763 Scotland Rd Norwich, CT 06360-9403
- Investment properties
- 15.48 lot acres
Current Use by Public Records
- Norwichtown Pet Resort & Spa / Pet Sitter / Pet Boarding Service
Property Details for 763 Scotland Rd
- Lot size
- 15.48 lot acres
- Zone code
- R80
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- NORW M:11 B:1 L:3
- APU
- NORWM11B1L3
Description
This exceptional investment opportunity presents a fee-simple 10,719 square foot medical office building in Norwich, Connecticut, currently leased to Destination Pet, a leading national operator of pet service facilities with over 150 locations across 30 states. The property boasts a strong 7.25% cap rate and a substantial net operating income (NOI) of $152,000. The current lease, structured as a triple-net (NNN) lease, features a remaining term of 8.3 years with four or five-year renewal options, ensuring long-term stability and predictable cash flow. Annual rent bumps of 3% further enhance the investment's return. The property is strategically located on Scotland Road in Norwich, near Interstate 395, providing excellent accessibility. Norwich itself offers a stable population, robust municipal services, and a positive outlook for future growth. The property's location minimizes landlord responsibilities, creating a passive investment opportunity. The asking price is $2,096,552, translating to a price per square foot of $195.59. Note that an additional income-producing residential component is situated on the property. This presents a unique opportunity for investors seeking a stable, high-yield investment with significant long-term potential in a desirable location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,595,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,620,000
- 6.5%
- $1,855,000
- 7%
- $1,730,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,585,000
- Geo Method
- $1,840,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,720,000
- Retail
- $1,720,000
- Mixed-Use
- $1,575,000
- Hospitality
- $2,130,000
- Educational
- $1,690,000
- Residential Income
- $1,660,000
- Energy
- $1,920,000
- Income-Based Land
- $2,065,000
- Food Service
- $1,635,000
Location Insight
- Map
- Local Demand
- City
- Norwich
- County
- New London
- State
- Connecticut
- Longitude
- -72.0688
- Latitude
- 41.5975
- CBSA code
- 35980
- CBSA name
- NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA
