40
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$1,695,000
Est. payment /mo
16 Beds
3,861 SqFt
New
202 Broadway 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 3,861 sqft
Price per Sqft $439
MLS Listing ID 24194779
Style Units on different Floors,Units are Side-by-Side
Bedrooms 16
Year Built 1843
Annual Tax Amount $9,029
Lot Size 0.760 Acres
Property Sub-Type 5 Family+
Property Description
Rare opportunity to acquire a 14-unit multifamily portfolio consisting of two nearby 7-unit properties located at 202 Broadway and 7-9 Broad Street in Norwich, Connecticut. Offering immediate scale, diversified unit mix, and significant rental upside, this package is ideal for investors seeking a larger multifamily acquisition with strong in-place cash flow and a clear path to value creation. The portfolio consists of a mix of 2-bedroom, 1-bedroom, and studio apartments that appeal to a broad tenant base while providing diversification across unit types. Both properties are fully occupied and benefit from off-street parking, public utilities, and strong occupancy history. Located in one of New London County's most sought-after residential neighborhoods, the portfolio benefits from strong tenant demand, attractive surrounding housing stock, and convenient access to downtown Norwich, healthcare facilities, shopping, restaurants, and major transportation corridors. Current gross annual income of approximately $217k is significantly below market, with projected stabilized income of approximately $270k, representing over $53k in additional annual revenue through rent stabilization and operational optimization. The portfolio is projected to achieve a 9.8% stabilized cap rate and 15% stabilized ROI, creating a compelling investment profile for both private and institutional investors.
Location
State CT
County New London
Zoning MF
Rooms
Basement Full
Interior
Heating Steam
Cooling None
Fireplaces Number 2
Exterior
Parking Features Off Street Parking
Waterfront Description Not Applicable
Roof Type Asphalt Shingle
Building
Foundation Brick
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Per Board Of Ed
Listed by Anthony Velez • VC Property Group, LLC
NEARBY SCHOOL & BUSINESS
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