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$ 895,000
Est. payment /mo
New
202 Broadway Norwich, CT 06360
8 Beds
7 Baths
3,861 SqFt
UPDATED:
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 $231
MLS Listing ID 24181437
Style Units on different Floors
Bedrooms 8
Full Baths 7
Year Built 1843
Annual Tax Amount $10,700
Lot Size 0.760 Acres
Property Sub-Type 5 Family+
Property Description
VC Property Group is proud to present 202 Broadway, a 7-unit multifamily asset located in one of Norwich's most desirable rental corridors-directly across from the iconic Cathedral of St. Patrick. Positioned in one of Connecticut's highest-yielding and fastest-moving rental markets, the property combines strong in-place cash flow with substantial upside through strategic lease-up. The current rent roll reflects opportunity for significant value creation, with pro forma rents driving a projected NOI of ~$88K and a 14% cash on cash return, offering investors immediate scale with clear value creation. The asset benefits from 100% occupancy, off-street parking, and a highly desired LOCATION. The units are in above-market condition, allowing for immediate rent growth without the need for significant capital improvements. This is a true Day 1 cash-flowing asset with no major CapEx required-an increasingly rare profile in today's market where most value-add opportunities require heavy renovation risk. Strategically located just 15 minutes from New London, the property is directly positioned to benefit from the ongoing economic expansion driven by Electric Boat's multi-year contract pipeline, actively bringing in thousands of new jobs to the region. This macro tailwind continues to fuel rental demand across Eastern Connecticut, particularly in supply-constrained, workforce-driven housing markets like Norwich.
Location
State CT
County New London
Zoning MF
Rooms
Basement Full
Interior
Heating Steam
Cooling None
Fireplaces Number 2
Exterior
Waterfront Description Not Applicable
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Foundation Masonry
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