$795,000
Est. payment /mo
5 Beds
5 Baths
2,559 SqFt
New
218 Main Street Norwich, CT 06360
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Key Details
Property Type Multi-Family
Sub Type 5 Family+
Listing Status Active
Purchase Type For Sale
Square Footage 2,559 sqft
Price per Sqft $310
MLS Listing ID 24207982
Style Other
Bedrooms 5
Full Baths 5
Year Built 1900
Annual Tax Amount $4,470
Lot Size 4,356 Sqft
Property Sub-Type 5 Family+
Property Description
VC Property Group is pleased to present 218-224 Main Street and 2 Franklin Street, a compelling adaptive re-use redevelopment opportunity located in the heart of downtown Norwich. The offering consists of two adjacent historic buildings totaling approximately 14,500 square feet, positioned within Norwich's established Main Street commercial corridor. This mixed use asset would include 10 residential and 5 commercial units upon completion. Projected $2.7M post construction VALUE - more photos to come, current photo is an artistic rendering. Both buildings are classified as contributing structures within the historic district, creating potential eligibility under the Federal Historic Tax Credit (20%) and Connecticut Historic Tax Credit (25%) programs for qualified rehabilitation expenditures. When properly structured, these incentives can offset a substantial portion of redevelopment costs and play a meaningful role in the project's capital stack. The project presents an attractive value-add strategy through the conversion of upper floors into residential units while maintaining commercial storefronts at street level. The proposed redevelopment plan includes 10 residential units consisting of eight studio apartments and two townhouse-style two-bedroom units, complemented by five commercial spaces on the first floor, creating a vibrant mixed-use asset aligned with growing downtown housing demand.
Location
State CT
County New London
Zoning CC
Rooms
Basement Full
Interior
Heating Radiant
Cooling None
Exterior
Waterfront Description Not Applicable
Roof Type Flat
Building
Foundation Masonry
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Per Board Of Ed
Listed by Anthony Velez • VC Property Group, LLC
NEARBY SCHOOL & BUSINESS
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