506 Plain Hill Rd Norwich, CT 06360

Property Details for 506 Plain Hill Rd

Year built

1990

Lot size

17.01 lot acres

Property size

9,600 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents two two-story buildings comprising eight 2-bedroom, 1-bathroom units. Situated on a sprawling 17.01-acre wooded lot in a tranquil Norwich, CT neighborhood, this property offers residents a peaceful setting while remaining conveniently close to area amenities. The 9,600 square foot complex boasts 6,400 square feet of net rentable space, featuring new boilers and an on-site laundry facility. Ample on-site parking caters to residents and guests. The property enjoys a strong 8.61% cap rate and a healthy NOI of $85,634, reflecting its excellent financial performance. Located just three miles from W Town Street, the area's primary commercial corridor, and within easy reach of major highways (CT Route 2 and Interstate 395), this property benefits from convenient access to shopping, dining, and healthcare facilities, including Backus Hospital (5 miles), Stop & Shop (4 miles), and Three Rivers Community College. Its proximity to larger cities like New London (18 miles) and Hartford (38 miles) further enhances its appeal. The surrounding area boasts a robust economy driven by major employers such as Backus Hospital (1,740 employees), Mohegan Sun (8,000+ employees), Foxwoods Resort & Casino (5,000+ employees), Eastern Connecticut State University (1,150+ employees and 4,300 students), and General Dynamics Electric Boat (21,500+ employees) in nearby Groton. The property's location within a 5-mile radius of approximately 29,000 residents with an average household income exceeding $105,655 ensures a strong tenant pool. Built in 1990, this well-maintained property represents a compelling investment opportunity with significant potential for future growth. The property is zoned for multifamily use.