164 Otrobando AveNorwich, CT 06360

Property Details for 164 Otrobando Ave

Year built

1998

Construction

FRAME

Lot size

2.56 AC

Property size (Sq ft)

8,368 SF

Zone code

BP

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NORW M:66 B:1 L:39

APU

NORWM66B1L39

Description

This exceptional single-story medical office building, situated on a 2.56-acre lot in Norwich, CT, presents a unique investment opportunity. Built in 1998, the 8,368 square foot building boasts a contemporary design and is currently configured for medical use. A substantial 6,500 square feet of space is immediately available, offering significant flexibility for expansion or adaptation. The existing layout includes 13 exam rooms, 7 private offices, 5 bathrooms, a well-appointed kitchen, a spacious reception area, and a comfortable waiting room. This layout could be easily subdivided to accommodate multiple tenants or a single large practice. The property is equipped with modern amenities including fiber optics and central air conditioning, ensuring optimal functionality and comfort. Ample parking is provided with over 50 spaces on-site. The building is zoned BP, offering potential for various uses within the zoning regulations. This property represents a rare chance to acquire a well-maintained, strategically located medical office building with significant potential for growth and return on investment. The existing infrastructure and ample space make it ideal for a variety of medical practices or related businesses. The large parking area ensures convenient access for patients and staff.

• CAP approach

  CAP return

  Valuation

  6%

  $2,033,716

  6.5%

  $1,877,276

  7%

  $1,743,185

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,755,274

  Geo Method

  $2,755,274

• Alternative Use

  Use

  Valuation

  Residential

  $1,583,553

  Hospitality

  $1,450,526

  Educational

  $1,206,820

  Medical

  $1,248,325

  Retail

  $1,877,276

Location Insight

City

Norwich

County

New London

State

Connecticut

Latitude

41.5479

Longitude

-72.1102

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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