Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    485 Main St Norwich, CT 06360

    • Showrooms
    • 5,643 SF
    • 0.20 lot acres
    For Sale
    View listing
    $349,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-1239037
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Providence Lacquer & Supply / Auto Body Shop

    Property Details for 485 Main St

    Year built
    1880
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.20 lot acres
    Property size
    5,643 SF
    Zone code
    MF
    Property type
    Showrooms
    APN
    NORW M:103 B:4 L:31
    APU
    NORWM103B4L31

    Description

    This exceptional investment opportunity presents a 5,643 square foot industrial property located at 485 E Main St, Norwich, CT 06360. The property, built in 1880, sits on a 0.2-acre lot and features one building with five units, currently operating at 100% occupancy. The flexible manufacturing, warehouse, and flex zoning (MF) allows for diverse uses. The building boasts a 12-foot ceiling height, though it lacks loading docks or dock-high doors. All five tenants are on month-to-month leases, presenting an opportunity for below-market rent increases or owner-occupancy. The 6.53% cap rate makes this a strong investment prospect in the growing Norwich market. This owner/user investment is priced at $349,900. The property's prime location in New London County offers significant growth potential for businesses seeking expansion or investors looking for a solid return. The current use is storage, with five separate tenant spaces. This presents a unique opportunity for a single-tenant user or an investor seeking a multi-tenant income stream.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $190,000
      Market price range: $190k - $491k
      AI Estimate
      $232,000
      Market price range: $232k - $627k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $355,000
      Current use
      INDUSTRIAL (GENERAL)
      $345,000
      Change: -2% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    New London
    State
    Connecticut
    Longitude
    -72.065
    Latitude
    41.5227
    CBSA code
    35980
    CBSA name
    NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,885
    $35,200
    $85,800
    $121,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $560,000
      32,900 SF

      290 Salem Tpke

      SHOW ROOM, WAREHOUSE • 32,900 SF
      290 Salem Tpke, Norwich, CT 06360-6494
      View Details
    • Value Estimation
      $595,000
      36,240 SF

      77 Salem Tpke

      SHOW ROOM, WAREHOUSE • 36,240 SF
      77 Salem Tpke, Norwich, CT 06360-6483
      View Details
    • Value Estimation
      $515,000
      34,360 SF

      450 Thames St

      SHOW ROOM, WAREHOUSE • 34,360 SF
      450 Thames St, Norwich, CT 06360-7141
      View Details
    • Value Estimation
      $610,000
      21,212 SF

      313-315 Main St

      SHOW ROOM, WAREHOUSE • 21,212 SF
      313-315 Main St, Norwich, CT 06360
      View Details
    • Value Estimation
      $245,000
      1,889 SF

      264 Broad St

      SHOW ROOM, WAREHOUSE • 1,889 SF
      264 Broad St, Norwich, CT 06360-4523
      View Details
    • Value Estimation
      $125,000
      3,410 SF

      267 Central Ave

      SHOW ROOM, WAREHOUSE • 3,410 SF
      267 Central Ave, Norwich, CT 06360-3824
      View Details

    Similar Nearby for Sale

    • New
      $330,000
      1,975 SF

      Turnkey Mixed-Use Investment Opportunity

      Fully renovated mixed-use property in Norwich with strong cash flow.
      27 North Main St, Norwich, CT 06360
      View Details
    • $1,100,000
      4,250 SF

      Prime Norwich Car Wash - $1.1M

      Turn-key car wash; high traffic area.
      690 Boswell Ave, Norwich, CT 06360
      View Details
    • $279,000
      2,014 SF

      Norwich Mixed-Use Investment Opportunity

      Mixed-use property with commercial space and residential apartments in Norwich.
      197 Central Ave, Norwich, CT 06360
      View Details
    • $69,000
      Pending

      Norwich Commercial Storefront Opportunity

      Versatile 900 sq ft commercial storefront in Norwich, CT.
      189 Central Ave, Norwich, CT 06360
      View Details
    • $995,000
      1,500 SF

      Commercial Site with Multiple Buildings

      Commercial property featuring office, barn, and greenhouse structures.
      309 Otrobando Ave, Norwich, CT 06360
      View Details
    • $478,000
      2,430 SF

      Prime Commercial Property in Norwich

      High-traffic commercial and residential income property in Norwich, CT.
      82 Salem Tpke, Norwich, CT 06360
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      2,100 SF

      Versatile Retail/Office/Medical Space Available

      Adaptable spaces for retail, office, medical, or storage use.
      425 West Main St, Norwich, CT 06360
      View Details
    • $16 SF/Yr
      6,800 SF

      Retail Space with High Visibility

      Retail space with easy access and good parking.
      415-425 W Main St, Norwich, CT 06360
      View Details
    • $1,685 /Mo
      2,610 SF

      Norwich Commercial Space For Lease

      Centrally located commercial space near City Hall and new apartments.
      11 Bath St, Norwich, CT 06360
      View Details
    • $10 SF/Yr
      14,500 SF

      Retail/Office Space in Great Plains Plaza

      14,500 SF retail/office space in high-traffic Norwich plaza.
      113 Salem Tpke, Norwich, CT 06360
      View Details
    • $500 /Mo
      695 SF

      Norwich Commercial Space For Lease

      Commercial space for rent in Norwich, approximately 630 SF.
      27 North Main St, Norwich, CT 06360
      View Details
    • $2,400 /Mo
      2,646 SF

      Downtown Office/Retail Space Available

      2,646 SF office/retail space for lease near courthouse.
      138 Main St, Norwich, CT 06360
      View Details
    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.
    485 Main St
    Norwich, CT 06360
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.