506 Plain Hill Rd Norwich, CT 06360

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.