Key Highlights:
- 115 Main Street property features nine residential units and four retail storefronts.
- Sold for $2.6 million after attracting multiple competitive offers.
- Located along the high-traffic Route 7 corridor in Norwalk, Connecticut.
Prime Mixed-Use Building Draws Strong Investor Interest
A landmark mixed-use property at 115 Main Street in Norwalk, Connecticut, has sold for $2.6 million, demonstrating the region’s strong demand for versatile real estate assets. The complex has nine residential apartments above four ground-floor retail spaces, totaling 9,768 square feet. Choyce Peterson Inc. arranged the sale for the seller, 115 Main St Norwalk LLC, which is managed by Frank Fraulo.
The buyer, Strawberry Hill Realty LLC, secured the property following a competitive bidding process that saw multiple offers. The building’s strategic location along the bustling Route 7 corridor and its solid rental income potential contributed to the high level of interest from investors.
Strategic Location Enhances Property Appeal
Situated in a high-traffic area of Norwalk, the mixed-use building benefits from significant visibility and accessibility. The Route 7 corridor is known for its commercial vitality, making it an attractive location for both residential tenants and retail businesses. The property’s blend of residential and commercial spaces offers a diversified income stream, appealing to investors seeking stable returns.
Frank Fraulo, managing director of 115 Main St Norwalk LLC, praised the efforts of Choyce Peterson’s team in preparing and marketing the property effectively. “The level of interest and the speed in which we were able to get an offer was incredible,” Fraulo commented, highlighting the property’s strong market positioning.
Market Trends Favor Mixed-Use Developments
The successful sale of 115 Main Street reflects a broader trend in the real estate market, where mixed-use developments are increasingly sought after for their flexibility and income potential. Investors are drawn to properties that combine residential and commercial uses, offering resilience against market fluctuations in any single sector.
Choyce Peterson Inc., with offices in Norwalk and Rye Brook, NY, continues to observe strong demand for mixed-use properties in the area. Their experience and network have been instrumental in connecting sellers with qualified buyers, facilitating transactions that align with current market dynamics.
As urban areas evolve, mixed-use buildings like the one at 115 Main Street are poised to play a significant role in meeting the diverse needs of communities, blending living, working, and retail spaces in cohesive developments.
