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    Norwich Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    345 Main Street, Norwich, CT 06360

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    Claim this Listing
    For Lease
    $21 SF/Yr $33,159/Mo (calc)

    Mixed-use property with residential, commercial, and retail spaces for rent.

    Type:Commercial
    Property size:
    18,948 SF
    Lot size:
    3.00 Acres
    Added:
    Apr 4, 2025
    Days on Market:
    423
    Last Refresh:
    May 10 at 11:05 pm

    Property Features for 345 Main Street

    General Information

    Standard status
    Active
    Size
    18,948 SF
    Lot size
    3.00 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1880

    We can help!

    Listing Contact
    LIZ MATTERN

    Listing agent LIZ MATTERN

    Listing office Berkshire Hathaway NE Prop.

    Listing date Apr 4, 2025

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway NE Prop.

    HighLights

    • Prime location at the busy Burnham Square intersection with high traffic and excellent visibility.
    • Diverse development potential: residential (apartments), commercial storefronts, restaurant, and flex commercial space.
    • Multiple buildings offering varied space options: storefronts (2‑1,200 SF), restaurant (4,312 SF), apartments (8 x 700 SF), and flex space (6,636 SF).
    • Planned transformation into a vibrant hub by Mattern Construction.
    • Eight one‑bedroom apartments with full kitchens and in‑unit washer/dryers.
    • Over 3 acres of land encompassing the development.

    Overview

    Located at 345 Main Street in Norwich, the former YMCA site spans over 3 acres and includes 4 buildings. The property is situated at the busy Burnham Square intersection, benefiting from high daily traffic counts and excellent visibility. Plans are underway to transform the existing structures into a mixed-use hub featuring residential, commercial, and retail spaces. Building A offers commercial storefront spaces ranging from 2 to 1,200 square feet. Building B is a stand-alone 4,312 square foot restaurant building, formerly a racquetball building. Building C comprises 8 one-bedroom apartments, each approximately 700 square feet, featuring a full kitchen and in-unit washer/dryer. Building D is a 6,636 square foot stand-alone flex commercial building, previously a large pool building.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -71.9678
    Latitude
    41.613

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with residential, commercial, and retail spaces for rent.
    Where is this mixed-use property located?
    The property is located at 345 Main Street Norwich, CT.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: Prime location at the busy Burnham Square intersection with high traffic and excellent visibility.; Diverse development potential: residential (apartments), commercial storefronts, restaurant, and flex commercial space.; Multiple buildings offering varied space options: storefronts (2‑1,200 SF), restaurant (4,312 SF), apartments (8 x 700 SF), and flex space (6,636 SF).
    (860) 633-3674
    We can help!
    Listing Contact
    LIZ MATTERN
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    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.

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