218 Main Street

Norwich CT 06360

2559 sq. ft.

0.1 ac.

Multi-Family

Currently for sale - view listing

Overview

VC Property Group is pleased to present 218-224 Main Street and 2 Franklin Street, a compelling adaptive re-use redevelopment opportunity located in the heart of downtown Norwich. The offering consists of two adjacent historic buildings totaling approximately 14,500 square feet, positioned within Norwich's established Main Street commercial corridor. This mixed use asset would include 10 residential and 5 commercial units upon completion. Projected $2.7M post construction VALUE - more photos to come, current photo is an artistic rendering. Both buildings are classified as contributing structures within the historic district, creating potential eligibility under the Federal Historic Tax Credit (20%) and Connecticut Historic Tax Credit (25%) programs for qualified rehabilitation expenditures. When properly structured, these incentives can offset a substantial portion of redevelopment costs and play a meaningful role in the project's capital stack. The project presents an attractive value-add strategy through the conversion of upper floors into residential units while maintaining commercial storefronts at street level. The proposed redevelopment plan includes 10 residential units consisting of eight studio apartments and two townhouse-style two-bedroom units, complemented by five commercial spaces on the first floor, creating a vibrant mixed-use asset aligned with growing downtown housing demand. Upon stabilization, the property is projected to generate approximately $256,200 in annual gross income, supporting an estimated NOI of $161,369 and offering investors strong upside through repositioning and lease-up of the residential component. Originally constructed circa 1900, the buildings retain historic architectural character well suited for adaptive reuse redevelopment within Norwich's historic downtown environment. The upper floors are currently vacant, allowing a developer to execute the proposed residential conversion without tenant displacement constraints. With a projected after-repair value of approximately $2.7M, the offering represents a rare opportunity to acquire a downtown mixed-use asset at a significant discount to stabilized value while implementing a clearly defined redevelopment strategy. Income Analysis