INVESTMENT OPPORTUNITY: Fully Leased Mixed-Use Building for Sale

Norwalk CT

25 May, 2021

10:09 AM

Description

Angel Commercial, LLC, acting as the exclusive real estate broker, is pleased to offer for sale 12 Elmcrest Terrace, 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.  The sale price is $1,625,000.​ 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 five years, the handicap-accessible office space is on two levels with separate entrances and exits.​ Each space features central air conditioning, a reception, 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.​