282 Central Ave - Apartments FOR SALE


Norwich, CT 06360- Northeast New London/Norwich
$1,000,000 USD
347-484-3335
282 Central Ave, Norwich, CT for Sale
$1,000,000 USD
Apartments - FOR SALE
1/26
null | 10.18% Cap Rate


OVERVIEW

Fully Renovated 11-Unit Multi-Family Investment Property with value add | Strong Tenant Base This renovated 11-unit multi-family building presents an outstanding investment opportunity. Renovations were completed between 2022 and 2023, ensuring low maintenance for years to come. Each of the 11 apartments is a 1-bedroom, 1-bathroom unit, offering comfortable, living spaces. Property Highlights: - Comprehensive renovations completed in 2022-2023 - 11 units, each featuring 1 bedroom and 1 bathroom - 10 on-site parking spaces for tenants - 8 out of 11 units are occupied by Section 8 tenants, providing steady rental income - Separate Utilities. Owner responsible for water, sewer, hot water electricity, common area electricity, and trash removal Value-Add Opportunity: you have the ability to bring the current rents to market rate increasing the gross rent from $13,800 to $16,000 monthly. With 8 Section 8 tenants in place, this property offers consistent cash flow and long-term tenant stability. The building’s modern updates and tenant-paid utilities make it an attractive investment for those seeking minimal upkeep and maximum return. Don’t miss this chance to acquire a turnkey, income-producing asset in a strong rental market.

FOR SALE DETAILS

PRICE

$1,000,000 USD

PRICE/SF

$167 USD /SF

# OF UNITS

11

PRICE/UNIT

$90,909

CAP RATE

10.18%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1880

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,217 SF

ZONING

MF

APN/PARCEL ID

NORW-000086-000002-000024

ASK ABOUT THIS PROPERTY

Mendel DeitschMendel DeitschMore Info
347-484-3335

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Mendel DeitschMendel DeitschMore Info
347-484-3335

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.