Commercial Real Estate News
Mixed-Use Building at 430 Main Avenue, Norwalk, CT, Sells for $6,000,000
NORWALK, CT – FEBRUARY 1, 2023 –Angel Commercial, LLC, announces the sale of 430 Main Avenue in Norwalk, CT, for $6,000,000 to an undisclosed investor. The seller was C&H Lew LLC, whose principals owned the property for 15 years.
430 Main Avenue is a 34,583 RSF multi-use building on 1.52 acres. The building is comprised of 14 retail/office units on the first and second floors and nine residential apartments on the third floor. “Prior to the sale, we leased several units to bring the occupancy to 90% and increase cashflow,” states Brett A. Sherman, CCIM, Senior Vice President at Angel Commercial, LLC, who represented both parties in this off-market transaction. “The new owner plans to make cosmetic upgrades and fill the remaining spaces.” 430 Main Avenue is the third property in Norwalk that Sherman has sold in the past two years, totaling $12.75 Million in sales.
Located at a four-way signalized traffic light, 430 Main Avenue is directly across the street from the Merritt 7 Corporate Park, with over 1.4 million square feet of Class A Office space and minutes to over 2,000 brand-new apartments built over the last three years. The building has excellent visibility, prominent signage, substantial street frontage, and two curb cuts.
Angel Commercial, LLC, is an award-winning, full-service commercial real estate brokerage firm headquartered in Fairfield County, Connecticut. The company specializes in the acquisition, disposition, and leasing of office, industrial, retail, land, investment, and development properties locally and nationally. Visit Angel Commercial, LLC, on the web at angelcommercial.com.