11 Case StNorwich, CT 06360

  • Other commercial real estate
  • 19,055 SF
For Sale
$3,495,000 View listing

Property Details for 11 Case St

Year built
1972
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
1.83 AC
Property size (Sq ft)
19,055 SF
Zone code
PC
Property type
Other commercial real estate
Property subtype
Showrooms
APN
NORW M:59 B:1 L:23
APU
NORWM59B1L23

Description

This exceptional 17,922 square foot medical office building, situated on a 1.83-acre lot in Norwich, Connecticut, presents a compelling investment opportunity. The single-story, 1972-built Class C building comprises five suites, currently housing a mix of established medical tenants including Hartford HealthCare Medical Group (9,452 SF), Norwich Internal Medicine Group (3,800 SF), Select Physical Therapy (2,786 SF), and a Psychology Specialist (742 SF). One 1,142 square foot suite is currently available for lease. The property boasts a strong financial profile, with a current NOI of $314,411, a 9.00% cap rate, and a pro-forma cap rate of 9.68%. The asking price is $3,495,000, translating to $195 per square foot. Significant capital improvements have been made, including exterior landscaping, parking lot upgrades, mechanical system enhancements, and a new roof. All tenant suites have undergone recent renovations. The building enjoys a prime location at the I-395 and Route 2 interchange in Norwich, a city known for its rich history and recreational opportunities along the Thames River. The high-traffic area sees an average daily traffic count of 9,800 vehicles on West Town Street, according to the Connecticut Department of Transportation. This property offers a blend of stable income and significant upside potential. The gross lease structure simplifies management.

11 Case St, Norwich, Connecticut

Location Insight

City
Norwich
County
New London
State
Connecticut
Latitude
41.5528
Longitude
-72.1033
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
$64,713
$201,400
$1,344,900
$1,546,300
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