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    Property profile & analytics

    345 Main Ave Norwalk, CT 06851

    • Super regional malls
    • 15,135 SF
    • 1.21 lot acres
    For Lease
    View listing
    Value Estimations
    $630,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0020026
    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.

    Current Use by Public Records

    • Laura's Draperies, Bedspreads & More / (Bike/Boat/Book/etc) Store / Home Decor Store
    • Stylin' / Hair Salon
    • Merritt Massage / Alternative Medicine Practice / Spa & Massage Center
    • Thai Spice / Restaurant
    • Signarama Norwalk / (Bike/Boat/Book/etc) Store / Printing Service

    Property Details for 345 Main Ave

    Year built
    1979
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.21 lot acres
    Property size
    15,135 SF
    Zone code
    B2
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    NORW M:5 B:41 L:2
    APU
    NORWM5B41L2

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $550,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $708,000
      Market price range: $477k - $708k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $575,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4257
    Latitude
    41.1374
    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
    $87,706
    $1,520,550
    $1,965,240
    $3,485,790
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $805,000
      20,516 SF

      431 Westport Ave

      REGIONAL SHOPPING CENTER, MALL • 20,516 SF
      431 Westport Ave, Norwalk, CT 06851-4410
      View Details
    • Value Estimation
      $845,000
      19,356 SF

      343 Newtown Ave

      REGIONAL SHOPPING CENTER, MALL • 19,356 SF
      343 Newtown Ave, Norwalk, CT 06851-2537
      View Details
    • Value Estimation
      $1,285,000
      32,760 SF

      235 Main St

      REGIONAL SHOPPING CENTER, MALL • 32,760 SF
      235 Main St, Norwalk, CT 06851-2720
      View Details
    • Value Estimation
      $1,235,000
      41,946 SF

      250 Westport Ave

      REGIONAL SHOPPING CENTER, MALL • 41,946 SF
      250 Westport Ave, Norwalk, CT 06851-4158
      View Details
    • Value Estimation by Request
      6,000 SF

      406-410 Westport Ave

      REGIONAL SHOPPING CENTER, MALL • 6,000 SF
      406-410 Westport Ave, Norwalk, CT 06851
      View Details
    • Value Estimation
      $845,000
      24,877 SF

      205 Main St

      REGIONAL SHOPPING CENTER, MALL • 24,877 SF
      205 Main St, Norwalk, CT 06851-3530
      View Details

    Similar Nearby for Sale

    • $1,250,000
      4,800 SF

      Fully Leased Retail Property

      Retail property with two tenants, being sold with adjacent property.
      318 Strawberry Hill Ave, Norwalk, CT 06851
      View Details
    • $179,000
      Pending

      Norwalk Gas Station Opportunity

      Profitable gas station in a prime Fairfield County location.
      309 Main Ave, Norwalk, CT 06851
      View Details
    • Contact for pricing
      3,892 SF

      Retail Property in Norwalk, CT

      Retail property available for sale in Norwalk, Connecticut.
      69 Main St, Norwalk, CT 06851
      View Details
    • Contact for pricing
      1,360 SF

      Norwalk Restaurant Redevelopment Opportunity

      Prime Norwalk location, redevelopment potential.
      71 Main St, Norwalk, CT 06851
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Norwalk Retail Strip Center Space

      45,658 SF strip center with strong anchor tenant.
      380-390 Westport Ave, Norwalk, CT 06851
      View Details
    • Contact for pricing
      800 SF

      Retail Space on Route 7

      Highly visible retail center on Route 7 with ample parking.
      607 Main Ave, Norwalk, CT 06851
      View Details
    • $26 SF/Yr
      28,000 SF

      Norwalk Office/Retail Space

      Prime Norwalk location, 2,000 sq ft available.
      205 Main St, Norwalk, CT 06851
      View Details
    • Contact for pricing
      1,625 SF

      Norwalk Retail Space Available

      Retail space available for lease in Norwalk, Connecticut.
      345 Main Ave, Norwalk, CT 06851
      View Details
    • Contact for pricing

      Retail Space Near Whole Foods

      Retail space in high-traffic Norwalk location, next to Whole Foods.
      596 Westport Ave, Norwalk, CT 06851
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease at 650 Main Ave.
      650 Main Ave, Norwalk, CT 06851
      View Details
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    345 Main Ave
    Norwalk, CT 06851
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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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