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    71 Town St, Norwich, CT 06360

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    Single-story free-standing building with two drive-thru lanes, strong frontage, and onsite parking for retail or office users.

    Type:RETAIL
    Property size:
    2,500 SF
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 3 at 2:19 pm

    Property Features for 71 Town St

    General Information

    Standard status
    Active
    Size
    2,500 SF
    Property subtype
    RETAIL

    Spaces For Lease

    at 71 Town St Contact us

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    Listing Contact
    John McCormick

    Listing agent John McCormick

    Listing office CBRE | Hartford

    Listing date Jun 2, 2026

    Source Moodyscre

    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 CBRE | Hartford

    HighLights

    • 2,486 SF single‑story free‑standing retail/office building plus a 1,200 SF basement (basement not included in rentable SF)
    • Two (2) drive‑thru lanes and existing banking‑style buildout with teller stations, vault, manager’s office, conference room, and office areas
    • 33 on‑site parking spaces including 2 handicapped spaces
    • Excellent frontage and access from Town Street (Route 642) with exterior building and monument signage/branding potential
    • Year built: 1957; Zoning: NC (Neighborhood Commercial within the Village Overlay District)
    • Available in its entirety at an asking lease rate of $20.00/SF NNN

    Overview

    This free-standing single-story retail/office building was built in 1957 and is offered for lease in its entirety. The existing buildout includes teller stations, a vault, a manager’s office, a small conference room, open office space, and private men’s and women’s restrooms. The property also features two drive-thru lanes and is positioned for exterior and monument signage/branding opportunities. A basement level of approximately 1,200 square feet is present, but it is not included in the rentable square footage total.

    The building has excellent frontage and access from Town Street (Route 642). On-site parking totals 33 spaces, including 2 handicapped spaces, supporting customer or employee parking needs. The property is located in the historic section of Norwich, Connecticut.

    With its drive-thru configuration, signage potential, and existing front-counter and office layout, the space is likely to fit tenants that want a retail-oriented presence paired with functional office support areas. The NC zoning designation places it within Neighborhood Commercial parameters under the Village Overlay District, making it suitable for compatible retail and office uses as permitted under the zoning. (Basement space is not included in rentable square footage.)
    Location Intelligence

    Current Use by Public Records

    Bank of America ATM ... Atm Norwichtown Green Park Joseph Carpenter Silversmith ... Historical Place Museum

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Auto Repair Shop 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
    -72.100783
    Latitude
    41.55032

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    FAQs

    What type of property is this?
    Storefront property - Single-story free-standing building with two drive-thru lanes, strong frontage, and onsite parking for retail or office users.
    Where is this storefront property located?
    The property is located at 71 Town St Norwich, CT.
    What are key features of this property?
    This property features: 2,486 SF single‑story free‑standing retail/office building plus a 1,200 SF basement (basement not included in rentable SF); Two (2) drive‑thru lanes and existing banking‑style buildout with teller stations, vault, manager’s office, conference room, and office areas; 33 on‑site parking spaces including 2 handicapped spaces
    (860) 525-9171 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John McCormick
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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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