526 Canterbury Turnpike Norwich, CT 06360
This exceptional investment opportunity with annual earning potential of $152, 000 located in Norwich, CT, includes three adjoining properties totaling 7.76 acres. The portfolio features a completely renovated 4-family property at 526 Canterbury Tpke., where each unit boasts 3 bedrooms, 1 bath, stainless steel appliances, granite countertops, hybrid water heaters, energy-efficient mini splits for heating and cooling, and semi-private decks. The 3-family property at 528 Canterbury Tpke. has undergone extensive updates including siding, roof, and decks. One unit, a 2-bedroom, 1 bath, has been fully renovated with a new kitchen featuring stainless steel appliances, granite countertops, a butcher block coffee bar, a hybrid water heater, energy-efficient mini splits, and a remodeled bathroom. Another 2-bedroom, 1 bath unit has newly installed mini splits and a hybrid water heater, while the third unit, a 3-bedroom, 1.5 bath, is currently being remodeled. Additionally, the land at 514 Canterbury Tpke. may have potential for subdivision into additional building lot/s. Each of the seven units is individually metered for electric which covers heating and cooling and the responsibility of the tenant. The properties are strategically located near major employers such as Electric Boat, the Submarine Base, Pfizer, and local casinos, making them highly attractive to tenants. In addition, there is coin-operated laundry on site, which generates additional revenue., Detailed information sheets and P&L statements are available upon request. This portfolio presents a blend of fully renovated and updated units with significant potential for further development, ensuring a steady rental income. Current Annual gross- $130, 000, once 3rd unit is complete, annual income will be at around $152, 000. Taxes and assessments reflect all 3 properties combined with accurate/updated taxes info. from July 2024. Listed as commercial MLS 24043703
- Property TypeMulti-Family
- NeighborhoodOccum
- CountyNew London
- Taxes$25,899
- HOA/Condo/Coop Fees$0
- Days on Site51 Days
- MLS StatusActive
- MLS ID Number24042939
- Home Size Source N/A
- Year Built2022
- Lot Size7.76 Acres
- Full Baths7
- Partial Baths1
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General Features
- Style Units on different FloorsUnits are Side-by- Side
- Construction Vinyl Siding
- Parking NoneOff Street ParkingUnassigned Parking
- Parking Spaces 10
- Sewer Public Sewer
- Basement FullUnfinishedHatchway AccessConcrete Floor
- Acreage 7.76
- Water Public
- Property Sub Type Multi Family
- Foundation Concrete PerimeterStone
- Zoning R40
Interior Features
- Cooling Central AirDuctlessSplit SystemWall Unit
- Heating ElectricHeat PumpWall Unit
- Fireplaces 2
- Laundry Features Coin-op in 526. Cash producing. 2 sets
- Fireplace Yes
Exterior Features
- Roof Asphalt
- Spa No
- Waterfront Property No
- Waterfront Features Not Applicable
- Exterior PorchDeckCovered DeckStone Wall
- Lot Lightly WoodedTreedLevel Lot
- Patio And Porch PorchDeckCovered Deck
Community Features
- Community Features Basketball CourtGolf CourseHealth ClubParkShopping/ MallStables/ RidingTennis Courts