505-507 New London TpkeNorwich, CT 06360

Property Details for 505-507 New London Tpke

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.39 AC

Property size (Sq ft)

2,542 SF

Zone code

GC

Property type

Showrooms

APN

NORW M:116 B:1 L:80

APU

NORWM116B1L80

Description

This exceptional 1.42-acre commercial land parcel presents a unique investment opportunity in Norwich, Connecticut. Located at 505-507 New London Turnpike, this property is zoned GC, offering significant development potential for a variety of commercial uses. The single-tenant designation provides flexibility for future development plans, allowing for tailored construction to meet specific business needs. The expansive lot size provides ample space for building construction, ample parking, and potential landscaping. Its strategic location on New London Turnpike ensures high visibility and accessibility, making it an ideal site for businesses seeking a prominent presence in a thriving community. The property's address is 505-507 New London Turnpike, Norwich, CT 06360. Given its size, zoning, and location, this land parcel represents a rare chance to acquire a highly desirable commercial property in a growing market. The property is ready for immediate development, offering a streamlined path to realizing your commercial vision. Interested parties are encouraged to conduct their own due diligence to confirm suitability for their intended use. This is a blank canvas for your next commercial venture. The latitude and longitude coordinates are 41.514205 and -72.1048294 respectively.

• CAP approach

  CAP return

  Valuation

  6%

  $617,795

  6.5%

  $570,272

  7%

  $529,538

• Comparable approach

  Method

  Valuation

  Relative Method

  $836,987

  Geo Method

  $836,987

• Alternative Use

  Use

  Valuation

  Residential

  $481,046

  Hospitality

  $440,635

  Educational

  $366,603

  Medical

  $379,212

  Retail

  $570,272

Location Insight

City

Norwich

County

New London

State

Connecticut

Latitude

41.5142

Longitude

-72.1049

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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