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    Historic Residential Income Property Title is generated by Realmo AI

    98 Washington Street, Norwich, CT 06360

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    Claim this Listing
    New
    For Sale
    $57,000

    COMMERCIAL - Norwich, CT

    Property size:
    4,818 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $11/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 8:06 pm

    Property Features for 98 Washington Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CC
    Standard status
    Active
    Size
    4,818 SF
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    7697

    Utilities

    Heating system
    Hot Water(Heating)

    Building Details

    Year built
    1890

    We can help!

    Listing Contact
    Muhaimin Khandaker

    Listing agent Muhaimin Khandaker License #RES.0816455

    Listing office Better Homes and Gardens Real Estate Executive Real Estate 17 School St, Glastonbury, CT

    Listing date Jun 4, 2026

    MLS# 24181325

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Year built: 1890
    • Historic dwelling on the National Register; demolition will not be approved
    • Preservation easement required before transfer to protect the interior integrity of the historic dwelling
    • Preservation easement cost noted as $10K plus a $1K application fee to be absorbed in the sale price
    • Sold as‑is, where‑is; seller/agent make no warranties regarding utilities, zoning, or buildability

    Overview

    The offering is a residential income property featuring an existing historic dwelling on a 0.34-acre lot, with total property size of 4,818 square feet. The sale is being conducted as-is, where-is, and the seller and agent provide no warranties regarding utilities, zoning, or buildability.

    The property is zoned CC. As part of the purchase process, a preservation easement is required prior to transfer to help ensure the integrity of the interior of this historic structure, which is listed on the National Register. The purchase price needs to account for the easement cost, including a $10,000 easement plus a $1,000 application fee. Additionally, the property will not be approved for demolition.

    This configuration may be best suited for buyers and operators prepared to work within the constraints of a required preservation easement and the limitations related to demolition approval. Prospective purchasers should also factor in the seller’s stated position regarding no warranties for utilities and buildability, since those items are not guaranteed as part of this transaction. All offers are subject to the cash-only terms and the as-is, where-is conveyance approach described in the remarks.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    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
    -72.08299
    Latitude
    41.52792

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    FAQs

    What type of property is this?
    Single family property - Historic dwelling listed on the National Register, sold as-is for cash with a required preservation easement.
    Where is this single family property located?
    The property is located at 98 Washington Street Norwich, CT.
    What is the asking price?
    The asking price for this property is $57,000.
    What are key features of this property?
    This property features: Year built: 1890; Historic dwelling on the National Register; demolition will not be approved; Preservation easement required before transfer to protect the interior integrity of the historic dwelling
    (860) 877-9642
    We can help!
    Listing Contact
    Muhaimin Khandaker
    Real Estate License ID: RES.0816455
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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.

    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.

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