The three-story office building at 4154 Madison Ave. in Trumbull has sold for $1.93 million.
The 18,000-square-foot building was built in 1985 and is on a 1.03-acre parcel adjacent to the Westfield Trumbull mall. Keller Williams represented the buyer, Turkey Point Properties LLC, and Angel Commercial LLC of Southport seller Professional Offices of Trumbull Inc.
“The property is primarily occupied by allied health professionals and has been well maintained by the seller; however, it has a 35% vacancy rate,” said Eva Kornreich, vice president with Angel Commercial. “It is notable that based on the current net operating income the cap rate for this deal was 4.4%, representing a low-risk, high-value property which is most likely a reflection of the property’s excellent location.”
