Entity Owned 
For Lease
$3,200/Mo
22 Leonard St, Norwalk, CT 06850
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Property summary
AI-generated overview
22 Leonard Street consists of a 7,840 sq. ft. lot located within Norwalk’s Wall Street–West Avenue Redevelopment Zone. The property is zoned to allow development up to 3.5 stories and up to 4.75 units. The front portion includes a finished unit with over 1,600 sq. ft. of interior space and updated features such as a newer kitchen and an updated bathroom. An additional level provides supplementary area with potential for a separate entrance, supporting either an office-style configuration or residential use. The building also includes a full basement suitable for storage. At the rear, there is a 1,776 sq. ft. unit with three garage bay doors and a half bath, configured to support warehouse-oriented use and other light commercial or creative applications.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1951
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
2,916 SF
Lot
0.18 ac (7,841 SF)
Zoning code
I1
APN
NORW M:1 B:28 L:17
UPID
US15-0628040
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Art Studio
-
Gym & Fitness Center Sports School
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$630k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$670k
Owner & transaction history
since 2023
Last sale
$675,000
3 recorded transactions
Zoning & alternative use
I1 · Norwalk, CT
Top alternative use upside
Commercial (general)
$705,000
+29.9%
Auto repair, garage
$680,000
+25.7%
Office building
$635,000
+17.0%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 3 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$670k
Value range
$603k – $737k
±10% around blend
Estimated value / SF
$230 / SF
Confidence
Low
3 county-verified comps
Property data
100
Market benchmarks
33
Comparable evidence
30
$603k
blend $670k
$737k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
2,916 SF
Lot area
0.18 ac
Year built
1951
Stories
1
APN
NORW M:1 B:28 L:17
Zoning
I1
Assessed value
$243,080
Annual tax
$5,723
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$931k
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
18.1 mi away · 2,663 SF
21.8 mi away · 2,697 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$670k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
County 61 sales
$186
+24%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $230/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+30%
vs current-use indication
Auto Repair, Garage
Office Building
Retail Stores · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 3 sales
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$675k
Move the market yield to see immediate price impact.
Value / SF
$231
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$43k
$851k
$608k
$473k
$47k
$945k
$675k
$525k
$52k
$1.04M
$742k
$578k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$990k
16.2 mi · Nov 2025 · $312/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$5,723
Tax year 2024
Assessed value
$243,080
Assessed 2024
Previous assessed
$243,080
+0.0% YoY
Effective rate
2.35%
On assessed value
Assessed land
$226,040
Assessed improvement
$17,040
Applied tax rate
129.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1951
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
1
Units
2
Bathrooms
2
Total area
2,916 SF
Lot
0.18 ac (7,841 SF)
Zoning code
I1
APN
NORW M:1 B:28 L:17
UPID
US15-0628040
Jurisdiction
NORWALK
Zoning & alternative use
I1 · Norwalk, CTZoning I1 · permitted uses
I1 · Norwalk, CT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1951
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
Yes
Stories
1
Buildings
1
Units
2
Bathrooms
2
Lot
0.18 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
I1
Jurisdiction
Norwalk, CT
Recorded code
I1
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for I1 in Norwalk, CT.
What opens after registration
Zoning profile
3 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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