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

    248 Broadway Norwich, CT 06360

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $890,000

    Church property with surplus land, offices, kitchen, and ample parking.

    Property size:
    12,718 SF
    Lot size:
    2.41 Acres

    Property Features for 248 Broadway

    General Information

    Standard status
    Contract
    Size
    12,718 SF
    Lot size
    2.41 Acres

    Building Details

    Year built
    1959

    We can help!

    Listing Contact
    Norman B. Peck
    Source: Corcoran

    Listing Agency: Signature Properties of NewEng Listing Agent: Norman B. Peck

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

    Learn more

    Property Insight Report

    Overview

    Well-Maintained Church Property on Broadway

    This well-maintained church property is located on historic Broadway and includes surplus land. The 12,718 square foot property features offices, a kitchen, a dining area, meeting rooms, and both large and small sanctuaries. It also includes large parking areas and a courtyard. The property consists of two parcels: 248 Broadway and 26 Broad Street. It has 248 feet of road frontage on Broadway and 134 feet of road frontage on Broad Street. Utilities include public water and sewer, propane, forced air conditioning, and radiant heat. The daily average traffic count on Broadway is 5,300. Permitted uses for the property include recreation, nursing home, hospital, non-profit club, school, place of worship, and family day care.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cornerstone City Church Church St Mark Evangelical ... Church

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    -72.079707
    Latitude
    41.533003

    Nearby Similar for Sale

    • $449,000
      4,280 SF

      Norwich Commercial Building Investment Opportunity

      Three-story commercial building in Norwich's Bean Hill neighborhood.
      200 W Town St, Norwich, CT 06360
      View Details
    • $335,000
      1,320 SF

      Norwich Multifamily Investment Opportunity

      Well-located Norwich property with strong visibility and flexible use potential.
      72 N Main St, Norwich, CT 06360
      View Details
    • New
      $69,000
      Pending

      Norwich Commercial Storefront Opportunity

      Versatile 900 sq ft commercial storefront in Norwich, CT.
      189 Central Ave, Norwich, CT 06360
      View Details
    • New
      $279,000
      2,014 SF

      Mixed-Use Property in Norwich, CT

      Versatile investment opportunity with commercial and residential spaces.
      197 Central Ave, Norwich, CT 06360
      View Details
    • $478,000
      2,430 SF

      Norwich Commercial & Investment Opportunity

      High-traffic commercial property with office space and short-term rental units.
      82 Salem Tpke, Norwich, CT 06360
      View Details
    • $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
    • New
      $329,000
      Pending

      Norwich Two-Family Home Opportunity

      Two-unit property in Norwich, ideal for owner-occupants or investors.
      8 3Rd St, Norwich, CT 06360
      View Details
    • $419,000
      Pending

      Norwich Four-Unit Investment Property

      Fully rented four-unit property in Norwich near casinos and schools.
      12 Penobscot St, Norwich, CT 06360
      View Details
    • $900,000
      4,949 SF

      Norwich Multifamily Investment Opportunity

      Six-unit income property in Norwich, Connecticut, with recent updates.
      22 Hawthorne St, 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 St, Norwich, CT 06360
      View Details
    • New
      $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
    • New
      $240,000
      2,416 SF

      Norwich Triplex Opportunity

      Three-unit home in Norwich with ample living space.
      220 Franklin St, Norwich, CT 06360
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Church property with surplus land, offices, kitchen, and ample parking.
    Where is this church & religious facility located?
    The property is located at 248 Broadway Norwich, CT.
    What is the asking price?
    The asking price for this property is $890,000.
    What are key features of this property?
    This property features: - Versatile permitted uses: Recreation, Nursing Home, Hospital, Non-Profit Club, School, Place of Worship, Family Day Care.; - Large building with multiple functional spaces: offices, kitchen, dining area, meeting rooms, large and small sanctuaries.; - Ample parking and courtyard.
    (860) 447-8839
    Request Owner's contact information
    248 Broadway 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.
    248 Broadway
    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
    248 Broadway 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
    Norman B. Peck
    Real Estate License ID: RES.0528743
    (860) 447-8839 (860) 460-9757
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!