Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    22 Leonard St Norwalk, CT 06850

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $3,200 /Mo

    Versatile commercial property with warehouse and retail/residential units for lease.

    Lot size:
    0.18 Acres

    Property Features for 22 Leonard St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.18 Acres

    Building Details

    Year built
    1951

    We can help!

    Listing Contact
    Robert Virgulak
    Source: Elliman

    Listing Agent: Robert Virgulak

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Norwalk Warehouse and Retail Space

    The property features a rear warehouse available for lease at $3,200 per month plus utilities. This open warehouse space offers 1,776 square feet and includes three garage bay doors and a half bath. It is suitable for warehouse or storage purposes, a creative studio, contractor space, or light commercial use. Additionally, there is a front retail residential unit available for $4,200 per month plus utilities. This unit provides over 1,600 square feet of finished space with stylish artistic design elements, a newer kitchen, and an updated bathroom. It is ideal for a cafe, bakery, boutique retail, art gallery, or creative workspace. The second floor offers additional finished space with the potential for a separate entrance, making it suitable for an office, studio, or conversion to an apartment, subject to approvals. Additional features include a full basement with generous storage capacity, strong visibility, and a convenient Central Norwalk location. This presents a unique opportunity for an owner-user, investor, or creative business.
    Location Intelligence

    Current Use by Public Records

    Mad Lab Art Studio Hammer Boxing Club Gym & Fitness Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4126689
    Latitude
    41.1155074

    Nearby Similar for Lease

    • $800 /Mo
      175 SF

      Downtown Norwalk Office Space

      Office space for lease in downtown Norwalk, Connecticut.
      97 Main St Unit, Norwalk, CT 06851
      View Details
    • $700 /Mo
      150 SF

      Downtown Norwalk Office Space

      Prime office space in downtown Norwalk with modern amenities.
      97 Main St Unit, Norwalk, CT 06851
      View Details
    • $800 /Mo
      175 SF

      Downtown Norwalk Office Space

      Office space for lease in downtown Norwalk, Connecticut.
      97 Main St Unit, Norwalk, CT 06851
      View Details
    • $800 /Mo
      175 SF

      Downtown Norwalk Office Space

      Office space for lease in downtown Norwalk, Connecticut.
      97 Main St, Norwalk, CT 06851
      View Details
    • $2,700 /Mo
      3,853 SF

      Norwalk Restaurant/Retail Space Available

      Affordable, visible 1,818 SF space suitable for various food concepts.
      158 Main St, Norwalk, CT 06850
      View Details
    • $15 SF/Yr
      8,803 SF

      Norwalk Flex Space Available

      Flex space featuring offices, kitchen, and open area.
      18 Reynolds St, Norwalk, CT 06855
      View Details
    • $775 /Mo
      300 SF

      Corner Office Unit For Rent

      Office unit with parking and utilities included in rent.
      168 East Ave, Norwalk, CT 06851
      View Details
    • $550 /Mo
      200 SF

      Corner Office Unit For Rent

      Office unit with utilities included, convenient location, and security.
      168 East Ave, Norwalk, CT 06851
      View Details
    • $850 /Mo
      300 SF

      Corner Office Unit For Rent

      Office unit with utilities included, convenient location near I-95.
      168 East Ave, Norwalk, CT 06851
      View Details
    • $1,500 /Mo
      300 SF

      Updated Office with Kitchenette

      Updated office space with kitchenette, utilities included, good security.
      168 East Ave, Norwalk, CT 06851
      View Details
    • $2,900 /Mo

      Turn-Key Salon in Norwalk Plaza

      Renovated salon in a high-traffic plaza near Norwalk Hospital.
      51 Stevens St, Norwalk, CT 06850
      View Details
    • $3,800 /Mo

      South Norwalk Retail/Service Space

      Retail or service space in South Norwalk near train station.
      6 Woodward Ave, Norwalk, CT 06854
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Versatile commercial property with warehouse and retail/residential units for lease.
    Where is this mixed-use property located?
    The property is located at 22 Leonard St Norwalk, CT.
    What is the lease rate?
    The lease rate is $3,200 /Mo.
    What are key features of this property?
    This property features: - Prime mixed-use property in Central Norwalk offering multiple income streams.; - Versatile property suitable for owner-user, investor, or creative business.; - **Front retail/residential unit with stylish design, newer kitchen and updated bathroom (over 1,600 sq. ft.).**
    (203) 855-8050
    Request Owner's contact information
    22 Leonard St Norwalk, CT 06850
    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.
    22 Leonard St
    Norwalk, CT 06850
    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
    22 Leonard St Norwalk, CT 06850
    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
    Robert Virgulak
    (203) 855-8050 (203) 434-7024
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!