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    59 Connecticut Ave Norwalk, CT 06850

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    59 Connecticut Ave Norwalk, CT 06850

    View on Map
    • Retail space
    • 30,714 SF
    • 2.82 lot acres
    For Lease
    $4,705,000
    View Listing →
    Norwalk Retail Space For Rent For Lease
    $4,705,000
    5,421 SF

    Norwalk Retail Space For Rent

    5,421 SF retail space in Norwalk, Connecticut available for rent.

    59 Connecticut Ave, Norwalk, CT
    View Listing
    Property ID
    US15-1287840
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bob's Discount Furniture and Mattress Store / Furniture & Home Goods / Home Decor Store

    Property Details for 59 Connecticut Ave

    Year built
    1994
    Construction
    STEEL FRAME
    Lot size
    2.82 lot acres
    Property size
    30,714 SF
    Zone code
    B1
    Property type
    Retail space
    APN
    NORW M:2 B:14 L:4
    APU
    NORWM2B14L4

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $4,277,000
      Market price range: $1.09M - $4.28M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,710,000
      Current use
      COMMERCIAL (GENERAL)
      $7,415,000
      Change: +30% Conversion: Easy
      AUTO REPAIR, GARAGE
      $7,175,000
      Change: +26% Conversion: Difficult
      OFFICE BUILDING
      $6,680,000
      Change: +17% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $4,865,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4214
    Latitude
    41.1074
    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
    $152,774
    $4,072,700
    $2,017,300
    $6,090,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $830,000
      5,774 SF

      83 New Canaan Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,774 SF
      83 New Canaan Ave, Norwalk, CT 06850-2614
      View Details
    • Value Estimation
      $505,000
      10,988 SF

      68 Wall St

      RETAIL STORES (PERSONAL SERVICES) • 10,988 SF
      68 Wall St, Norwalk, CT 06850-3405
      View Details
    • Value Estimation
      $950,000
      13,067 SF

      536 Ww Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,067 SF
      536 Ww Ave, Norwalk, CT 06850-4007
      View Details
    • Value Estimation
      $525,000
      4,648 SF

      51 Wall St

      RETAIL STORES (PERSONAL SERVICES) • 4,648 SF
      51 Wall St, Norwalk, CT 06850-3412
      View Details
    • Value Estimation by Request
      1,916 SF

      77 Wall St

      RETAIL STORES (PERSONAL SERVICES) • 1,916 SF
      77 Wall St, Norwalk, CT 06850-3411
      View Details
    • Value Estimation by Request
      1,932 SF

      40 Wall St

      RETAIL STORES (PERSONAL SERVICES) • 1,932 SF
      40 Wall St, Norwalk, CT 06850-3407
      View Details

    Similar Nearby for Sale

    • $1,000,000
      2,916 SF

      Norwalk Redevelopment Opportunity For Sale

      Mixed-use property in Wall Street-West Ave Redevelopment Zone.
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      View Details
    • $200,000

      Established Restaurant Opportunity

      Turnkey restaurant for sale, operating for over 40 years.
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      View Details
    • Contact for pricing
      10,000 SF

      Norwalk Retail Space Available

      Retail property available for rent in Norwalk, Connecticut.
      694-696 West Ave, Norwalk, CT 06850
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,374 SF

      Retail Space Available For Rent

      Retail spaces available, ranging from 1,226 to 3,100 square feet.
      11 Merwin St, Norwalk, CT 06850
      View Details
    • Contact for pricing
      4,227 SF

      West Avenue Retail Opportunity

      Retail space in mixed-use development with high visibility.
      370 West Ave, Norwalk, CT 06850
      View Details
    • Contact for pricing
      5,421 SF

      Norwalk Retail Space For Rent

      5,421 SF retail space in Norwalk, Connecticut available for rent.
      59 Connecticut Ave, Norwalk, CT 06850
      View Details
    • Contact for pricing
      2,796 SF

      Luxury Mixed-Use Retail Space

      Street-level retail in luxury mixed-use development with parking.
      467 West Ave, Norwalk, CT 06850
      View Details
    • $3,200 /Mo
      2,916 SF

      Versatile Retail and Warehouse Space

      Retail and warehouse units suitable for various business applications.
      22 Leonard St, Norwalk, CT 06850
      View Details
    • Contact for pricing
      56,383 SF

      Waypointe Retail: Norwalk, CT

      Prime Norwalk Retail Space: Multiple Suites Available
      515 West Ave, Norwalk, CT 06850
      View Details
    View Listing
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    Norwalk, CT 06850
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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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    59 Connecticut Ave, Norwalk, CT, 06850

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