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    Mixed-Use Investment Opportunity in Norwalk Title is generated by Realmo AI

    61 Cedar Street, Norwalk, CT 06851

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    Claim this Listing
    For Sale
    $2,000,000

    COMMERCIAL - Norwalk, CT

    Property size:
    1,932 SF
    Price / SF:
    $1,035/SF
    Added:
    Mar 17, 2026
    Days on Market:
    59
    Last Refresh:
    May 14 at 10:06 am

    Property Features for 61 Cedar Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    1,932 SF

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1973

    We can help!

    Listing Contact
    Jithu Sajeevan

    Listing agent Jithu Sajeevan License #REB.0795779

    Listing office Serhant Connecticut, LLC 500 W Putnam Avenue, New York, CT

    Listing date Mar 17, 2026

    MLS# 24159877

    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.

    HighLights

    • Mixed‑use property with residential and established commercial income streams
    • Turnkey commercial space: Fully operational, long‑standing restaurant (25+ years) with staff and management in place
    • Excellent location: Minutes from I‑95 and less than a minute from Norwalk's main corridor, offering high visibility and accessibility
    • Strong income potential: Residential units currently rented, with opportunity to reposition rents or reconfigure layout due to month‑to‑month leases
    • Ample parking: Front and rear parking available for both residential and commercial tenants
    • Relatively new roof: Approximately 10 years old

    Overview

    Located at 61 Cedar Street in Norwalk, this mixed-use property offers a combination of residential income and commercial space. The property includes a multi-family building and approximately 2000 square feet of commercial space, currently occupied by a long-standing Colombian restaurant. The residential portion features units on the first and second floors, plus a finished basement. The first floor and basement are rented per bedroom, while the second floor is rented as a full unit. All tenants are on month-to-month leases. The roof is approximately 10 years old. Ample parking is available in both the front and rear of the property. The commercial space houses a fully operational Colombian restaurant that has been in business for over 25 years. The current owners are willing to assist with a smooth transition. The property is located minutes from I-95 and less than a minute from Norwalk's main corridor, offering accessibility and visibility. This property is suitable for investors or owner-operators looking to capitalize on residential and commercial income streams.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    La Sorpresa y ... Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4254168
    Latitude
    41.1041829

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with residential and commercial income streams.
    Where is this mixed-use property located?
    The property is located at 61 Cedar Street Norwalk, CT.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Mixed‑use property with residential and established commercial income streams; Turnkey commercial space: Fully operational, long‑standing restaurant (25+ years) with staff and management in place; Excellent location: Minutes from I‑95 and less than a minute from Norwalk's main corridor, offering high visibility and accessibility
    (860) 801-7630
    We can help!
    Listing Contact
    Jithu Sajeevan
    Real Estate License ID: REB.0795779
    Learn More
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    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.

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