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Kazantzis Real estate, LLC
287 Central Ave, Norwich, CT 06360
- $475,000
- 6
- BD
- 5
- BA
- 4,130
- SqFt
- List Price
- $475,000
- Status
- ACTIVE
- MLS#
- 24207988
- Year Built
- 1860
- Bedrooms
- 6
- Bathrooms
- 5
- Acres
- 0.08
- Living Area
- 4,130
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.
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Additional Information
- Taxes
- $4,340
- Lot Size
- 3,484
- Heating
- Hot Water
- Cooling System Type
- Window/Wall
- Water Source
- Public
- Basement
- Full
- Elementary School
- Per Board of Ed
- High School
- Norwich Free Academy
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Listing courtesy of Christian Martinez from VC Property Group, LLC. (860) 778-6427 (860) 300-3102