5-17 Washington St
Norwalk, CT 06854

Marcus & Millichap is pleased to present for sale 5-17 Washington Street located in the SoNo(South Norwalk) neighborhood of Norwalk, CT (Fairfield County). The Subject Property features three buildings, two of which are retail and one of which is office and retail (with an elevator). 5-7 Washington Street is a 13,200 SF retail building, situated on a 14,375 SF lot; The building is tenanted by a C-Town Supermarket with 15 years remaining on its lease. 9-15 Washington Street is a 12,550 SF multi-tenanted retail building, situated on a 12,632 SF lot; This building consists of local tenants such as Nagoya Hibachi and Sono Nails & Spa. Lastly is 17 Washington street, a four-story retail & office building (with an elevator) located on a 27,007 SF lot, with a gross leasable area of 37,800 SF; The building is 35% occupied, with Mora Mora, an event space and party venue, occupying the backside, ground floor of the building. The sale also includes the ingress/egress next to 17 Washington Street (which leads into the Municipal Parking Lot) and 49 parking spaces; The current owner leased some of the land around the Property to the city in exchange for the parking spaces. The Property is currently income-producing, but also presents major upside through the redevelopment of the Property. Located in the South Norwalk Business District (SNBD), the Property can be redeveloped into a variety of uses. A buyer has the potential to do a ground-up mixed-use development, creating apartment units above retail, and thus establishing itself as one of SoNo’s newest desirable living destinations. Additionally, the subject property is located within an Opportunity Zone which makes it eligible for many additional tax benefits. The Opportunity Zone program (Section 1400Z-2 in the Tax Code) allows investors to defer any capital gains taxes through a variety of incentives. This sounds similar to the 1031 exchange but there are some crucial differences that make the Opportunity Zone program a much more advantageous vehicle to take advantage of. In order to maximize these benefits potential buyers must employ a tax attorney well versed in this new section of the tax code (see pages 9 & 10 for major OZ highlights explained). These factors along with the property’s proximity to the train station, make this a prime target for redeveloped residential use (see page 8 for a full breakdown of zoning regulations and standards). The Property is located in the heart of South Norwalk, better known as SoNo, an expanding neighborhood with some of the area’s best dining, shopping, arts, and entertainment. The immediate area has seen a complete revitalization in recent years with many new developments coming into the area. GGP (Brookfield) is already under construction on the SoNo Collection, a 700,000+ SF mall to be anchored by Nordstrom and Bloomingdale’s. SoNo Collection will also include a large public common area of over 180,000 SF and over 87,000 SF of public realm (indoor/outdoor sculpture garden, rooftop SoNo garden, exterior plazas, and more). The project is located just down the road from the Subject Property and is set to be completed in 2019. Other notable developments include: the SoNo Residence Inn by Marriott, an 8-story, 102-room extended stay hotel, 99 Washington Street, a 5-story, 66-unit multifamily development, and many others. 5-17 Washington Street is located along Washington Street (10,000 VPD), right off Dr. Martin Luther King Drive (13,000 VPD). Many national and local retailers are positioned near the Property both on Connecticut Avenue/US Route 1 and immediately surrounding the Property in SoNo. Some of these include: Chase Bank, Bank of America, Dunkin’ Donuts, Bow Tie Cinemas, CVS/Pharmacy, Dollar Tree, TJ Maxx, Best Buy, ShopRite, Kohl’s, Stop & Shop, and many others. Also located near the Property is The Maritime Aquarium at Norwalk, which sees 500,000 visitor per year. The Property is in an area with a population of over 136,000 people living within a five-mile radius with an average household income of over $162,000. The South Norwalk Train Station, serviced by the MetroNorth Railroad, is located just over a quarter-mile from the Property, providing easy access to and from New York City (about an hour train ride). This Property provides an opportunity for qualified investors to acquire an income-producing Property with major development potential, in one of Connecticut’s most sought-after markets.