SoNo Harbor Landing Listing Details & Market Data

Norwalk, located in the south-central region of Fairfield County, is considered one of the county’s premier business and residential communities. Norwalk offers a unique blend of housing, a strong corporate presence, excellent amenities, superior access to transportation, cultural attractions, and varied educational institutions. Norwalk has been a major beneficiary of migration from Westchester County, New York and Southern Fairfield County by both businesses and residents seeking a more affordable alternative without sacrificing lifestyle. This migration trend from larger cities to suburbs has accelerated rapidly over the last few years. This increase in demand for housing has resulted in Norwalk having one of the highest year-over-year increases in apartment rental rates in the state of Connecticut. The City of Norwalk has experienced a decade long revitalization that is continuing to shape the city to this day. Over the past 10 years Norwalk has seen construction of several large retail centers. The Waypointe District is a recent $450 million development project in Norwalk with 200,000 SF of commercial space and a 700,000 SF, $285 million Luxury Class A+ mall: the SoNo Collection anchored by Bloomingdale’s and Nordstrom.Northeast Private Client Group is pleased to present the exclusive opportunity to purchase a SoNo Harbor Landing located at 50 Water Street in Norwalk, CT. SoNo Harbor Landing is a premier asset in an unparalleled location right on the Norwalk River in South Norwalk. The 25,434 SF mixed-use property consists of 10,734 SF of office space, 5,396 SF of ground floor retail, six (6) 1-bedroom/1.5-bathroom loft apartments, nine (9) boat slips, and public metered parking. The property consists of nine (9) retail/office units, nine (9) boat slips, and six (6) 1-bedroom/1.5-bathroom apartments. Currently, four of the apartments have been combined to create one 4-bedroom unit. Three of these apartments are on a long-term lease until 2032. One apartment is on a corporate lease for 1 year. This was done at the expense of the tenant, who is contractually responsible to pay for the rehabilitation costs once the lease expires. The property features off-street parking for residential/retail tenants and generates additional parking income for public use through a contract with “Premium Park”. This is an opportunity to own a turn-key asset with upside potential in a premier location. Within minutes of the South Norwalk Train Station and I-95 corridor, South Norwalk is considered one of the premiere dining, entertainment, and nightlife hubs in the state of Connecticut. 50 Water Street is ideally located on the corner of Washington Street and Water Street directly on the Norwalk River. Ways to add value include leasing the vacant office space and implementing a luxury apartment renovation program in order to achieve rental premiums. Additionally, there is potential for future development which includes adding additional multifamily units.