Mixed use Norwalk building sells for $1.3M

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BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of 115 Main Street, a mixed-use commercial property in Norwalk, CT, reinforcing heightened interest in this asset type among area investors. Bradley Balletto, the firm’s regional manager for Southern Connecticut, represented both the seller and the buyer in the $1,275,000 transaction, which closed on August 16. The property comprises nine apartments and three commercial tenants including Café Turnier, a popular restaurant on the Main Street, Norwalk corridor.

“High occupancy and growing rents in lower Fairfield County are driving strong demand for mixed-use properties,” notes Balletto. “Income-producing real estate is still the best vehicle for generating and preserving wealth.”

The seller, G & W Holdings, Inc of Bridgeport, CT purchased the property in 1995 and owns and manages multifamily and commercial buildings in Fairfield County. The buyer, a family trust based in Westport, CT, purchased the 115 Main Street property for a price that equates to $120/SF, which represents a capitalization rate of 8.8 per cent on the current year’s net operating income.

“It’s good to see the investment sales market firming up”, explains Edward Jordan, JD, CCIM, the firm’s managing director. “We have more than two dozen deals under contract in Connecticut presently. Growing rents give investors the confidence to move forward on acquisitions, and the increased competition for these assets benefits our sellers as well.”
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