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265 Washington Street Norwich, CT 06360
12 Beds
6 Baths
6,013 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5 Family+
Listing Status Active
Purchase Type For Sale
Square Footage 6,013 sqft
Price per Sqft $132
MLS Listing ID 24186008
Style Other
Bedrooms 12
Full Baths 6
Year Built 1860
Annual Tax Amount $7,784
Lot Size 0.500 Acres
Property Sub-Type 5 Family+
Property Description
Fully occupied 6-unit multifamily investment opportunity offering strong in-place cash flow and substantial embedded rental upside. The property consists of four 2-bedroom units, one 3-bedroom unit, and one 1-bedroom unit, currently generating $74,400 in annual gross income with a projected stabilized income of approximately $119,400 based on market rents. At stabilization, the asset supports a projected NOI exceeding $77,000, equating to a 9.69% cap rate and a 14.79% projected return on investment. Investors will appreciate the opportunity to significantly increase revenue through lease turnover and rent normalization rather than extensive renovations. All utilities, including electric and hot water, are separately metered and paid by tenants, with ownership responsible only for heat. Additional features include off-street parking, public water and sewer, and over 6,000 square feet of living area situated on a 0.50-acre lot. A compelling opportunity to acquire a scalable multifamily asset with strong income growth potential in one of Connecticut's most active rental markets.
Location
State CT
County New London
Zoning R40
Rooms
Basement Full
Interior
Heating Steam
Cooling Window Unit
Exterior
Parking Features Driveway
Waterfront Description Not Applicable
Roof Type Asphalt Shingle
Building
Lot Description Level Lot, Historic District
Foundation Masonry
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Veterans Memorial
High Schools Norwich Free Academy
Listed by Anthony Velez • VC Property Group, LLC