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

    97 School Street, Norwich, CT 06380

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    0.07-acre land parcel in Norwich with multifamily zoning.

    Type:Land or Vacant Lot
    Lot size:
    0.07 Acres
    Added:
    Mar 20, 2026
    Days on Market:
    65
    Last Refresh:
    Mar 26 at 8:36 pm

    Property Features for 97 School Street

    General Information

    Standard status
    Active
    Lot size
    0.07 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    MUHAIMIN KHANDAKER

    Listing agent MUHAIMIN KHANDAKER License #RES.0816455

    Listing office Executive Real Estate Inc.

    Listing date Mar 20, 2026

    Source Corcoran

    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 Executive Real Estate Inc.

    HighLights

    • Multifamily (MF) zoning offers development potential (subject to approvals).
    • Land parcel available in Norwich.
    • Approximately 0.07‑acre lot size.
    • Potential for future use (subject to municipal approvals).
    • Property sold as‑is, where‑is.
    • Cash only purchase.

    Overview

    This is an approximately 0.07-acre land parcel located in Norwich. According to public records, the property is zoned MF (multifamily). There are no known improvements on the land. Potential future use is subject to municipal approvals and verification. All due diligence regarding zoning, utilities, and buildability should be performed. The property is being sold as-is, where-is, for cash only. Conveyance of this city-owned property will be by Quit Claim Deed, with no warranties and no title search provided by the City. Highest and best offers are due by 4 PM EST on March 29, 2026.
    Property Profile Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    -72.081759
    Latitude
    41.526788

    Nearby Similar for Sale

    • $369,900
      2,720 SF

      Norwich Office Building on Golden Mile

      2720 SF office building on busy Route 82.
      76 Salem Turnpike, Norwich, CT 06360
      View Details
    • $495,000
      3,798 SF

      Norwich Multifamily Investment Opportunity

      Four-unit property with updated units and income potential.
      1-5 Taftville Occum Road, Norwich, CT 06360
      View Details
    • $315,000
      3,040 SF

      Norwich Two-Family Investment Opportunity

      Well-maintained duplex near downtown Norwich, move-in ready with income potential.
      18 Division Street, Norwich, CT 06360
      View Details
    • $399,000
      2,318 SF

      Updated Duplex in Norwich, CT

      Well-maintained duplex with updated units and investment potential.
      46-48 S A Street, 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 Street, Norwich, CT 06360
      View Details
    • $440,000
      2,016 SF

      Well-Maintained Duplex: Investment Opportunity

      2006 duplex with 6 bedrooms, 4 bathrooms, and private decks.
      151-153 Golden Street, Norwich, CT 06360
      View Details
    • $449,000
      4,280 SF

      Norwich Commercial Building Investment Opportunity

      Three-story commercial building in Norwich's Bean Hill neighborhood.
      200 W Town Street, Norwich, CT 06360
      View Details
    • $325,000
      2,232 SF

      Norwich Church Multifamily Conversion Opportunity

      Church with development potential for multifamily conversion in Norwich, CT.
      175 Hickory St, Norwich, CT 06360
      View Details
    • $369,900
      2,720 SF

      Norwich Office Building on Golden Mile

      2720 SF office building with 12 offices for sale.
      76 Salem Tpke, Norwich, CT 06360
      View Details
    • $369,900
      2,720 SF

      Norwich Office Building on Golden Mile

      2720 SF office building on busy Route 82.
      76 Salem Turnpike, Norwich, CT 06360
      View Details
    • $420,000
      9,272 SF

      Norwich Two-Story Commercial Building

      9,272 SF two-story building suitable for various commercial uses.
      327 Laurel Hill Avenue, Norwich, CT 06360
      View Details
    • $330,000
      1,975 SF

      Turnkey Mixed-Use Investment Opportunity

      Fully renovated mixed-use property in the heart of Norwich.
      27 N Main Street, Norwich, CT 06360
      View Details

    FAQs

    What type of property is this?
    Land - 0.07-acre land parcel in Norwich with multifamily zoning.
    Where is this land located?
    The property is located at 97 School Street Norwich, CT.
    What are key features of this property?
    This property features: Multifamily (MF) zoning offers development potential (subject to approvals).; Land parcel available in Norwich.; Approximately 0.07‑acre lot size.
    (860) 633-8800
    We can help!
    Listing Contact
    MUHAIMIN KHANDAKER
    Real Estate License ID: RES.0816455
    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
    97 School Street, Norwich, CT 06380
    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!