29 Sheas Lane Active Save Request In-Person Tour Request Virtual Tour
Norwich,CT 06380
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