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

    97 Washington St Norwalk, CT 06854-3081

    • Retail space
    • 4,050 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Jan 25, 2021
    $800,000
    Value Estimations
    $910,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-0377137
    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

    • Law Offices of Charles Kurmay / Law Firm
    • SOHObar / Wine Bar
    • SOHO COFFE & JUICE / Cafe

    Property Details for 97 Washington St

    Year built
    1910
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    4,050 SF
    Zone code
    WSDD
    Property type
    Retail space
    APN
    NORW M:2 B:24 L:23
    APU
    NORWM2B24L23

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $910,000
      ML approach
      $940,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $755,000
      Current use
      COMMERCIAL (GENERAL)
      $980,000
      Change: +30% Conversion: Easy
      AUTO REPAIR, GARAGE
      $945,000
      Change: +26% Conversion: Difficult
      OFFICE BUILDING
      $880,000
      Change: +17% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Fairfield
    State
    Connecticut
    Longitude
    -73.4178
    Latitude
    41.0992
    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
    $12,525
    $233,770
    $265,500
    $499,270
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $465,000
      12,772 SF

      57 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 12,772 SF
      57 Washington St, Norwalk, CT 06854-2704
      View Details
    • Value Estimation
      $950,000
      28,205 SF

      28 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 28,205 SF
      28 Washington St, Norwalk, CT 06854-2705
      View Details
    • Value Estimation
      $320,000
      6,381 SF

      21 Main St

      RETAIL STORES (PERSONAL SERVICES) • 6,381 SF
      21 Main St, Norwalk, CT 06854-2702
      View Details
    • Value Estimation
      $430,000
      13,516 SF

      38 Main St, Unit 48

      RETAIL STORES (PERSONAL SERVICES) • 13,516 SF
      38 Main St, Norwalk, CT 06854-2711
      View Details
    • Value Estimation
      $80,000
      1,399 SF

      6 Woodward Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,399 SF
      6 Woodward Ave, Norwalk, CT 06854-3740
      View Details
    • Value Estimation
      $515,000
      7,599 SF

      561 Connecticut Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,599 SF
      561 Connecticut Ave, Norwalk, CT 06854-1711
      View Details

    Similar Nearby for Sale

    • $429,900
      1,399 SF

      Turnkey Salon/Barbershop in South Norwalk

      Remodeled salon/barbershop in vibrant, high-traffic South Norwalk location.
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    • $5,300,000

      Norwalk Mixed-Use Investment Opportunity

      37,000 SF mixed-use property in vibrant South Norwalk.
      17 Washington St, Norwalk, CT 06854
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    • $5,000,000

      Norwalk Retail Property For Sale

      Retail property in high-traffic area of South Norwalk.
      9-15 Washington St, Norwalk, CT 06854
      View Details
    • $2,500,000
      11,500 SF

      Norwalk Warehouse and Retail Buildings

      Two buildings totaling 11,500 SF on 0.59 acres.
      143-145 W Cedar St, Norwalk, CT 06854
      View Details
    • $5,000,000

      Retail Space in South Norwalk

      Commercial property in vibrant South Norwalk retail district for sale.
      5-7 Washington St, Norwalk, CT 06854
      View Details
    • $1,549,000
      5,662 SF

      Norwalk Retail Opportunity on US 1

      Retail property on US 1 in Norwalk available for sale.
      558 Connecticut Ave, Norwalk, CT 06854
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,400 SF

      Prime Retail Space Available

      High visibility retail space with strong demographics and vehicular access.
      666 Avenue W, Norwalk, CT 06854
      View Details
    • 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
    • $1,500 /Mo
      505 SF

      Remodeled Retail/Office Space Available

      Recently remodeled retail/office space with private restroom, 505 SF.
      5 Cliff St, Norwalk, CT 06854
      View Details
    • Contact for pricing
      4,400 SF

      Retail Space Near Wegmans

      4,400 SF retail space in high-traffic area.
      677 Connecticut Ave, Norwalk, CT 06854
      View Details
    • Contact for pricing
      1,675 SF

      Retail Space with Commercial Kitchen

      Retail space featuring a commercial kitchen with upgraded systems.
      138 Washington St, Norwalk, CT 06854
      View Details
    • Contact for pricing
      2,100 SF

      Salon/Spa Ready Retail Space

      Retail space ideal for salon, spa, or beauty/wellness concepts.
      108-112 Washington St, Norwalk, CT 06854
      View Details
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    97 Washington St
    Norwalk, CT 06854-3081
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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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