5 Clinic DrNorwich, CT 06360

Property Details for 5 Clinic Dr

Year built

1962

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.29 AC

Property size (Sq ft)

1,572 SF

Zone code

NC

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NORW M:76 B:1 L:73

APU

NORWM76B1L73

Description

This exceptional 1,572 square foot office building presents a fantastic investment opportunity in Norwich, Connecticut. Situated on a 0.29-acre lot with 76 feet of frontage, this property boasts high visibility and accessibility. Located in the NC Zone, it benefits from public water and sewer services. The property's strategic location offers easy access to Backus Hospital, just 0.3 miles away, making it ideal for medical practices or businesses serving the hospital's clientele. Annual property taxes are $7,556. The high traffic count of 5,100 vehicles further enhances its commercial potential. The surrounding area features a vibrant cultural scene, including art museums, and offers a range of supporting services such as daycare, nursing homes, and rehabilitation facilities. This versatile space is suitable for a variety of professional, business, or medical office uses, providing ample opportunity for growth and success. The property's size and location make it an attractive option for businesses seeking a prominent presence in a thriving community. Its proximity to healthcare facilities and cultural attractions adds to its appeal. This is a turnkey opportunity for a business looking to establish or expand its operations in a well-established and convenient location. The ample frontage and high traffic count ensure excellent visibility and accessibility for clients and customers.

• CAP approach

  CAP return

  Valuation

  6%

  $382,051

  6.5%

  $352,662

  7%

  $327,472

• Comparable approach

  Method

  Valuation

  Relative Method

  $517,602

  Geo Method

  $517,602

• Alternative Use

  Use

  Valuation

  Residential

  $297,484

  Hospitality

  $272,494

  Educational

  $226,712

  Medical

  $234,508

  Retail

  $352,662

Location Insight

City

Norwich

County

New London

State

Connecticut

Latitude

41.5405

Longitude

-72.0875

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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