Active

218 Main Street

Norwich, CT 06360
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Bed 5

Bed

Bath 5

Bath

SqFt2,559

Sqft

Acres0.10

Acre(Lot)

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 expenditure s. 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

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Detail Ic Property Details

Property Type : Residential Income

Price : $795,000

AD Id : 91328353

MLS Id : 24207982

Beds : 5

Lot Size : 0.10 Acre

Living Area Size : 2,559 Sq. Ft

Tax Amount : $4,470

Year Built : 1900

County : New London

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Feature Features

  • Bedroom Information

    Total beds: 5

    Bathroom Information

    Total Baths: 5 Full Baths: 5

    Room Information

    Rooms Total: 5 Has Basement: Yes Basement: Full
  • Heating & Cooling

    Has Heating: Yes Heating: Electric, Radiant Cooling: None

  • Building Information

    Year Built: 1900 Building Area Total: 2559 Construction Materials: Brick Private Pool: No

  • Lot Information

    Lot Size Acres: 0.1

  • Listing Price Information

    Listing Price: $795000

  • Tax Information

    Parcel Number: 2417268 Annual Tax: $4470

  • School Information

    Elementary School: Per Board of Ed
    Junior High School:
    Senior High School: Per Board of Ed
  • Location Information

    Direction: Call agent WaterSource: Public
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Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
313 Central Avenue, Norwich, CT, 06360 $319,000 5 3 2,560 0.13 Acre
287 Central Avenue, Norwich, CT, 06360 $475,000 6 5 4,130 0.08 Acre
617 E Main Street, Norwich, CT, 06360 $249,900 5 2 2,512 0.95 Acre
79 Prospect Street, Norwich, CT, 06360 $345,000 8 3 3,123 0.24 Acre
28 Durfey Street, Norwich, CT, 06360 $430,000 4 2 1,638 0.18 Acre
126 Prospect Street, Norwich, CT, 06360 $430,000 6 4 3,528 0.56 Acre
44-46 Central Avenue, Norwich, CT, 06360 $570,000 8 4 2,508 0.11 Acre
502 E Main Street, Norwich, CT, 06360 $725,000 12 4 3,724 0.11 Acre
70-1/2 Hunters Avenue, Norwich, CT, 06360 $350,000 7 3 2,772 0.53 Acre
463 E Main Street, Norwich, CT, 06360 $525,000 9 3 3,087 0.24 Acre

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.

ByOwner last updated this listing 09/30/2026 @ 08:37

MLS: 24207982 LISTED BY: Anthony Velez, VC Property Group, LLC SOURCE: SmartMLS

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