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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    588 Main Ave Norwalk, CT 06851-1039

    • Retail space
    • 5,732 SF
    • 0.37 lot acres
    OFF-MARKET
    Last Sale
    Sep 02, 2022
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0777374
    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

    • Subway / Fast Food Restaurant / Caterer
    • Mattress Firm Norwalk Wilton / Children'S Furniture Store / Showroom

    Property Details for 588 Main Ave

    Year built
    1967
    Lot size
    0.37 lot acres
    Property size
    5,732 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    NORW M:5 B:22C L:16
    APU
    NORWM5B22CL16

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $630,000
      Market price range: $243k - $796k

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4208
    Latitude
    41.1578
    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
    $30,444
    $616,490
    $593,470
    $1,209,960
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $825,000
      11,000 SF

      517 Westport Ave

      RETAIL STORES (PERSONAL SERVICES) • 11,000 SF
      517 Westport Ave, Norwalk, CT 06851-4411
      View Details
    • Value Estimation
      $13,065,000
      13,117 SF

      445 Westport Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,117 SF
      445 Westport Ave, Norwalk, CT 06851-4410
      View Details
    • Value Estimation by Request
      638 SF

      323 Strawberry Hl Ave

      RETAIL STORES (PERSONAL SERVICES) • 638 SF
      323 Strawberry Hl Ave, Norwalk, CT 06851-4305
      View Details
    • Value Estimation by Request
      2,496 SF

      584 Main Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,496 SF
      584 Main Ave, Norwalk, CT 06851-1039
      View Details
    • Value Estimation by Request
      1,512 SF

      22 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 1,512 SF
      22 Broad St, Norwalk, CT 06851-6114
      View Details
    • Value Estimation by Request
      3,658 SF

      11 Nn Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,658 SF
      11 Nn Ave, Norwalk, CT 06851-3842
      View Details

    Similar Nearby for Sale

    • $3,500,000

      Norwalk Retail Property For Sale

      Retail property for sale with existing tenant in Norwalk.
      391 Westport Ave, Norwalk, CT 06851
      View Details
    • $1,250,000

      Fully Leased Retail Property

      Retail property with two tenants, being sold with adjacent property.
      318 Strawberry Hill Ave, Norwalk, CT 06851
      View Details
    • Contact for pricing
      3,892 SF

      69 Main ST

      Individual retail properties • 3,892 SF
      69 Main St, Norwalk, CT 06851
      View Details
    • $179,000

      Profitable Gas Station Opportunity

      Citgo gas station in high-traffic Norwalk location for sale.
      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

    • $25 SF/Yr
      2,380 SF

      Retail and Office Space Available

      Divisible retail and office spaces for lease with parking.
      430 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
    • $25 SF/Yr
      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
      7,400 SF

      Retail and Office Space Available

      Ground floor retail and second floor office space for rent.
      50 Cross St, Norwalk, CT 06851
      View Details
    • Contact for pricing
      13,890 SF

      Retail Space on Route 1

      Retail space with high visibility on Route 1.
      55 Westport Ave, Norwalk, CT 06851
      View Details
    • Contact for pricing
      800 SF

      Norwalk Executive Office Space

      800 SF Office Suite Available Now
      18 Chestnut Hill Rd, Norwalk, CT 06851
      View Details

    Property Visit Statistics

    • Visits by month
      996
    • Visitors by month
      1.1k
    • Avg Time on site
      20 min
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    588 Main Ave
    Norwalk, CT 06851-1039
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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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