Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    38 Richards Ave Norwalk, CT 06854-2318
    Back to Search
    Property profile & analytics

    38 Richards Ave, Norwalk, CT 06854-2318

    View on Map
    • Specialty properties
    • 14,550 SF
    • 0.51 lot acres
    Off-Market
    Last Sale Apr 25, 2022
    $9,258,000
    Property ID
    US15-0921541
    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
    $9,370,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • American Cancer Society / Charitable Organization / Social Service Agency
    • PACS Stamford | Professionals for the American Cancer Society / Charitable Organization / Social Service Agency

    Property Details for 38 Richards Ave

    Year built
    2010
    Construction
    STEEL FRAME
    Lot size
    0.51 lot acres
    Zone code
    A2
    Property type
    Specialty properties
    APN
    NORW M:5 B:72 L:29
    APU
    NORWM5B72L29

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 25, 2022 — Ilibette M Lopez Ryan R David Quit Claim Deed · related —
    Jul 1, 2010 — American Cancer Soc — Deed Of Trust · related $2.3M · The Bank Of New Cannon
    Aug 15, 2007 $9,258,000 American Cancer Soc INC Liroma LP Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,460,000
      ML approach
      $9,510,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4498
    Latitude
    41.0918
    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
    $0.00
    $972,020
    $2,407,900
    $3,379,920
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.30 Acres

      123 Washington St

      Airport retail
      123 Washington St, Norwalk, CT 06854
      View Details
    • Value Estimation by Request
      9.76 Acres

      779 Connecticut Ave

      COMMERCIAL (GENERAL)
      779 Connecticut Ave, Norwalk, CT 06854-1615
      View Details
    • Value Estimation by Request
      0.73 Acres

      467th Connecticut Ave

      VACANT COMMERCIAL LAND
      467th Connecticut Ave, Norwalk, CT 06854-1710
      View Details
    • Value Estimation by Request
      7.07 Acres

      190 Dr Martin Luther King Jr Dr

      COMMERCIAL (GENERAL)
      190 Dr Martin Luther King Jr Dr, Norwalk, CT 06854-4241
      View Details
    • Value Estimation by Request
      1.43 Acres

      70 Dr Martin Luther King Jr Dr

      VACANT COMMERCIAL LAND
      70 Dr Martin Luther King Jr Dr, Norwalk, CT 06854
      View Details
    • Value Estimation by Request

      11 Ledgebrook Dr, Unit GL10

      RESIDENTIAL PARKING GARAGE
      11 Ledgebrook Dr, Norwalk, CT 06854-1015
      View Details

    Similar Nearby for Sale

    • $1,350,000

      5 Outer Road, Norwalk, CT 06854

      Waterfront Land
      5 Outer Rd, Norwalk, CT 06854
      View Details
    • $795,501
      1,764 SF

      SoNo Retail Investment Opportunity

      Turn-key retail space with long-term tenant in prime location.
      83 Washington St, Norwalk, CT 06854
      View Details
    • $699,000

      South Norwalk Commercial Kitchen Building

      Equipped commercial kitchen in thriving South Norwalk location.
      133 S Main St, Norwalk, CT 06854
      View Details
    • $699,000
      2,499 SF

      Charming Antique Norwalk Two-Family Home

      Historic two-family home in South Norwalk with modern investment opportunity.
      23 Quintard Ave, Norwalk, CT 06854
      View Details
    • $1,350,000
      0.48 Acres

      Waterfront Land in Village Creek

      Waterfront property with architectural plans in historic Village Creek.
      5 Outer Rd, Norwalk, CT 06854
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,637 SF

      Prime SoNo Retail Space

      4,637 SF Flagship Retail in Norwalk, CT
      123 Washington St, Norwalk, CT 06854
      View Details
    • $2,695 /Mo

      Updated Norwalk Apartment with Storage

      Renovated 2-bedroom apartment with modern amenities and ample storage.
      21 Avenue, Norwalk, CT 06854
      View Details
    • Contact for pricing
      800 SF

      Spacious Two-Bedroom Apartment Available

      Well-maintained 2 bed, 2 bath apartment near shopping and highways.
      16 North Taylor Ave, Norwalk, CT 06854
      View Details
    • Contact for pricing
      1,100 SF

      Norwalk 2-Bedroom Apartment For Rent

      Two-bedroom apartment in Norwalk with updated bathroom and off-street parking.
      12 North Taylor Ave, Norwalk, CT 06854
      View Details
    • $1,650 /Mo

      Downtown Retail Space For Rent

      Move-in ready retail space in downtown Sono.
      70 S Main St, Norwalk, CT 06854
      View Details
    • Contact for pricing
      700 SF

      Remodeled Apartment in Vibrant SoNo

      Updated 2-bedroom apartment near train and SoNo Collection.
      10 Bayview Ave, Norwalk, CT 06854
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    38 Richards Ave
    Norwalk, CT 06854-2318
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    38 Richards Ave, Norwalk, CT, 06854
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!