15 Platt Avenue, Norwich, CT, 06360 | $1,975,000

Motivated Seller!! Offered at $1, 975, 000 - Bottom Line - this stabilized multifamily portfolio consists of 18 units across 5 buildings, plus a multifamily infill redevelopment opportunity that provides significant upside beyond the current in-place 9% ROI. The portfolio includes: 681 N Main Street (4 units) 20 North A Street (4 units) 37 South B Street (3 units) 102 Boswell Avenue (5 units) 72 North Main Street (2 units) 15 Platt Avenue - Multifamily Redevelopment Opportunity (Former 3-Family) The income-producing assets are approximately 90% of pro forma, offering investors strong day-one cash flow with limited operational lift. Remaining upside is achievable through modest rent optimization and continued professional management. Upon full stabilization, the portfolio is projected to generate an estimated 14% fully burdened ROI, not accounting for the resale or redevelopment of the multifamily lot. 15 Platt Avenue remains improved with an existing structure (Fire Damaged - Complete Loss) and is zoned for multifamily use. Build cost is estimated at ~$400k or $140psf, with an ARV of $650k. Presenting an opportunity to add significant rental income to the portfolio, or simply CASH-OUT on the sale of a New Construction multifamily. Additionally, the existing structure presents the potential for material cost savings through reuse of the existing foundation and site infrastructure, subject to buyer due diligence, which may further enhance project economics. Operating expenses across the portfolio are favorable, with tenants responsible for electric, heat, and hot water at all properties, with the sole exception of 102 Boswell Avenue, where the landlord covers heat and hot water. The assets feature a mix of on-street and off-street parking, supporting durable tenant demand. This offering is well suited for investors seeking a largely stabilized multifamily portfolio with predictable cash flow, limited operational risk, and embedded development upside-a rare combination at this price point.

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