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    Property profile & analytics

    40 Richards Ave Norwalk, CT 06854-2319

    • Office buildings
    • 141,085 SF
    • 1.39 lot acres
    OFF-MARKET
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0296728
    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

    • Appliance Repair Pros of Norwalk / Appliance Repair Service
    • Lawson Brothers Electricians / Electrician
    • Quick Real Estate Funding / Mortgage Lender / Real Estate Consultant
    • Allan F. Friedman Criminal Lawyer / Criminal Justice Attorney / Law Firm
    • Chalumeau Law Group, LLC / Legal Services / Attorney

    Property Details for 40 Richards Ave

    Year built
    1985
    Construction
    STEEL FRAME
    Lot size
    1.39 lot acres
    Property size
    141,085 SF
    Zone code
    B1
    Property type
    Office buildings
    APN
    NORW M:5 B:72 L:35
    APU
    NORWM5B72L35

    Description

    40 Richards Avenue in Norwalk, Connecticut, offers a prime opportunity for businesses seeking executive office space. This seven-story building boasts a total of 150,000 square feet, providing ample room for various-sized companies. The property is available for multiple tenancies, with spaces ranging from a minimum of 650 square feet to a maximum contiguous space of 19,000 square feet, offering flexibility to accommodate diverse business needs. Currently, four spaces are available. The building's convenient location at 40 Richards Ave, Norwalk, CT 06854, ensures easy access for employees and clients alike. Ample parking is provided with 403 spaces available on-site. This executive office building presents a sophisticated and efficient workspace in a desirable Connecticut location. The building's modern design and convenient amenities make it an ideal choice for businesses seeking a prestigious and functional office environment. Interested parties are encouraged to inquire about available space and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $550,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4499
    Latitude
    41.0923
    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
    $288,408
    $2,166,100
    $9,296,400
    $11,462,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $495,000
      17,259 SF

      726 Connecticut Ave

      OFFICE BUILDING • 17,259 SF
      726 Connecticut Ave, Norwalk, CT 06854-1617
      View Details
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      $1,040,000
      96,571 SF

      18 Marshall St

      OFFICE BUILDING • 96,571 SF
      18 Marshall St, Norwalk, CT 06854-2237
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    • Value Estimation
      $405,000
      7,788 SF

      87 Taylor Ave

      OFFICE BUILDING • 7,788 SF
      87 Taylor Ave, Norwalk, CT 06854-2038
      View Details
    • Value Estimation
      $510,000
      173,700 SF

      50 Washington St

      OFFICE BUILDING • 173,700 SF
      50 Washington St, Norwalk, CT 06854-2710
      View Details
    • Value Estimation
      $370,000
      6,048 SF

      495 Connecticut Ave

      OFFICE BUILDING • 6,048 SF
      495 Connecticut Ave, Norwalk, CT 06854-1723
      View Details
    • Value Estimation
      $290,000
      3,648 SF

      3 Raymond St

      OFFICE BUILDING • 3,648 SF
      3 Raymond St, Norwalk, CT 06854-3107
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Norwalk Mixed-Use Investment Opportunity

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      Flexible building in South Norwalk for office, retail, or residential.
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    • $1,995,000
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      Norwalk Multifamily Investment Opportunity

      Eight-Unit Apartment Complex, Prime Location
      14 Fairfield Ave, Norwalk, CT 06854
      View Details
    • $5,300,000
      37,000 SF

      SoNo Commercial Property: Prime Location

      37,000 sq ft, High-Traffic SoNo Area
      17 Washington St, Norwalk, CT 06854
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    • $3,500,000

      Norwalk Land For Sale

      Land available for sale in Norwalk, Connecticut.
      85 Dr Martin Luther King Jr Dr, Norwalk, CT 06854
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      9,669 SF

      SoNo Central Creative Office Suites

      Prime Norwalk, CT Office & Retail Space
      8 Monroe St, Norwalk, CT 06854
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    • $33 SF/Yr
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      SoNo Office Space: 77 N Water St

      Modern office suites in vibrant SoNo, CT.
      77 Water St, Norwalk, CT 06854
      View Details
    • $15 SF/Yr
      2,630 SF

      Norwalk Office Space Available

      2,630 square feet of office space for lease.
      87 Taylor Ave, Norwalk, CT 06854
      View Details
    • $22 SF/Yr
      1,004 SF

      Norwalk Office Space For Rent

      Office space available for lease in Norwalk, Connecticut.
      124 Avenue E, Norwalk, CT 06854
      View Details
    • $25 SF/Yr
      97,000 SF

      SoNo Square Executive Offices

      Prime South Norwalk Office Suites
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    • $25 SF/Yr
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      Norwalk Office Space For Rent

      140 square feet of office space available for rent.
      91 Avenue E, Norwalk, CT 06854
      View Details
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    40 Richards Ave
    Norwalk, CT 06854-2319
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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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