INVESTORS AND DEVELOPERS TAKE NOTICE, BILL PASSED EFFECTIVE 10-1-24 PROVIDES MUNICIPALITIES ARE GENERALLY REQUIRED TO ALLOW NON-FUNCTIONING CONVALESCENT FACILITIES TO BE CONVERTED TO MULTIFAMILY HOUSING. Reach out for documents. Massive 51,414 gross square foot Commercial space located in Norwich, CT. This property is in need of renovation, has an exterior in overall good condition, previously used as a Convalescent/Nursing Home, yet has many possibilities per R-20 Zoning Regulations. Currently 40 parking spaces. NEWER: Sprinkler system, Generator system. The parcel consists of 10.06 Acres in a private setting - some wetlands are present. Ample parking surrounds the property with land for parking expansion. Reach out with questions, clients and client's agent to complete all due-diligence necessary for their project, conversion, and approvals.
Status:
Under Contract - Continue to Show
Frontage:
Municipal Street,Paved Road
Garage:
Paved, Off Street Parking
Cooling:
Ductless, Split System, Wall Unit
Permitted Use
Multifamily Conversion
Utilities
Electric,Gas,Cable,Fire Suppression System
Lot Description:
Some Wetlands,Treed,Dry,Level Lot
Norwich, CT, 06360
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The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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