Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    232 Franklin St Norwich, CT 06360

    Sponsored
    For Sale
    $375,000

    Units On Different Floors, 2 Family - Norwich, CT

    Property size:
    2,606 SF
    Lot size:
    0.11 Acres
    Days on Market:
    15
    Last Refresh:
    Jan 21 at 8:06 pm

    Property Features for 232 Franklin St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    CC
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1
    Bedrooms
    1
    Bathrooms
    3
    APN
    2031786
    Parking features
    Garage, Garage - Detached
    Basement Y/N
    1
    Size
    2,606 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Hot Water (Heating), Natural Gas
    Cooling system
    Ceiling Fan(s), Window Unit(s)

    Building Details

    Year built
    1900
    Building materials
    Vinyl Siding
    Roof type
    Other, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Madelyn Pope

    RE/MAX One (860) 235-1642 [email protected]

    Listing agent Madelyn Pope (860) 235-1642

    Listing date Jan 7, 2026

    MLS# 24146562 Listing URL

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Norwich Multi-Unit Property For Sale

    This multi-unit property in Norwich, CT, offers flexibility and potential. The property, with a size of 2606 square feet and a lot size of 0.11 acres, is currently zoned General Commercial (CC). However, the town has advised the seller that an application may be submitted to convert the zoning to mixed-use, if desired or required. The property will convey fully vacant, offering a unique opportunity for owner-occupants seeking flexibility, or investors who prefer to select their own tenants and maximize future potential. Acceptable forms of financing include cash or commercial loans.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Baez Tax Solutions ... Tax Preparation Service Edwin Tax Preparer ... Tax Preparation Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.07357
    Latitude
    41.52842

    Nearby Similar for Sale

    • $499,000
      4,280 SF

      Norwich Commercial Building For Sale

      Three-story commercial building in Norwich, CT with modern updates.
      200 West Town St, Norwich, CT 06360
      View Details
    • $329,000
      2,174 SF

      Norwich Two-Family Home Opportunity

      Side-by-side two-family home in Norwich, Connecticut.
      8 3Rd St, Norwich, CT 06360
      View Details
    • $285,000
      Pending

      Two-Family House in Norwich, CT

      Two-family house with updated units, convenient location in Norwich.
      211 Palmer Street Ext, Norwich, CT 06360
      View Details
    • $478,000
      2,430 SF

      Prime Commercial Property in Norwich

      High-traffic commercial and residential income property in Norwich, CT.
      82 Salem Tpke, Norwich, CT 06360
      View Details
    • New
      $450,000
      2,800 SF

      Griswold Four-Family Investment Opportunity

      Four-unit multifamily property with income upside potential near Jewett City.
      12 Aspinook St, Griswold, CT 06351
      View Details
    • New
      $330,000
      1,975 SF

      Turnkey Mixed-Use Investment Opportunity

      Fully renovated mixed-use property in Norwich with strong cash flow.
      27 North Main St, Norwich, CT 06360
      View Details
    • New
      $599,999
      5,016 SF

      Griswold Mixed-Use Property For Sale

      Mixed-use property featuring a home and a steel building.
      730 Plainfield Rd, Griswold, CT 06351
      View Details
    • $419,000
      2,462 SF

      Norwich Four-Unit Investment Opportunity

      Fully rented four-unit property in Norwich near amenities.
      12 Penobscot St, Norwich, CT 06360
      View Details
    • New
      $405,000
      3,000 SF

      Norwich Three-Family Investment Opportunity

      Well-maintained three-family property with strong rental demand in Norwich, CT.
      50 Central Ave, Norwich, CT 06360
      View Details
    • New
      $440,000
      2,818 SF

      Turnkey Multifamily Investment Property

      Remodeled 4-unit property with strong income potential in Norwich, CT.
      239 North Main St, Norwich, CT 06360
      View Details
    • $279,000
      2,014 SF

      Norwich Mixed-Use Investment Opportunity

      Mixed-use property with commercial space and residential apartments in Norwich.
      197 Central Ave, Norwich, CT 06360
      View Details
    • $279,000
      2,014 SF

      Mixed-Use Property in Busy Area

      Versatile Norwich property with commercial and residential income potential.
      197 Central Ave, Norwich, CT 06360
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Versatile multi-unit property in Norwich, Connecticut, offering flexibility and potential.
    Where is this mixed-use property located?
    The property is located at 232 Franklin St Norwich, CT.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: - Fully vacant property offers flexibility for owner-occupants or investors to select tenants.; - Zoned General Commercial with potential for mixed-use conversion (subject to town approval).; - Versatile multi-unit property.
    (860) 235-1642
    Request Owner's contact information
    232 Franklin St Norwich, CT 06360
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    232 Franklin St
    Norwich, CT 06360
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    232 Franklin St Norwich, CT 06360
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Madelyn Pope
    (860) 235-1642
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.