287 Central Ave, Norwich, CT 06360

$475,000
6
BD
5
BA
4,130
SqFt

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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.

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