11 Case St Norwich, CT 06360

Property Details for 11 Case St

Year built

1972

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.83 lot acres

Property size

19,055 SF

Zone code

PC

Property type

Showrooms

APN

NORW M:59 B:1 L:23

APU

NORWM59B1L23

Description

This exceptional 17,922 square foot medical office building, situated on a 1.83-acre lot in Norwich, Connecticut, presents a compelling investment opportunity. The single-story, 1972-built Class C building comprises five suites, currently housing a mix of established medical tenants including Hartford HealthCare Medical Group (9,452 SF), Norwich Internal Medicine Group (3,800 SF), Select Physical Therapy (2,786 SF), and a Psychology Specialist (742 SF). One 1,142 square foot suite is currently available for lease. The property boasts a strong financial profile, with a current NOI of $314,411, a 9.00% cap rate, and a pro-forma cap rate of 9.68%. The asking price is $3,495,000, translating to $195 per square foot. Significant capital improvements have been made, including exterior landscaping, parking lot upgrades, mechanical system enhancements, and a new roof. All tenant suites have undergone recent renovations. The building enjoys a prime location at the I-395 and Route 2 interchange in Norwich, a city known for its rich history and recreational opportunities along the Thames River. The high-traffic area sees an average daily traffic count of 9,800 vehicles on West Town Street, according to the Connecticut Department of Transportation. This property offers a blend of stable income and significant upside potential. The gross lease structure simplifies management.

Location Insight

City

Norwich

County

New London

State

Connecticut

Longitude

-72.1033

Latitude

41.5528

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments