276 Main StNorwich, CT 06360

Property Details for 276 Main St

Lot size

2.54 AC

Zone code

GC

Property type

Other commercial real estate

APN

NORW M:101 B:1 L:42

APU

NORWM101B1L42

Description

This exceptional Norwich, CT retail center, Oak Tree Plaza, presents a compelling investment opportunity. Boasting 22,450 square feet across two single-story buildings on a 2.54-acre lot, the property features a diverse tenant mix anchored by Advanced Auto Parts and Dairy Queen. Currently operating at 94.6% occupancy, the property generates a strong NOI of $302,149, representing an 8.63% cap rate. A pro-forma analysis projects a 9.35% cap rate and a NOI of $327,314. Built in 1985 and renovated in 2022, the property benefits from a modified lease structure with rent bumps, offering potential for increased revenue. The property includes 11 units, with approximately 1,200 square feet currently vacant, presenting an opportunity for owner-occupancy or additional leasing. Strategically located on busy Route 82/West Main Street at a traffic light, the center enjoys high visibility and benefits from proximity to numerous large box retailers. The property is zoned GC and offers a drive-thru for added convenience. This fee-simple ownership presents a rare chance to acquire a stabilized, value-add investment in a prime Connecticut location. The recent signing of a new 10-year lease on 3,000 square feet further solidifies the property's strong performance and future potential.

• Alternative Use

  Use

  Valuation

  Residential

  $20,937,794

  Hospitality

  $19,178,906

  Educational

  $15,956,625

  Medical

  $16,505,398

  Retail

  $24,821,416

Location Insight

City

Norwich

County

New London

State

Connecticut

Latitude

41.5228

Longitude

-72.088

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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