92-98 Boswell Avenue Under Contract Save Request In-Person Tour Request Virtual Tour
Norwich,CT 06360
Key Details
Property Type Multi-Family
Sub Type 5 Family+
Listing Status Under Contract
Purchase Type For Sale
Square Footage 6,606 sqft
Price per Sqft $74
MLS Listing ID 24038693
Style Units on different Floors
Bedrooms 9
Full Baths 9
Year Built 1890
Annual Tax Amount $8,056
Lot Size 0.510 Acres
Property Description
ADD VALUE opportunity with a $1,050,000 ARV. Come see this 9 unit property this Wednesday, 8/21, from 11am to noon, where full access to the entire property will be provided. This is a legal 9 unit building with off street parking that is currently unoccupied. 5 of the 9 units require a complete rehab and the remaining 4 are in fair to good condition. There is a full height, walk-up attic providing additional opportunity to drive value north of $1.2 million. This opportunity leaves an investor well positioned to maximize property value and cash flow as quickly as possible, since the property will convey free of all tenants. The seller is motivated, so be sure to stop by this Wednesday and bring all offers. Wednesday (8/21) from 11am to noon. Norwich is a city benefiting from an increasing population, a 10% YOY rental growth, and a 3% vacancy rate in the multifamily sector. An area seeing a significant amount of development due to its close proximity to Foxwoods and Mohegan casinos. One of CT's largest employers, Electric Boat, in nearby Groton, Ct just hired over 5,000 new employees as part of a $1.3 billion contract modification recently secured with the US Navy to manufacture their fleet of next generation submarines.
Location
State CT
County New London
Zoning MF
Rooms
Basement Full
Interior
Heating Radiant
Cooling None
Exterior
Garage Detached Garage
Garage Spaces 2.0
Waterfront Description Not Applicable
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Foundation Brick
Sewer Public Sewer Connected
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Per Board Of Ed