$795,000

218 Main St Norwich, CT 06360

Central Norwich Neighborhood

Estimated payment $4,780/month

5 Beds
5 Baths
2,559 Sq Ft
$311 Price per Sq Ft

About This Home

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 expenditures. 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

Listing Agent

Anthony Velez

VC Property Group, LLC Brokerage Phone: (860) 300-3102 License #REB.0795536 Listed on: 09/17/2026

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $4,470

Year Built

  • Built in 1900

Home Design

  • Flat Roof Shape
  • Brick Exterior Construction
  • Flat Tile Roof
  • Masonry Siding
  • Masonry

Interior Spaces

  • 2,559 Sq Ft Home
  • Basement Fills Entire Space Under The House

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 5 Full Bathrooms

Additional Features

  • 4,356 Sq Ft Lot
  • Radiant Heating System

Community Details

  • 3 Units

Listing and Financial Details

  • Assessor Parcel Number 2417268

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$4,470

Year Built

Built in 1900

Lot Details

4,356 Sq Ft Lot

Listing Details

  • Neighborhood: N/A
  • Property Type: Multi-Family For Sale
  • Style: Other
  • Sq Ft Est Heated Above Grade: 2559
  • Total Sq Ft: 2559
  • Year Built: 1900
  • New Construction: No/Resale
  • Remarks Public Addendum: 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
  • Property Sub Type: 5 Family+
  • Direct Waterfront: No
  • Directions: Call agent
  • Street Type: Street
  • Office Attribution Contact: (860) 300-3102
  • Reserve Prospect: No
  • Special Features: None

Interior Features

  • Total Bedrooms: 5
  • Total Bathrooms: 5
  • Full Bathrooms: 5
  • Basement Description: Full
  • Attic: No

Exterior Features

  • Exterior Siding: Brick
  • Foundation Type: Masonry
  • Roof Information: Flat
  • Waterfront Description: Not Applicable
  • Swimming Pool: No
  • Construction Description: Brick

Utilities

  • Cooling System: None
  • Heat Type: Radiant
  • Heat Fuel Type: Electric
  • Hot Water Description: 40 Gallon Tank
  • Water Source: Public Water Connected
  • Sewer: Public Sewer Connected

Lot Info

  • Acres: 0.1
  • Lot Description: N/A
  • Zoning: CC
  • Parcel #: 2417268

Multi Family

  • Total Number Of Units: 3

Tax Info

  • Tax Year: July 2026-June 2027
  • Property Tax: 4470

MLS Schools

  • Elementary School: Per Board of Ed
  • High School: Per Board of Ed

Map

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
09/17/2026 09/17/26 For Sale $795,000 -- $311 / Sq Ft
Source: SmartMLS

About the Listing Agent

Anthony Velez
Anthony Velez

VC Property Group, LLC

(860) 813-6162

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Source: SmartMLS

MLS Number: 24207982

SmartMLS
Connecticut New London County Norwich 06360 Central Norwich

218 Main St, Norwich, CT

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Anthony Velez
Anthony Velez
Listing Agent Section Image
VC Property Group, LLC
(860) 813-6162
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