC, at (203) 335-6600 Ext.​ 22.​

DOCUMENTS

LISTING BROKER
Brett A. Sherman, CCIM
Senior Vice President
Angel Commercial, LLC

PROPERTY DETAILS 

STREET VIEW

Financial Information
Sale Price: $2,900,000
Real Estate Taxes: $29,876.82 (2022)
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.
The Site
Total Building Size: 5,732 SF
Land: 0.37 Acres
Zoning: Business Zones No. 2 (B2)
Year Built: 1967
Construction: Block & Wood Construction
Stories: One
Tenancy: Two
Features
Traffic Count: 36,557 Average Daily Volume
Parking: 14 Spaces
Utilities
Water/Sewer: City/City
A/C: Central Air­-Conditioning
Heating: Gas
Demographics 1 Mile 3 Miles 5 Miles
Population: 5,474 53,376 137,519
Median HH Income: $132,592 $118,505 $119,460

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