Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    168 Corning Road Norwich, CT 6360

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $180,000

    Land with potential for development in Norwich, Connecticut.

    Type:Land or Vacant Lot
    Lot size:
    5.25 Acres
    Added:
    Apr 2, 2024
    Days on Market:
    758
    Last Refresh:
    Apr 5 at 10:21 pm

    Property Features for 168 Corning Road

    General Information

    Standard status
    Active
    Lot size
    5.25 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    TRACY COOLEY
    TRACY COOLEY

    Listing agent TRACY COOLEY

    Listing office Berkshire Hathaway NE Prop.

    Listing date Apr 2, 2024

    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.

    Overview

    Norwich Land For Sale

    This property is zoned MF-POT (Multifamily, Potential Development) and offers a range of potential uses. Buyers and investors are advised to conduct their due diligence with the Town of Norwich to ensure their investment plans align with the town's objectives and requirements. The property is located in Norwich, Connecticut.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.0504
    Latitude
    41.5276

    Nearby Similar for Sale

    • $369,900
      2,720 SF

      Norwich Office Building on Golden Mile

      2720 SF office building on busy Route 82.
      76 Salem Turnpike, Norwich, CT 06360
      View Details
    • $315,000
      3,040 SF

      Norwich Two-Family Investment Opportunity

      Well-maintained duplex near downtown Norwich, move-in ready with income potential.
      18 Division Street, Norwich, CT 06360
      View Details
    • $449,000
      4,280 SF

      Norwich Commercial Building Investment Opportunity

      Three-story commercial building in Norwich's Bean Hill neighborhood.
      200 W Town Street, Norwich, CT 06360
      View Details
    • $335,000
      2,822 SF

      Spacious Two-Family Home Opportunity

      Two-family home with potential for investors or owner-occupants.
      22-24 N 3rd Avenue, Norwich, CT 06380
      View Details
    • $900,000
      4,949 SF

      Norwich Multifamily Investment Opportunity

      Six-unit income property in Norwich, Connecticut, with recent updates.
      22 Hawthorne Street, Norwich, CT 06360
      View Details
    • $330,000
      1,975 SF

      Turnkey Mixed-Use Investment Opportunity

      Fully renovated mixed-use property in the heart of Norwich.
      27 N Main Street, Norwich, CT 06360
      View Details
    • $325,000
      2,232 SF

      Norwich Church Multifamily Conversion Opportunity

      Church with development potential for multifamily conversion in Norwich, CT.
      175 Hickory St, Norwich, CT 06360
      View Details
    • $399,000
      2,318 SF

      Updated Duplex: Investment or Owner-Occupancy

      Well-maintained duplex with updated units, ideal for investors/owner-occupants.
      46-48 S A Street, Norwich, CT 06380
      View Details
    • $369,900
      2,720 SF

      Norwich Office Building on Golden Mile

      2720 SF office building with 12 offices for sale.
      76 Salem Tpke, Norwich, CT 06360
      View Details
    • $279,000
      2,014 SF

      Mixed-Use Property in Norwich, CT

      Versatile investment opportunity with commercial and residential spaces.
      197 Central Avenue, Norwich, CT 06360
      View Details
    • $56,000

      Norwich Land Parcel For Sale

      0.32-acre land parcel in downtown Norwich.
      270 W Thames Street, Norwich, CT 06360
      View Details
    • $369,900
      2,720 SF

      Norwich Office Building on Golden Mile

      2720 SF office building on busy Route 82.
      76 Salem Turnpike, Norwich, CT 06360
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land with potential for development in Norwich, Connecticut.
    Where is this commercial land located?
    The property is located at 168 Corning Road Norwich, CT.
    What is the asking price?
    The asking price for this property is $180,000.
    What are key features of this property?
    This property features: Great Location; Zoned MF‑POT (Multifamily, Potential Development); Potential for a Range of Uses
    (860) 537-6699
    We can help!
    Listing Contact
    TRACY COOLEY
    TRACY COOLEY
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!