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

    295 Otrobando Ave Norwich, CT 06360

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    1.4-Acre Commercial Lot, High Visibility

    Property Features for 295 Otrobando Ave

    General Information

    Property type
    Land
    Lot Size
    60,984 SF

    We can help!

    Listing Contact
    Hugh Schnip
    Hugh Schnip

    Listing Agency: ELITE Commercial Real Estate Services, LLC Listing Agent: Hugh Schnip

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

    Learn more

    Property Insight Report

    Overview

    This exceptional 1.4-acre commercial land parcel presents a unique investment opportunity in Norwich, Connecticut. Located at 295 Otrobando Avenue, this property boasts a highly desirable General Commercial zoning designation, offering flexibility for a wide range of development possibilities. Its strategic location provides excellent visibility from Routes 2 and 32, ensuring high traffic exposure for any business. The site's convenient access to major roadways, including Routes 2, 32, and I-395, offers unparalleled connectivity for employees and customers. Adding to its appeal, the property is situated adjacent to a Comfort Suites Hotel, providing potential synergy and increased foot traffic. Furthermore, its proximity to Backus Hospital (part of Hartford Hospital), located just 1.5 miles away, makes it an attractive location for medical-related businesses or those catering to hospital staff and patients. This exceptional parcel is ready for development and presents a compelling opportunity for businesses seeking a high-visibility location with convenient access to major transportation arteries and essential amenities in a thriving Connecticut community. The property is situated in New London County, Connecticut, with a zip code of 06360.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness 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
    -72.1166657
    Latitude
    41.5556556

    Nearby Similar for Sale

    • New
      $499,000
      4,280 SF

      Norwich Commercial Building For Sale

      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
    • $69,000
      Pending

      Norwich Commercial Storefront Opportunity

      Versatile 900 sq ft commercial storefront in Norwich, CT.
      189 Central Ave, Norwich, CT 06360
      View Details
    • $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
    • New
      $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
    • New
      $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
      $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
    • $425,000
      Pending

      Updated Income Property with Commercial

      Updated 4-unit property with residential and commercial spaces.
      133 Providence St, 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 St, 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
      $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?
    Land - 1.4-Acre Commercial Lot, High Visibility
    Where is this land located?
    The property is located at 295 Otrobando Ave Norwich, CT.
    What are key features of this property?
    This property features: 1.4-acre parcel with high visibility from Routes 2 & 32.; Excellent location for retail, medical, and flex office uses.; Easy highway access via Routes 2, 32, and I-395.
    (877) 327-3755 Call to check price and availability
    Request Owner's contact information
    295 Otrobando Ave 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.
    295 Otrobando Ave
    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
    295 Otrobando Ave 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!
    Contact for Pricing
    Please call us for current price
    and status of this listing Hugh Schnip
    Hugh Schnip
    Real Estate License ID: RES.0797678
    (877) 327-3755 (860) 608-1204
    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!