16 Franklin St - Apartments FOR SALE


Norwich, CT 06360- Northeast New London/Norwich
$2,950,000 USD
16 Franklin St, Norwich, CT for Sale
$2,950,000 USD
Apartments - FOR SALE
1/23
null | Request Cap Rate


HIGHLIGHTS

  • 2006 Construction
  • Downtown Norwich Location
  • All Resident Paid Utilities
  • Close to Major Employers - Mohegan Sun, Foxwoods, Electric Boat, Pfizer, US Navy
  • 100% Residential Occupancy on regular basis

OVERVIEW

Chozick Realty, Inc. is pleased to present Thayer Building Apartments. Built in 2006 through conversion of an existing office building, there are 29 residential units and three Ground Floor Commercial spaces located in the center of the Downtown District of Norwich, CT. The Thayer Building was constructed in 1915 and had a storied history as an office building anchoring the downtown before its residential conversion. Being substantially gut renovated in its conversion from Office to Apartments, each apartment has its own gas fired HVAC unit supplying heat and Central AC, its own gas fired hot water heater and separately metered electricity. At the time of renovation the elevator was replaced along with virtually all other building components. The unit mix is attractive with 3 Studios; 6 one bed/one bath; 12 two bed/two bath and 8 three bed/two bath apartments over 5,600 square feet of ground floor commercial space. The commercial spaces are; S&A Market 2,700 SF; a vacant former Law Office Space 1,700 SF fully built out and ready for occupancy and 1200 SF of raw space. There is on site parking for 16 cars in addition to abundant municipal parking ranging from a surface lot at $40 per month, less than a one minute walk and a Municipal garage for $50 per month just a three minute walk from the property. The property historically has been at or close to 100% occupancy and currently only has one residential vacancy. The going in return is very strong with additional upside through closing loss to lease. This offering is Lender Owned and is being offered with limited available information, on an As Is, Where Is basis with only Non Contingent offers entertained. All interested and qualified investors will have an opportunity to tour the property and make their own assessment.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$75 USD /SF

# OF UNITS

29

PRICE/UNIT

$101,724

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Thayer Building Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1915

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.4 AC

LAND SF

17,424 SF

ZONING

CC

APN/PARCEL ID

NORW-000102-000003-000031

ASK ABOUT THIS PROPERTY

Rick ChozickChozick Realty Inc.More Info

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Rick ChozickChozick Realty Inc.More Info

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