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    16 Town St Norwich, CT 06360

    For Sale
    $1,200,000

    1.3-acre prime development site in Norwich, CT

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    363
    This exceptional 1.3-acre commercial land parcel, located at 16 Town St in Norwich, Connecticut (zip code 06360), presents a unique investment opportunity. Zoned R-20, this site is ideally suited for mixed-use or retail development, with potential for a building up to approximately 10,000 square feet (subject to obtaining necessary permits). The property boasts a highly desirable suburban location, offering convenient access to a multitude of amenities. Its proximity to the Norwichtown Commons power center, featuring several national retailers, and its adjacency to Backus Hospital and other medical facilities, ensures high visibility and strong potential for attracting customers and tenants. The site benefits from the charming atmosphere of Norwichtown while enjoying the advantages of being near major healthcare and retail hubs. This prime location offers a blend of suburban tranquility and convenient access to essential services and commercial activity. The property's 1.3 acres provide ample space for a substantial development project, making it an attractive proposition for developers seeking a strategic location in a thriving Connecticut community. The asking price for this exceptional development opportunity is $1,200,000. This is a rare chance to acquire a well-positioned commercial land parcel in a high-demand area.

    Property Features for 16 Town St

    General Information

    Property type
    Land
    Lot Size
    56,628 SF

    HighLights

    • 1.3‑Acre Development Site in Norwichtown, CT
    • Town Street location near Norwichtown Commons Power Center
    • Proximity to Backus Hospital and other medical facilities
    • Excellent mixed‑use or retail development opportunity
    • Potential for a 10,000 SF building (subject to permitting)
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness 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
    -72.0895667
    Latitude
    41.5455268

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    FAQs

    What type of property is this?
    Land - 1.3-acre prime development site in Norwich, CT
    Where is this land located?
    The property is located at 16 Town St Norwich, CT.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: 1.3-Acre Development Site in Norwichtown, CT; Town Street location near Norwichtown Commons Power Center; Proximity to Backus Hospital and other medical facilities
    (877) 327-3755
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    16 Town St Norwich, CT 06360
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    Norwich, CT 06360
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    Realmo Value Estimation

    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.

    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
    16 Town St Norwich, CT 06360
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