383 AVE APT 2 Greenwich CT 06830

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the mixed-use investment property located at 383 Greenwich Avenue in Greenwich, Connecticut (the “Property”). The Property contains eight (8) total units consisting of two (2) commercial units and six (6) residential units in a three-story brick building located on the lower half of prestigious Greenwich Avenue, the premier, luxury roadway in the affluent town of Greenwich.

383 Greenwich Avenue is a 7,827 square foot mixed-use building featuring two retail spaces and six apartments. St. Moritz Pastry Shop occupies both the first floor and second floor commercial spaces and has been at this location since the 1960’s. They have a month-to-month lease. The six residential units are comprised of two (2), 1-Bedroom/1-Bathroom units, three (3), 2-Bedroom/1-Bathroom units, and one (1) Studio unit.

DOWNTOWN GREENWICH TROPHY LOCATION

The Property is located on Greenwich Avenue, the primary shopping district in downtown Greenwich offering a desirable live-work-play lifestyle in an attractive, upscale setting with numerous shopping, dining, entertainment and cultural options within walking distance.

Downtown Greenwich features a who’s who of premier national retailers and popular local shops and restaurants in an attractive, walkable-downtown setting.

Prominent retailers include Saks Fifth Avenue, Tiffany & Co, Rag & Bone, Kate Spade, Zara, Betteridge Jewelers, Hobb’s, Vineyard Vines, Lululemon, J. Crew, Club Monaco, Restoration Hardware, Baccarat, Anne Fontaine, Athleta, Hermes, Apple, Intermix, Tumi, and many others.

The Property is 0.2-miles from the Greenwich Train Station, 0.3-miles from Interstate 95, and is 0.6-miles from West Putnam Avenue (US Route 1).

VALUE-ADD POTENTIAL

383 Greenwich Ave offers investors the opportunity to acquire a value-add, mixed-use asset in one of the strongest markets in the country. The opportunity exists to capture significantly higher market rental rates by fully renovating the current building or redeveloping the property into its highest-and- best use.

St. Moritz Pastry Shop occupies both the first-floor retail and second floor commercial suites. The first-floor suite contains 1,777 square feet. The second-floor suite contains 1,167 square feet. St. Moritz also has use of the 1,221 square foot basement (not included in the above square feet). The in-place rent for the retail and commercial suites is a blended $24.46 per square foot. Both commercial units are leased on a month-to-month basis. Commercial rents on the street-level of Greenwich Avenue range between $125-$150 per square foot, and $40-$70 per square foot on the upper levels, offering significant upside by achieving market rents for the desirable space through a second-generation use of the space

ST. MORITZ PASTRY SHOP

St. Moritz Pastry Shop occupies both the first-floor retail and second floor commercial suites. The first-floor suite contains 1,777 square feet. The second-floor suite contains 1,167 square feet. St. Moritz also has use of the 1,221 square foot basement (not included in the above square feet). The in-place rent for the retail and commercial suites is a blended $24.46 per square foot. Both commercial units are leased on a month-to-month basis. Commercial rents on the street-level of Greenwich Avenue range between $125-$150 per square foot, and $40-$70 per square foot on the upper levels, offering significant upside by achieving market rents for the desirable space through a second-generation use of the space.

GREENWICH TRAIN STATION REVITALIZATION

A $30,000,000 revitalization project by The Ashforth Company has begun at Greenwich Crossing which will include a new 5,000 square foot restaurant, a redesigned Greenwich Train Station, renovated retail spaces along Railroad Ave, and new pedestrian and commuter pathways.

SUPERIOR DEMOGRAPHICS

Over 69,600 people live within 3-miles of the Property with an average household income of $294,284. An impressive 163,300+ people live within 5-miles of the Property with an impressive average household income of $259,574.