202 Broadway
Norwich, Connecticut

Description:

VC Property Group is proud to present 202 Broadway, a 7-unit multifamily asset located in one of Norwich's most desirable rental corridors-directly across from the iconic Cathedral of St. Patrick. Positioned in one of Connecticut's highest-yielding and fastest-moving rental markets, the property combines strong in-place cash flow with substantial upside through strategic lease-up. The current rent roll reflects opportunity for significant value creation, with pro forma rents driving a projected NOI of ~$88K and a 14% cash on cash return, offering investors immediate scale with clear value creation. The asset benefits from 100% occupancy, off-street parking, and a highly desired LOCATION. The units are in above-market condition, allowing for immediate rent growth without the need for significant capital improvements. This is a true Day 1 cash-flowing asset with no major CapEx required-an increasingly rare profile in today's market where most value-add opportunities require heavy renovation risk. Strategically located just 15 minutes from New London, the property is directly positioned to benefit from the ongoing economic expansion driven by Electric Boat's multi-year contract pipeline, actively bringing in thousands of new jobs to the region. This macro tailwind continues to fuel rental demand across Eastern Connecticut, particularly in supply-constrained, workforce-driven housing markets like Norwich.

Listing Courtesy of VC Property Group, LLC