101 Water StNorwich, CT 06360

Property Details for 101 Water St

Year built

1986

Construction

STEEL FRAME

Lot size

0.73 AC

Property size (Sq ft)

34,440 SF

Zone code

CC

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NORW M:102 B:6 L:62

APU

NORWM102B6L62

Description

This three-story, 34,440-square-foot office building at 101 Water Street in Norwich, CT, is available for lease. The property, built in 1986, sits on 0.73 acres and offers a variety of office spaces, including traditional, executive, and medical office suites. The building features 75 parking spaces in an under-building garage with elevator access to all floors. A unique feature is a former bank vault (approximately 4,000 square feet) on the first floor. Many offices boast stunning Thames River views. The building is handicap accessible and conveniently located near I-95 and I-395. The entire building (34,440 square feet) must be leased. The lease rate is $2.00 NNN, with estimated NNN costs of approximately $7.00. The property is zoned CC and includes both finished and unfinished office space. This is a rare opportunity to lease a substantial, well-located commercial building in downtown Norwich.

• CAP approach

  CAP return

  Valuation

  6%

  $8,370,122

  6.5%

  $7,726,266

  7%

  $7,174,390

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,339,825

  Geo Method

  $11,339,825

• Alternative Use

  Use

  Valuation

  Residential

  $6,517,395

  Hospitality

  $5,969,899

  Educational

  $4,966,886

  Medical

  $5,137,704

  Retail

  $7,726,266

Location Insight

City

Norwich

County

New London

State

Connecticut

Latitude

41.5236

Longitude

-72.0782

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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