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    108 Sachem St Norwich, CT 06360

    Sponsored
    For Sale
    $270,000

    Prime Norwich location, 2,000 sq ft office building.

    Property size:
    2,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional commercial property, located at 108 Sachem St, Norwich, CT 06360, presents a unique owner-user investment opportunity. The 2,000 square foot building, situated on a 0.53-acre lot, boasts 1,800 square feet of net rentable space and is currently 100% occupied, with the lease expiring May 1, 2024. Built in 1950, this two-story Class C building is zoned for commercial use and features a newer roof (replaced within the last 10 years), a newer hot water heater, a newer air conditioning condenser, newer windows, updated siding, a newer handicap-accessible ramp, and security cameras. The property also benefits from a paved driveway providing ample off-street parking, a well-maintained lawn, and a visible sign with electrical hookup. The interior features hardwood floors on the main level and carpeted floors on the lower level, along with a front entry area and numerous offices on both floors. Multiple egress points offer flexibility for various business configurations. Its prime location near downtown Norwich, NFA, Hartford Healthcare, and numerous other businesses ensures high visibility and walk-in traffic. The asking price is $270,000, translating to $135 per square foot. This versatile property is ideal for a wide range of businesses, including hair salons, nail studios, tattoo studios, therapy practices, healthcare offices, law offices, and accounting firms.

    Property Features for 108 Sachem St

    General Information

    Property type
    Medical offices
    Square Feet
    2,000 SF
    Class
    C
    Lot Size
    23,087 SF

    Building Details

    Year Built
    1950
    Buildings
    1
    Stories
    2

    HighLights

    • $270,000 asking price for this 2,000 sq ft office building.
    • Located at 108 Sachem St, Norwich, CT 06360, on a 0.53‑acre lot.
    • 100% occupied, with occupancy date of May 1, 2024.
    • Features include a newer roof, hot water heater, AC condenser, handicap ramp, windows, siding, and security cameras.
    • The 1950‑built, two‑story building offers 1,800 sq ft of net rentable space, priced at $135/sq ft.
    • Zoned commercial, suitable for various uses including medical, creative, and traditional office spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Connecticut Dressage & Combined ... Association Or Organization Lori M Comforti ... Social Security Attorney Conley Christine M Attorney Suite One Llc Insurance Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.0881656
    Latitude
    41.5354111

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    FAQs

    What type of property is this?
    Medical office - Prime Norwich location, 2,000 sq ft office building.
    Where is this medical office located?
    The property is located at 108 Sachem St Norwich, CT.
    What is the asking price?
    The asking price for this property is $270,000.
    What are key features of this property?
    This property features: $270,000 asking price for this 2,000 sq ft office building.; Located at 108 Sachem St, Norwich, CT 06360, on a 0.53-acre lot.; 100% occupied, with occupancy date of May 1, 2024.
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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.

    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
    108 Sachem St Norwich, CT 06360
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