$1,200,000

Under Contract - Continue to Show

Est. Mortgage $5,833/mo *

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526 Canterbury Turnpike, Norwich, CT, 06360

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19 beds

7 Full / 1 Half baths

2022

7,429 sqft

This exceptional investment opportunity with annual earning potential of $152,000 located in Norwich, CT, includes three adjoining properties totaling 7.76 acres. The portfolio features a completely renovated 4-family property at 526 Canterbury Tpke., where each unit boasts 3 bedrooms, 1 bath, stainless steel appliances, granite countertops, hybrid water heaters, energy-efficient mini splits for heating and cooling, and semi-private decks. The 3-family property at 528 Canterbury Tpke. has undergone extensive updates including siding, roof, and decks. One unit, a 2-bedroom, 1 bath, has been fully renovated with a new kitchen featuring stainless steel appliances, granite countertops, a butcher block coffee bar, a hybrid water heater, energy-efficient mini splits, and a remodeled bathroom. Another 2-bedroom, 1 bath unit has newly installed mini splits and a hybrid water heater, while the third unit, a 3-bedroom, 1.5 bath, is currently being remodeled. Additionally, the land at 514 Canterbury Tpke. may have potential for subdivision into additional building lot/s. Each of the seven units is individually metered for electric which covers heating and cooling and the responsibility of the tenant. The properties are strategically located near major employers such as Electric Boat, the Submarine Base, Pfizer, and local casinos, making them highly attractive to tenants. In addition, there is coin-operated laundry on site, which generates additional revenue. Detailed information sheets and P&L statements are available upon request. This portfolio presents a blend of fully renovated and updated units with significant potential for further development, ensuring a steady rental income. Current Annual gross- $130,000, once 3rd unit is complete, annual income will be at around $152,000. Taxes and assessments reflect all 3 properties combined with accurate/updated taxes info. from July 2024. Listed under Multifamily, MLS 24042939

Status:

Under Contract - Continue to Show

Type:

Commercial

Units:

Zoning:

R40

Frontage:

State Road,Paved Road

Garage:

Off Street Parking, Unassigned Parking, Driveway

Heating:

Heat Pump, Wall Unit

Cooling:

Central Air, Ductless, Split System, Wall Unit

Parking:

15-car

Acreage:

7.76

Est. Taxes:

$25,899

Assessment

$778,900

Current Use

Residential multifamily

Utilities

Electric,Phone Available,Cable

Lot Description:

Level Lot

Days on Market:

MLS #:

24043703

Community Info

School Info

Walk Score

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