Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Norwich Land For Rent Title is generated by Realmo AI

    505-507 New London Turnpike, Norwich, CT 06360

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    One acre of land available for single tenant use.

    Type:Land
    Lot size:
    1.00 Acre
    Added:
    Nov 8, 2023
    Days on Market:
    937
    Last Refresh:
    May 13 at 8:13 pm

    Property Features for 505-507 New London Turnpike

    General Information

    Standard status
    Active
    Lot size
    1.00 Acre
    Property subtype
    Land

    Spaces For Lease

    at 505-507 New London Turnpike Contact us

    We can help!

    Listing Contact
    Tyler Lyman
    Tyler Lyman

    Listing agent Tyler Lyman License #CT RES.0787447

    Listing office TRUE Commercial Real Estate LLC

    Listing date Nov 8, 2023

    Source Crexi

    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 TRUE Commercial Real Estate LLC

    HighLights

    • Single tenant
    • 1 acre lot
    • Land

    Overview

    This property consists of one acre of land suitable for a single tenant. It is located on New London Turnpike in Norwich, CT.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.104659
    Latitude
    41.513057

    Nearby Similar for Lease

    • $1,200/Mo
      2,509 SF

      Versatile Commercial Space in Norwich

      Expansive commercial space in Franklin Square, ideal for various businesses.
      321 Main Street, Norwich, CT 06360
      View Details
    • $1,750/Mo
      2,290 SF

      Norwich Commercial Space Available

      Inviting commercial space suitable for various business types.
      133 Providence Street, Norwich, CT 06380
      View Details
    • $500/Mo
      500 SF

      Norwich Commercial Storefront Opportunity

      500 sq ft commercial storefront in Norwich, CT for rent.
      197 Central Avenue, Norwich, CT 06360
      View Details
    • $5,200/Mo
      5,648 SF

      Historic Restaurant/Brewery Space Available

      Equipped restaurant/brewery space with a rich history in Norwich, CT.
      76-78 Franklin Street, Norwich, CT 06360
      View Details
    • $2,000/Mo
      714 SF

      Waterfront Restaurant Space in Norwich

      714 SF restaurant space with waterfront exposure and equipment.
      150 Chelsea Harbor Dr, Norwich, CT 06360
      View Details
    • $10 SF/Yr
      1,700 SF

      Historic Building with Modern Office/Retail

      Prime downtown location with flexible office and retail spaces.
      16 Franklin St, Norwich, CT 06360
      View Details
    • $15 SF/Yr
      5,230 SF

      Downtown Norwich Commercial Units Available

      Ground-level commercial units in downtown Norwich, suitable for various businesses.
      85 Main St, Norwich, CT 06360
      View Details
    • $22 SF/Yr
      50,000-50,000 SF

      The 539 Mill

      50,000 SF commercial property with flexible floor plates in Norwich.
      539 Norwich Ave, Norwich, CT 06380
      View Details
    • $369,900 SF/Yr
      2,720 SF

      Norwich Office Building For Rent

      2720 SF office building with 12 offices for rent.
      76 Salem Tpke, Norwich, CT
      View Details
    • $2,000/Mo
      714 SF

      Waterfront Commercial Space in Norwich

      714 SF commercial space with waterfront exposure and restaurant equipment.
      150 Chelsea Harbor Drive, Norwich, CT 06360
      View Details
    • $15 SF/Yr
      5,230 SF

      Downtown Norwich Commercial Units Available

      Ground-level commercial units in downtown Norwich, suitable for various businesses.
      85 Main Street, Norwich, CT 06360
      View Details
    • $1,200/Mo
      2,509 SF

      Versatile Commercial Space in Franklin Square

      Expansive commercial space with modern amenities in high-traffic location.
      321 Main Street, Norwich, CT 06360
      View Details

    FAQs

    What type of property is this?
    Land - One acre of land available for single tenant use.
    Where is this land located?
    The property is located at 505-507 New London Turnpike Norwich, CT.
    What are key features of this property?
    This property features: Single tenant; 1 acre lot; Land
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tyler Lyman
    Tyler Lyman
    Real Estate License ID: CT RES.0787447
    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
    505-507 New London Turnpike, 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!