38 Hemlock Place

Norwalk, CT 06854 Directions
$1,300,000
  • 23,210Sqft
  • 1957Built
  • $56Price/Sqft

Property Highlights

  • Neighborhood: South Norwalk
  • Days on Market: 31
  • MLS: 170096887

Property Highlights

  • Neighborhood: South Norwalk
  • Days on Market: 31
  • MLS: 170096887

Currently woodworking. Can be delivered with full size auto paint booth. Good for auto body. 10, 000 SF ground level, 2, 000 SF former office space on second level. At 38 Hemlock Place I have a 24, 000 square foot building on an acre and a half in Norwalk in the I1 industrial Zone. It's owned in a 50/50 partnership and the front half is for sale. That's 12, 000 square feet and the sale price is $1.3MM or $108 a foot. The rear half can also be purchased in 3-5 for the same price. Seller is firm on price. Baseline rental for this type of space is $10 or more a square foot triple net, which equates to about a 10% cap rate. But it gets better!Adjacent...

Property Highlights

  • Neighborhood: South Norwalk
  • Days on Market: 31
  • MLS: 170096887

Currently woodworking. Can be delivered with full size auto paint booth. Good for auto body. 10, 000 SF ground level, 2, 000 SF former office space on second level. At 38 Hemlock Place I have a 24, 000 square foot building on an acre and a half in Norwalk in the I1 industrial Zone. It's owned in a 50/50 partnership and the front half is for sale. That's 12, 000 square feet and the sale price is $1.3MM or $108 a foot. The rear half can also be purchased in 3-5 for the same price. Seller is firm on price. Baseline rental for this type of space is $10 or more a square foot triple net, which equates to about a 10% cap rate. But it gets better!Adjacent to this property is a strip of former railroad land that is 45 feet wide and hundreds of feet long. It equals 8/10 of an acre and is also in the industrial 1Zone. If I had 8/10ths of an acre in the industrial Zone in Norwalk in a rectangular shape I could sell it for a $1MM any day of the week, but this particular piece can be bought for $400, 000. Thaat's a huge discount. There is also wooded land behind the building on a bluff that can be leveled create another 1/2-acre of parking for fun and profit. Owner needs 6 months to leave so that gives buyer six months to clear the land, put up fencing, screening, what have you. We have environmental on the building & 1.5 acres, but nothing on the railroad. That the buyer would want to be a cash purchase and just keep it in a separate LLC. Photographs and tax map attached.

Currently woodworking. Can be delivered with full size auto paint booth. Good for auto body. 10, 000 SF ground level, 2, 000 SF former office space on second level. At 38 Hemlock Place I have a 24, 000 square foot building on an acre and a half in Norwalk in the I1 industrial Zone. It's owned in a 50/50 partnership and the front half is for sale. That's 12, 000 square feet and the sale price is $1.3MM or $108 a foot. The rear half can also be purchased in 3-5 for the same price. Seller is firm on price. Baseline rental for this type of space is $10 or more a square foot triple net, which equates to about a 10% cap rate. But it gets better!Adjacent to this property is a strip of former railroad land that is 45 feet wide and hundreds of feet long. It equals 8/10 of an acre and is also in the industrial 1Zone. If I had 8/10ths of an acre in the industrial Zone in Norwalk in a rectangular shape I could sell it for a $1MM any day of the week, but this particular piece can be bought for $400, 000. Thaat's a huge discount. There is also wooded land behind the building on a bluff that can be leveled create another 1/2-acre of parking for fun and profit. Owner needs 6 months to leave so that gives buyer six months to clear the land, put up fencing, screening, what have you. We have environmental on the building & 1.5 acres, but nothing on the railroad. That the buyer would want to be a cash purchase and just keep it in a separate LLC. Photographs and tax map attached.

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  • Additional Information
    • Area Type: Highway Access
    • Gross Income: 216000
    • Living Area SqFt: 23,210
    • Neighborhood: South Norwalk
    • Road Frontage Description: Municipal Street
    • Sewer: Public Sewer Connected
    • Tax Amount: $22,232
    • Tax Year: July 2017-June 2018
    • Type: Commercial For Sale
    • Utilities Available: Electric, Gas Available
    • Year Built: 1957
  • Interior/Exterior Features
    • Air Conditioning: Central Air
    • Cooling: Central Air
    • Heat: Hot Air
    • Living SqFt Source: Approximate

Listing Courtesy of Aegis Realty Group LLC.

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