Fully occupied 6 unit multifamily investment opportunity offering strong in place cash flow and substantial embedded rental upside.


Property

Website:https://www.nestseekers.com/5588656
Address:
265 Washington
Norwich, CT 06360
Ownership: Multi-Family
Type: Multi-Family
Bedrooms: 12 BR
Bathrooms: 6
Area: 6013 sq ft

Financials

Price:$795,000
Annual Taxes:$7,784

Description

Fully occupied 6-unit multifamily investment opportunity offering strong in-place cash flow and substantial embedded rental upside. The property consists of four 2-bedroom units, one 3-bedroom unit, and one 1-bedroom unit, currently generating $74,400 in annual gross income with a projected stabilized income of approximately $119,400 based on market rents. At stabilization, the asset supports a projected NOI exceeding $77,000, equating to a 9.69% cap rate and a 14.79% projected return on investment. Investors will appreciate the opportunity to significantly increase revenue through lease turnover and rent normalization rather than extensive renovations. All utilities, including electric and hot water, are separately metered and paid by tenants, with ownership responsible only for heat. Additional features include off-street parking, public water and sewer, and over 6,000 square feet of living area situated on a 0.50-acre lot. A compelling opportunity to acquire a scalable multifamily asset with strong income growth potential in one of Connecticut's most active rental markets.

Amenities

  • Elementary School - Veterans Memorial
  • High School - Norwich Free Academy
  • Intermediate School -
  • Window Unit

Contact

Nest Seekers International at The J House Greenwich, 1114 E Putnam Ave, Riverside, CT 06878
Listing Courtesy of Anthony Velez of VC Property Group, LLC