21 Terminal Way Norwich, CT 06360

Property Details for 21 Terminal Way

Year built

1916

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.70 lot acres

Property size

51,200 SF

Zone code

WD

Property type

Showrooms

APN

NORW M:124 B:2 L:19

APU

NORWM124B2L19

Description

This exceptional 348-unit self-storage facility, totaling 35,708 net rentable square feet, is strategically located in Norwich, Connecticut, at 21 Terminal Way, 06360. Built in 1930 and renovated in 1979, this four-story building boasts 100% climate-controlled units, offering superior storage solutions. The property features a full-service manager's office and showroom, ample asphalt parking, roll-up doors on units, and comprehensive video surveillance. A new roof was installed in 2022, ensuring long-term structural integrity. Situated on approximately 0.7 acres in a largely residential area of south Norwich, the facility benefits from a strong local demographic with approximately 35,000 residents averaging $80,000 annual income. Its prime location, less than 1.5 miles from downtown Norwich, enjoys a competitive advantage with only one competitor within a two-mile radius. The property's proximity to 1,123 existing apartment units and an additional 364 units under construction within three miles further enhances its market potential. Norwich's robust economy is driven by major attractions including the Mohegan Sun and Foxwoods Casinos (approximately one mile from the property), the Norwich Sea Unicorns baseball team, Norwich Free Academy, and Backus Healthcare. The facility's performance demonstrates strong upward trends, with rental income increasing by approximately 22% over the past 24 months and a 10% year-over-year increase in gross collections. As of August 2024, occupancy exceeds 90%.