9
See all 9 photos
$475,000
Est. payment /mo
6 Beds
5 Baths
4,130 SqFt
New
287 Central Avenue 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 4,130 sqft
Price per Sqft $115
MLS Listing ID 24207988
Style Units on different Floors,Units are Side-by-Side
Bedrooms 6
Full Baths 5
Year Built 1860
Annual Tax Amount $4,340
Lot Size 3,484 Sqft
Property Sub-Type 5 Family+
Property Description
Mixed-use investment opportunity featuring three residential units and two commercial spaces totaling approximately 4,130 square feet. The residential mix includes two one-bedroom units and one two-bedroom unit. Two residential units and one commercial space are currently occupied, while the second commercial space and one residential unit is vacant, offering immediate lease-up and value-add potential. Our underwriting team projects stabilized annual income of $74,700, effective gross income of $73,365 and NOI of approximately $64,027-representing an estimated 13.48% pro forma cap rate at the $475,000 asking price. Built in 1860, the property includes off-street parking, public water and sewer, electric heat and hot water, city trash pickup and tenant-paid utilities. An attractive opportunity for an investor seeking diversified income, an established tenant base and additional upside. Financial information and projections are available for review.
Location
State CT
County New London
Zoning NC
Rooms
Basement Full
Interior
Heating Hot Water
Cooling Window Unit
Exterior
Waterfront Description Not Applicable
Roof Type Gable
Building
Lot Description Corner Lot
Foundation Concrete
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Norwich Free Academy
Listed by Christian Martinez • VC Property Group, LLC
NEARBY SCHOOL & BUSINESS
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