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    28 Washington St Norwalk, CT 06854
    Property profile & analytics

    28 Washington St, Norwalk, CT 06854

    View on Map
    • Retail space
    • 28,205 SF
    • 1.14 lot acres
    For Sale
    $12,000,000
    View Listing →
    Norwalk Retail Space For Sale For Sale
    $12,000,000
    52,509 SF

    Norwalk Retail Space For Sale

    28,000 SF retail space available in Norwalk, Connecticut.

    28 Washington St, Norwalk, CT 6854
    View Listing
    Property ID
    US15-0432052
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Safavieh Home Furnishings / Furniture & Home Goods / Home Decor Store

    Property Details for 28 Washington St

    Year built
    1970
    Construction
    STEEL FRAME
    Lot size
    1.14 lot acres
    Zone code
    SNBD
    Property type
    Retail space
    APN
    NORW M:2 B:42 L:4
    APU
    NORWM2B42L4

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $745,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,154,000
      Market price range: $887k - $2.06M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4202
    Latitude
    41.0986
    CBSA code
    14860
    CBSA name
    BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $96,913
    $1,607,160
    $2,256,060
    $3,863,220
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $515,000
      7,599 SF

      561 Connecticut Ave

      RETAIL STORES (PERSONAL SERVICES)
      561 Connecticut Ave, Norwalk, CT 06854-1711
      View Details
    • Value Estimation
      $1,270,000
      26,460 SF

      189 Connecticut Ave

      RETAIL STORES (PERSONAL SERVICES)
      189 Connecticut Ave, Norwalk, CT 06854-1961
      View Details
    • Value Estimation
      $800,000
      4,050 SF

      97 Washington St

      RETAIL STORES (PERSONAL SERVICES)
      97 Washington St, Norwalk, CT 06854-3081
      View Details
    • Value Estimation by Request
      2,060 SF

      133 Main St

      RETAIL STORES (PERSONAL SERVICES)
      133 Main St, Norwalk, CT 06854-3650
      View Details
    • Value Estimation by Request
      6,671 SF

      145 Cedar St

      RETAIL STORES (PERSONAL SERVICES)
      145 Cedar St, Norwalk, CT 06854-1918
      View Details
    • Value Estimation
      $1,795,000
      58,916 SF

      641 Connecticut Ave

      RETAIL STORES (PERSONAL SERVICES)
      641 Connecticut Ave, Norwalk, CT 06854-1614
      View Details

    Similar Nearby for Sale

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      52,509 SF

      Norwalk Retail Space For Sale

      28,000 SF retail space available in Norwalk, Connecticut.
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      34,867 SF

      Norwalk Mixed-Use Commercial Property

      37,000 SF mixed-use property in Norwalk's SoNo district.
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      View Details
    • $2,350,000
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      Norwalk Mixed-Use Redevelopment Opportunity

      9,856 SF commercial building in downtown SoNo with redevelopment potential.
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    Similar Nearby for Lease

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      Boutique Retail Space Available

      755 SF retail space suitable for various business concepts.
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      Retail Space in Historic District

      Retail space in a landmarked community with high foot traffic.
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      View Details
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      Prime SoNo Retail Space

      4,637 SF Flagship Retail in Norwalk, CT
      123 Washington St, Norwalk, CT 06854
      View Details
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      4,400 SF

      Retail Space Near Wegmans

      4,400 SF retail space in high-traffic area.
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      View Details
    • Contact for pricing
      505 SF

      Remodeled Retail/Office Space Available

      Recently remodeled retail/office space with private restroom, 505 SF.
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      View Details
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      1,675 SF

      Retail Space with Commercial Kitchen

      Retail space featuring a commercial kitchen with upgraded systems.
      138 Washington St, Norwalk, CT 06854
      View Details
    View Listing
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    Norwalk, CT 06854
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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.

    More about this property
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