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    Historic Building with Modern Spaces Title is generated by Realmo AI

    16 Franklin Street, Norwich, CT 06360

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    For Lease
    $10 SF/Yr $41,234/Mo (calc)

    Prime office and retail spaces in Norwich's historic district.

    Type:Commercial
    Property size:
    49,481 SF
    Lot size:
    0.40 Acres
    Added:
    Dec 20, 2025
    Days on Market:
    167
    Last Refresh:
    Apr 5 at 11:37 pm

    Property Features for 16 Franklin Street

    General Information

    Standard status
    Active
    Size
    49,481 SF
    Lot size
    0.40 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1915

    We can help!

    Listing Contact
    ELIZABETH MATTERN

    Listing agent ELIZABETH MATTERN

    Listing office Berkshire Hathaway NE Prop.

    Listing date Dec 20, 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

    • Premier downtown location on Franklin Square in the city's historic district
    • Highly visible space suitable for office, retail, or flex use
    • Two spaces available: a 1,700 SF fully built‑out office and a 1,200 SF shell with high ceilings
    • Located in the Thayer Building, a historic 1915 building reimagined for contemporary use
    • Walking distance to restaurants, coffee shops, and other urban amenities
    • Blank slate space ready for customization

    Overview

    The Thayer Building, a historic four-story office building dating back to 1915, was reimagined in 2006 to offer contemporary urban spaces. It features 29 apartments above ground-floor office and retail spaces. Located in the walkable core of the city's historic district, specifically on Franklin Square, the building combines historic charm with modern functionality. The location offers visibility and convenience, with proximity to restaurants, a coffee shop, and other urban amenities. The available spaces include a 1,700-square-foot fully built-out office space, formerly a law office, and a 1,200-square-foot shell space with high ceilings. The spaces are suitable for attorneys, professional service providers such as financial advisors, CPAs, insurance brokers, mortgage brokers, loan officers, and therapists, or retail businesses such as stores, fitness studios, art studios, nail salons, barber/hair salons, pet grooming, and gift shops. The shell space is a blank slate, ready for customization.
    Property Profile Location Intelligence

    Current Use by Public Records

    Panda Super Market (Bike/Boat/Book/etc) Store S & A Market (亚美超市) (Bike/Boat/Book/etc) Store Crystal Vase Market (Bike/Boat/Book/etc) Store Tsui & Tse Law Firm

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.0748
    Latitude
    41.5247

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    FAQs

    What type of property is this?
    Office units - Prime office and retail spaces in Norwich's historic district.
    Where is this office units located?
    The property is located at 16 Franklin Street Norwich, CT.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: Premier downtown location on Franklin Square in the city's historic district; Highly visible space suitable for office, retail, or flex use; Two spaces available: **a 1,700 SF fully built‑out office** and a 1,200 SF shell with high ceilings
    (860) 633-3674
    We can help!
    Listing Contact
    ELIZABETH 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.

    More about this property
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