CT > Norwich
Norwich, CT 06380,29 Sheas Lane
Norwich, CT 06380,29 Sheas Lane
Norwich, CT 06380,29 Sheas Lane
Norwich, CT 06380,29 Sheas Lane
Norwich, CT 06380,29 Sheas Lane
Norwich, CT 06380,29 Sheas Lane
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Ilka Torres

Ilka Torres

+1(860) 985-3788
$ 450,000
Est. payment | /mo

6 Beds

3 Baths

3,327 SqFt

Save Virtual Tour
$ 450,000
Est. payment | /mo
Save Virtual Tour

6 Beds

3 Baths

3,327 SqFt

Key Details

Property Type Multi-Family

Sub Type 3 Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,327 sqft

Price per Sqft $135

MLS Listing ID 24128739

Style Units on different Floors

Bedrooms 6

Full Baths 3

Year Built 1930

Annual Tax Amount $8,173

Lot Size 1.190 Acres

Property Sub-Type 3 Family

Property Description

Opportunity knocks! This fully occupied 3-family home on 1.19 acres features a rural feel, thanks to its expansive front yard and buildings set back from the road. Despite its rural ambiance, it offers urban conveniences and presents strong income potential. The 3D tour shows the exterior of the property. Each apartment includes 2 Bedrooms, in-unit laundry hookups, and separate utilities. Two units are located on the ground floor, and all tenants are long-term, with month-to-month agreements. The 2nd-floor tenant is actively planning to purchase, creating the possibility for an owner-occupant Buyer to step in. A detached 4-Car Garage plus a 2-Car Carport adds rental income, and there is abundant off-street parking. Recent updates include a brand-new main house roof and a 5-year-old garage roof. Landlord covers water, sewer, snow removal, and yard maintenance. The current gross monthly income is $3,190, with market rents projected to be higher. The current Cap rate is 4.6%, and it could be increased to 10.2% with modest rental rate increases. A full pro forma is available. This property delivers both stability and growth potential for Investors or flexibility for an Owner-Occupant. Conveniently located in Taftville near Norwich amenities and highways, this opportunity is a rare find. This opportunity is available to Cash Buyers or those using conventional mortgages, as the building won't qualify for FHA or VA financing due to peeling paint.

Location

State CT

County New London

Zoning R20/R4

Rooms

Basement Partial, Interior Access, Walk-out, Concrete Floor, Partial With Walk-Out

Interior

Heating Hot Air, Hot Water

Cooling None

Exterior

Exterior Feature Porch, Gutters, Lighting

Parking Features Carport, Detached Garage, Off Street Parking, Driveway, Unpaved

Garage Spaces 4.0

Waterfront Description Not Applicable

Roof Type Asphalt Shingle,Other

Building

Lot Description Level Lot, Rolling

Foundation Concrete, Stone

Sewer Public Sewer Connected

Water Private Well

Schools

Elementary Schools Wequonnoc

High Schools Norwich Free Academy

Others

Virtual Tour https://app.immoviewer.com/portal/tour/3130108?accessKey=68fc

Listed by Gregory Hanner • Garden Realty

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Ilka Torres
Ilka Torres

Broker | License ID: REB.0794005

+1(860) 985-3788

1939 Broad St, Hartford, CT, 06114, USA

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29 Sheas Lane