Sold

29 Sheas Lane, Norwich, CT 06380

Beds
6
Baths
3
Sqft
3,327
Garage
Yes

View property features, location on map, relevant school information and overview from seller's agent.

Listed byGarden Realty
  • 2
  • 0

Overview

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 $3,740, with market rents projected to be higher. The current Cap rate is 5.6%, and it could be increased to 10.0% 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

Full feature list

Basic info

Property type
Multi-family
Number of bedrooms
6
Number of bathrooms
3
Square feet
3,327
Lot size (acres)
1.19
Year built
1930

Interior features

Basement
Yes

Exterior features

Area amenities
Golf Course

Garage and parking

Garage parking spaces
4

Utilities

Heating
Electric, Natural gas, Forced air, Hot water
Cooling
None
Sewer
Public sewer
Water
Well

Taxes

Tax Annual Amount
$8,173

Public schools

Loading

Disclaimer: Certain information displayed on this listing has been derived from parties other than Final Offer, LLC. Information provided and their sources have been deemed reliable, but accuracy of information is not guaranteed and therefore should be independently verified.

Sourced from: Smart MLS MLS®#: 24128739 Last checked:

IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.