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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

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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