Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Norwich Church Multifamily Conversion Opportunity Title is generated by Realmo AI

    175 Hickory St, Norwich, CT 06360

    View on Map
    Claim this Listing
    For Sale
    $325,000

    Church - MULTIFAMILY CONVERSION OPPORTUNITY

    Property size:
    2,232 SF
    Lot size:
    0.00 Acres
    Price / SF:
    $145/SF
    Added:
    Mar 27, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 8 at 2:26 pm

    Property Features for 175 Hickory St

    General Information

    Standard status
    Active
    Property type
    Churches & religious facilities, Specialty properties
    Size
    2,232 SF
    Elevators
    No
    Lot size
    0.00 Acres

    Building Details

    Stories
    1

    We can help!

    Listing Contact
    Eli Caldwell

    Listing agent Eli

    Listing office

    Listing date Mar 27, 2026

    HighLights

    • DEVELOPMENT POTENTIAL
    • Can continue to be a Church
    • Property is well suited for a 2–3 unit multifamily conversion.
    • Projected rents in the area support:
    • • $3,500 – $4,200+ monthly gross depending on configuration.

    Overview

    This property, located in Norwich, Connecticut, presents a development opportunity. It is suited for a 2–3 unit multifamily conversion. Projected rents in the area support $3,500 – $4,200+ monthly gross depending on configuration. The building features 30 ft ceilings in the main sanctuary and 1,700 sq ft of refinished hardwood floors. The basement has been renovated with new subflooring. Updated men’s and women’s restrooms are present. The property has 200 amp electrical service. The roof is less than 10 years old. Oil heat is installed and serviced annually. The property size is 2,232 sq ft.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Refuge House of Prayer Church

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply 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
    -72.0617528
    Latitude
    41.5309247

    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
    • $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
    • $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
    • $420,000
      9,272 SF

      Norwich Two-Story Commercial Building

      9,272 SF two-story building suitable for various commercial uses.
      327 Laurel Hill Avenue, Norwich, CT 06360
      View Details
    • $195,000
      1,976 SF

      Commercial Building with Loading Platform

      1,976 SF commercial building on 0.35 acres for sale.
      77 Hamilton Ave, Norwich, CT 06360
      View Details
    • $219,000

      Norwich Office with High Exposure

      Office building with high visibility and convenient highway access.
      108 W Town St, Norwich, CT 06360
      View Details
    • $330,000

      Turnkey Mixed-Use Investment Opportunity

      Fully renovated mixed-use property in Norwich with strong cash flow.
      27 N Main St, Norwich, CT 06360
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Church - MULTIFAMILY CONVERSION OPPORTUNITY
    Where is this church & religious facility located?
    The property is located at 175 Hickory St Norwich, CT.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: DEVELOPMENT POTENTIAL; Can continue to be a Church; Property is well suited for a 2–3 unit multifamily conversion.
    (860) 505-9631
    We can help!
    Listing Contact
    Eli Caldwell
    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

    Thank You for Inquiry
    175 Hickory St, Norwich, CT 06360
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!