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$699,000

For Sale - Active
32 Bartlett Ave, Norwalk, CT 06850
4 Beds
2 Baths
2,125 Square Feet
0.00 Acres Lot
Built in 1940
For Sale - Active
2 Units
Checked: 4 hours ago
Updated: May 31, 2025 at 03:05AM

Investment Summary


Monthly Cash Flow
-$2,856
Cap Rate
1.4%
Cash-on-Cash Return
-21.3%
Debt Coverage Ratio
0.22
Internal Rate of Return (5 years)
-16.6%

Property Description


0.00 Acres Lot
Built in 1940
For Sale - Active
2 Units

Tucked away in Broad River and Silvermine, unlock the potential of this charming multi-family home, sold together with an adjacent land parcel for added opportunity. Built with classic 1940s character, this two-unit property offers high ceilings, abundant natural light, and a welcoming front porch. There are a total of 4 bedrooms, 2 full baths, two kitchens, a large, clean basement, and a pull-down attic--a 2,125 sq. ft. home that provides endless possibilities. The first-floor unit features a spacious layout with possibility of two bedrooms, and beautiful hardwood floors. Upstairs there are two beds and one bath with a separate entrance, making it ideal for rental income or multi-generational living--or use it as a single residence. Outside, enjoy two decks, a small yard, and a detached two-car garage. Nestled near New Canaan Ave, Angelo's Specialties, Glen's Variety, and just moments from Broad River Park and tennis courts, the location offers convenience with easy access to I-95 and the Merritt Parkway. This is a rare opportunity to own two parcels together-perfect for investors, builders, or those looking to expand. Explore the possibilities today! NOTE: This sale NOW includes the parcel at 32 1/2 Bartlett Ave which must be sold together. This is reason for price increase, but total price was just reduced by $25,000. That additional land makes possibility of two conforming lots (do your due diligence)

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Location


Property Details


Parking

  • Details: Paved
  • Garage Spaces: 2
  • Spaces Total: 4

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 10
  • # of Stories: 2
  • Basement: Yes
  • Basement Description: Full, Unfinished

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Foundation: Stone
  • Roof Type: Gable
  • Roof Material: Asphalt

Land Information

  • Land Use: Residential Income
  • Land Use Subtype: Duplex

Lot Information

  • Parcel ID: NORWM:5B:50L:52
  • Lot Size: 0 sqft

Property Information

  • Property Type: Duplex
  • Style: Units on different Floors
  • Year Built: 1940

Tax Information

  • Annual Tax: $9,397

Utilities

  • Water & Sewer: Public
  • Heating: Oil, Hot Water
  • Cooling: None

Location

  • County: Fairfield

Listing Details


Listed by:
Joe Balestriere
William Raveis Real Estate
(203) 216-0670

Source:
SmartMLS
MLS#: 24067382
SmartMLS

Investment Summary


Monthly Cash Flow
-$2,856
Cap Rate
1.4%
Cash-on-Cash Return
-21.3%
Debt Coverage Ratio
0.22
Internal Rate of Return (5 years)
-16.6%

Purchase Details

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Purchase price:
$699,000
Amount financed:
-$559,200
Down payment:
$139,800
Closing costs:
$20,970
Rehab costs:
$0
Initial cash invested:
$160,770
Square feet:
2,125
Cost per square foot:
$329
Monthly rent per square foot:
$1.08

Financing Details

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Loan amount:
$559,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$3,660
Property tax:
$783
Insurance:
$161
Private mortgage insurance (PMI):
$0
Monthly payment:
$4,604

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,300 $27,600
Vacancy loss: (6%)
6% -$138 -$1,656
Operating income:
$2,162 $25,944

Operating Expenses


% Rent Monthly Yearly
Property taxes: (34%)
34%-$783-$9,397
Insurance: (7%)
7%-$161-$1,932
Property management: (8%)
8%-$184-$2,208
Repairs & maintenance: (5%)
5%-$115-$1,380
Capital expenditures: (5%)
5%-$115-$1,380
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (59%)
59%-$1,358-$16,297

Cash Flow


Monthly Yearly
Net operating income:
$804 $9,648
Mortgage payments:
-$3,660 -$43,920
Cash flow:
$2,856 $34,272