Mixed Use Property
24 + Medical Office
Northeast Private Client Group is pleased to present the Belden Square property located on 747 Belden Avenue Norwalk, CT.
Previously, Virgin Atlantic’s U.S. Corporate Headquarters; Belden Square was repositioned in 2015 and completed renovations in 2017 totaling over $6.5 million in investment upgrades. The property presents a new owner with the opportunity to acquire a multifamily property with a medical office that blends a stabilized, long-term investment-grade medical tenant with a value-add multifamily component. A new owner has the opportunity to increase the existing rents to market and further grow rents through simple, low cost upgrades to unit finishes (i.e. granite countertops). Yale New Haven Hospital, an investment grade tenant, is under lease through September of 2022 with 3% annual rent bumps for a pediatric specialty care center. Yale New Haven Hospital has limited space alternatives as Norwalk limits hospital services to a very small footprint in the central business district. The 24 newly constructed apartments feature in-place rents average $350 below the immediate competition, positioned to maintain high occupancy and rent growth.
Conveniently located in close proximity to major highways: Route 7, Route 15, and I-95. Major retailers and restaurants in the immediate vicinity up to 2 miles away. Less than 1 mile to Norwalk Hospital and 1.5 miles from a brand new ~1 million square foot mall set to open in late 2019. Norwalk, CT is part of the NYC metropolitan area and one of the most desirable markets in the country – 1 out of 5 households in the area are among top 1% of wealth and the region is in the top 10 wealthiest in the country (per capita personal income $71,768). The property has a high walk score of 86. The Norwalk/Fairfield County region has the greatest concentration of renters along the I-95 corridor, resulting in vacancy of below 6%. While the Stamford/Norwalk submarket has added ~3,500 multifamily units across the past 5 years (17% growth), rental rates continue to climb at ~2% annually and vacancy remains stable/slightly down as a result of significant demand; Rental rates are ~13% higher than in the NE and 23% higher than across the US.