Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    31 Lexington Ave Norwalk, CT 06854

    Sponsored
    For Sale
    $569,000

    Units On Different Floors, 2 Family - Norwalk, CT

    Property size:
    1,410 SF
    Lot size:
    0.06 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 25 at 4:06 pm

    Property Features for 31 Lexington Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    I1
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Laundry
    Bedrooms
    4
    Bathrooms
    2
    APN
    234296
    Basement Y/N
    1
    Size
    1,410 SF
    Lot size
    0.06 Acres

    Utilities

    Heating system
    Baseboard, Natural Gas
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1890
    Building materials
    Asbestos
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Jennifer Davis

    Keller Williams Realty (203) 438-9494

    Listing agent Jennifer Davis (203) 327-6700

    Listing date Jan 23, 2026

    MLS# 24148463 Listing URL

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Norwalk Income Property in Whistleville

    This unique commercial/residential income-producing investment property is located in the historic Whistleville section of South Norwalk. The property offers 1410 square feet of space on a lot of 0.06 acres. Zoned I1, this two-family duplex features units on different floors, both move-in ready with many upgrades. The property is situated close to transportation, schools, shopping, and restaurants, as well as historic SONO and Long Island Sound. Nearby amenities in this area include the annual Norwalk Oyster Festival, places of worship, The Maritime Aquarium, a mall, the annual SONO Arts Festival, Vets Park, Taylor Farm, and boat/yacht clubs. The property's value is expected to increase over the years due to development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4229529
    Latitude
    41.0917672

    Nearby Similar for Sale

    • New
      $750,000
      5,088 SF

      Turnkey Restaurant Investment Opportunity

      Prime commercial property in high-traffic area, Norwalk, Connecticut.
      84 Washington St, Norwalk, CT 06854
      View Details
    • $2,350,000
      9,856 SF

      Prime SoNo Mixed-Use Opportunity

      9,856 SF commercial building in downtown Norwalk with redevelopment potential.
      140 Water St, Norwalk, CT 06854
      View Details
    • $949,000
      Pending

      Norwalk Multifamily Near SONO Station

      Five-unit multifamily property near SONO Station in Norwalk, Connecticut.
      28 Chestnut St, Norwalk, CT 06854
      View Details
    • $949,000
      Pending

      Norwalk Multifamily Near SONO Train

      Five-unit multifamily property near SONO Train Station in Norwalk, CT.
      28 Chestnut St, Norwalk, CT 06854
      View Details
    • $799,000
      2,404 SF

      Norwalk Two-Family Home Near Park

      Well-maintained two-family home with modern updates and original charm.
      231 Flax Hill Rd, Norwalk, CT 06855
      View Details
    • $349,400
      806 SF

      Historic Loft Condo with Modern Updates

      Stunning top-floor corner condo with loft, blending modern and classic.
      25 Grand St, Norwalk, CT 06851
      View Details
    • $429,900
      1,399 SF

      Turnkey Salon/Barbershop in South Norwalk

      Remodeled salon/barbershop in vibrant, high-traffic South Norwalk location.
      6 Woodward Ave, Norwalk, CT 06854
      View Details
    • $360,000

      Renovated Condo in Desirable Complex

      Rare, renovated three-bedroom condo with modern amenities and convenient location.
      25 Chestnut St, Norwalk, CT 06854
      View Details
    • $997,000
      1,652 SF

      Remodeled Townhome with Water Views

      Versatile townhome rebuilt in 2022 with water views and modern amenities.
      199 Gregory Blvd, Norwalk, CT 06855
      View Details
    • $1,045,000
      2,112 SF

      East Norwalk Mixed-Use Property

      Mixed-use property with salon and residential unit in Norwalk.
      189 East Ave, Norwalk, CT 06855
      View Details
    • $4,150,000
      2,281 SF

      Waterfront Luxury Condominium in Rowayton

      Refined waterfront condominium with modern sophistication and marina access.
      111 Rowayton Ave, Norwalk, CT 06853
      View Details
    • $5,300,000

      Norwalk Mixed-Use Investment Opportunity

      37,000 SF mixed-use property in vibrant South Norwalk.
      17 Washington St, Norwalk, CT 06854
      View Details

    FAQs

    What type of property is this?
    Duplex - Income-producing property in historic Whistleville, Norwalk, near transportation and amenities.
    Where is this duplex located?
    The property is located at 31 Lexington Ave Norwalk, CT.
    What is the asking price?
    The asking price for this property is $569,000.
    What are key features of this property?
    This property features: - Income-producing investment property featuring a mix of commercial and residential units.; - Move-in ready units showcase recent upgrades.; - Prime location in historic SONO, conveniently located near transportation, schools, shopping, and restaurants.
    (203) 327-6700
    Request Owner's contact information
    31 Lexington Ave Norwalk, CT 06854
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    31 Lexington Ave
    Norwalk, CT 06854
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    31 Lexington Ave Norwalk, CT 06854
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jennifer Davis
    (203) 327-6700
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.