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

    84 West Ave Norwalk, CT 06854

    • Commercial real estate
    • 90,098 SF
    • 0.77 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0818469
    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

    • Durango Insurance Agency Norwalk / Insurance Company / Auto Insurance Agency
    • Pete's Taxes & Accounting / Tax Preparation Service

    Property Details for 84 West Ave

    Year built
    1920
    Lot size
    0.77 lot acres
    Property size
    90,098 SF
    Property type
    Commercial real estate

    Description

    This exceptional redevelopment opportunity presents a 90,098 square foot mixed-use property at 84 West Avenue, Norwalk, CT. Strategically located across from The SoNo Collection, this one-story, 13-unit building boasts 150 feet of West Avenue frontage and offers immediate income potential. Currently 97% occupied with 12 tenants (11 apartments and 2 office suites), it projects a 2024 Net Operating Income (NOI) of $105,000. The property sits on a 0.77-acre lot and includes approximately 25 parking spaces—a rare amenity in this vibrant area. Built in 1920 and renovated in 1994, the building benefits from recent zoning changes that unlock significant redevelopment potential. Its prime location offers easy access to the South Norwalk Train Station and I-95, placing it within walking distance of numerous amenities, including restaurants, banks, and retail stores. The property is zoned Urban Center Community District (CD-4). Most tenants are on month-to-month leases, with three leases expiring in August 2025. This provides flexibility for a new owner while awaiting development plan approvals. Individual gas boilers serve eight units; the remaining units use electric power. On-site laundry facilities are available. The ground floor is occupied by Durango Insurance. This is a sealed bid offering with a deadline of November 12, 2024, at 5 PM EST.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.419766722447
    Latitude
    41.104806878508

    Comparable in this City

    • $5,300,000

      Norwalk Mixed-Use Investment Opportunity

      37,000 SF mixed-use property in vibrant South Norwalk.
      17 Washington St, Norwalk, CT 06854
      View Details
    • $569,000
      0.06 Acres

      Norwalk Mixed-Use Investment Property

      Income-producing property in historic Whistleville, South Norwalk. Move-in ready.
      31 Lexington Ave, Norwalk, CT 06854
      View Details
    • $2,350,000
      9,856 SF

      Prime SoNo Mixed-Use Opportunity

      9,856 SF commercial building in downtown Norwalk with redevelopment potential.
      140 Water St, Norwalk, CT 06854
      View Details
    • $2,700,000
      9,087 SF

      Utopia Building: Norwalk Mixed-Use Gem

      Prime Norwalk location, mixed-use, investment opportunity.
      150 Connecticut Ave, Norwalk, CT 06854
      View Details
    • Contact for pricing
      22,577 SF

      SoNo Office Building For Sale

      Class A Office, 22,577 SF, Norwalk, CT
      32 Haviland St, Norwalk, CT 06854
      View Details
    • $1,175,000
      2,900 SF

      Architecturally Significant South Norwalk Building

      Flexible building in South Norwalk for office, retail, or residential.
      10 Marshall St, Norwalk, CT 06854
      View Details

    Similar Nearby for Sale

    • $5,300,000

      Norwalk Mixed-Use Investment Opportunity

      37,000 SF mixed-use property in vibrant South Norwalk.
      17 Washington St, Norwalk, CT 06854
      View Details
    • $2,350,000
      9,856 SF

      Prime SoNo Mixed-Use Opportunity

      9,856 SF commercial building in downtown Norwalk with redevelopment potential.
      140 Water St, Norwalk, CT 06854
      View Details
    • $569,000
      0.06 Acres

      Norwalk Mixed-Use Investment Property

      Income-producing property in historic Whistleville, South Norwalk. Move-in ready.
      31 Lexington Ave, Norwalk, CT 06854
      View Details
    • $2,700,000
      9,087 SF

      Utopia Building: Norwalk Mixed-Use Gem

      Prime Norwalk location, mixed-use, investment opportunity.
      150 Connecticut Ave, Norwalk, CT 06854
      View Details
    • Contact for pricing
      22,577 SF

      SoNo Office Building For Sale

      Class A Office, 22,577 SF, Norwalk, CT
      32 Haviland St, Norwalk, CT 06854
      View Details
    • $1,175,000
      2,900 SF

      Architecturally Significant South Norwalk Building

      Flexible building in South Norwalk for office, retail, or residential.
      10 Marshall St, Norwalk, CT 06854
      View Details

    Similar Nearby for Lease

    • $4,500 /Mo
      2,000 SF

      Renovated SONO Live-Work Space

      Historically renovated live-work space in the heart of SONO.
      70 S Main St, Norwalk, CT 06854
      View Details
    • $25 SF/Yr
      97,000 SF

      SoNo Square Executive Offices

      Prime South Norwalk Office Suites
      22 Elizabeth St, Norwalk, CT 06854
      View Details
    • Contact for pricing
      2,500 SF

      Norwalk Office Space For Rent

      Office space available in Norwalk, Connecticut, with covered parking.
      132 Water St, Norwalk, CT 06854
      View Details
    • $25 SF/Yr
      140 SF

      Norwalk Office Space For Rent

      140 square feet of office space available for rent.
      91 Avenue E, Norwalk, CT 06854
      View Details
    • Contact for pricing

      Prime Location in South Norwalk

      Office/Retail space in vibrant SoNo, near train and amenities.
      Norwalk, CT 06854
      View Details
    • $25 SF/Yr
      9,669 SF

      SoNo Central Creative Office Suites

      Prime Norwalk, CT Office & Retail Space
      8 Monroe St, Norwalk, CT 06854
      View Details
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    84 West Ave
    Norwalk, CT 06854
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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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