229 Boswell Ave Norwich, CT 06360
- Commercial real estate
- 17,790 SF
- 3.67 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 229 Boswell Ave
- Year built
- 2008
- Lot size
- 3.67 lot acres
- Property size
- 17,790 SF
- Property type
- Commercial real estate
Description
This exceptional multifamily investment opportunity presents a well-maintained, three-story apartment building complex located at 229 Boswell Avenue, Norwich, Connecticut, 06360. The property, encompassing 17,790 square feet on a 3.67-acre lot, consists of three buildings, each offering a unique blend of comfort and convenience. Two buildings feature five apartments each, totaling ten units, all boasting three bedrooms and two and a half bathrooms. Currently, one unit is undergoing a full renovation and will be ready for occupancy on February 1, 2024. The property's strategic location offers easy access to Backus Hospital, downtown Norwich, and I-395, enhancing its appeal to a wide range of tenants. Built in 2008, the property is zoned MF (Multifamily) and presents significant upside potential. The city has previously approved plans to add up to 21 more units to the existing 3.67 acres, offering a compelling opportunity for future expansion. The asking price is $2,500,000, translating to $250,000 per unit and $140.53 per square foot. Tenants are responsible for electricity, while sewer and water are covered by the owner. This property represents a strong value proposition for investors seeking a stable, high-return investment in a desirable Connecticut location. The current vacancy rate is low, with one unit currently being renovated for immediate rental income. This is a rare opportunity to acquire a well-located, established multifamily property with significant expansion potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norwich
- County
- New London
- State
- Connecticut
- Longitude
- -72.0641534
- Latitude
- 41.5331265
