Mixed-Use Building Sold In Norwalk For $6 Million

NORWALK, CT — A mixed-use building located at 430 Main Avenue in Norwalk was recently sold to an undisclosed investor for $6 million.

According to a news release provided by Angel Commercial, LLC, the building was sold by C&H Lew LLC, whose principals owned the property for 15 years.

Located on 1.52 acres in Norwalk, the building is comprised of 14 retail and office units on the first and second floors and nine residential apartments on the third floor.

Brett Sherman, senior vice president of Angel Commercial, LLC, represented both parties in this off-market transaction. The property is the third in Norwalk that Sherman has sold in the past two years, totaling $12.75 million in sales.

"Prior to the sale, we leased several units to bring the occupancy to 90 percent and increase cashflow," Sherman said in a news release. "The new owner plans to make cosmetic upgrades and fill the remaining spaces."

Located at a four-way signalized traffic light, 430 Main Avenue is located directly across the street from the Merritt 7 Corporate Park. The building has excellent visibility, prominent signage, substantial street frontage and two curb cuts, according to Angel Commercial, LLC.