370 Main Ave Norwalk, CT 06851-1510
- Turn key restaurants
- 3,564 SF
- 0.60 lot acres
Mar 03, 2025
Current Use by Public Records
- Wild Rice / Bar / Asian Restaurant
Property Details for 370 Main Ave
- Year built
- 1966
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.60 lot acres
- Property size
- 3,564 SF
- Zone code
- B2
- Property type
- Turn key restaurants
- APN
- NORW M:5 B:22A L:7A
- APU
- NORWM5B22AL7A
Description
This exceptional investment opportunity presents a 3,564 square foot, single-tenant net lease restaurant located at 370 Main Avenue in Norwalk, Connecticut. The property, built in 1966 and fully renovated in 2023, sits on a 0.6-acre lot and boasts 42 on-site parking spaces. Currently occupied by the Wild Rice Restaurant under an NN lease, the property offers a substantial remaining lease term of 6.3 years (commencing March 1, 2023, and expiring February 28, 2031). The asking price is $1,455,000, representing a compelling price per square foot of $408.25 and a 7.01% cap rate based on a Net Operating Income (NOI) of $102,000. The property enjoys excellent visibility and high traffic counts on Main Avenue, with an estimated 18,700 cars passing daily. Zoned CD-3C, this property offers a secure, passive income stream with a strong tenant in a desirable location. The building is a single-story structure with one unit. This is a rare opportunity to acquire a well-positioned, net-leased restaurant property in a thriving Connecticut market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norwalk
- County
- Fairfield
- State
- Connecticut
- Longitude
- -73.4256
- Latitude
- 41.1397
- CBSA code
- 14860
- CBSA name
- BRIDGEPORT-STAMFORD-NORWALK, CT METROPOLITAN STATISTICAL AREA
