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    229 Boswell Ave Norwich, CT 06360

    Sponsored
    For Sale
    $2,500,000

    Multi-family complex near downtown Norwich

    Property size:
    17,790 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional investment opportunity presents a substantial multi-family property located at 229 Boswell Avenue, Norwich, CT. The property encompasses two buildings, each measuring 8,535 square feet, situated on a generous 3.67-acre lot. Currently, the complex houses ten apartments, each featuring three bedrooms and two and a half bathrooms, offering significant rental income potential. One unit is currently undergoing a complete renovation and will be ready for occupancy on February 1, 2024. The property's strategic location offers convenient access to Backus Hospital, the vibrant downtown Norwich area, and Interstate 395, ensuring high tenant demand. Tenants are responsible for electricity, while sewer and water are covered by the owner. The expansive 3.67-acre lot presents significant potential for future expansion, with the possibility of adding up to 21 additional units, substantially increasing the property's value and rental income stream. The total square footage of the buildings is 17,790 square feet. This property is offered at $2,500,000 and represents a compelling investment opportunity in a thriving Connecticut market. The existing infrastructure and prime location make this an ideal acquisition for investors seeking strong returns and future growth potential.

    Property Features for 229 Boswell Ave

    General Information

    Property type
    Other commercial real estate
    Square Feet
    17,790 SF
    Lot Size
    159,865 SF

    Building Details

    Year Built
    2008
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.06367
    Latitude
    41.53281

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    FAQs

    What type of property is this?
    Commercial real estate - Multi-family complex near downtown Norwich
    Where is this commercial real estate located?
    The property is located at 229 Boswell Ave Norwich, CT.
    What is the asking price?
    The asking price for this property is $2,500,000.
    (860) 437-0101
    Request Owner's contact information
    229 Boswell Ave Norwich, CT 06360
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    Norwich, CT 06360
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    Realmo Value Estimation

    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.

    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.

    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
    229 Boswell Ave Norwich, CT 06360
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