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Riverview at Riverheights 23 Thermos Ave 67 Unit Apartment Building $1,990,000 ($29,701/Unit) 6.78% Cap Rate Norwich, CT 06360
INVESTMENT HIGHLIGHTS
- Current potential NOI $150K annually for 8 existing Rental Units
- 8-year graduated tax abatement with an estimated NPV of $750K
- Projected NOI estimated upon completion of the 57-unit multi-family community over $1.2M annually
- Full approvals from the City of Norwich attained 1/17/2023
EXECUTIVE SUMMARY
Riverview at Riverheights is a Fully Approved, Shovel Ready 57 Unit Development project offered for $1,900,000. The Data Room has two NOI(s) one is for a performing part of the development and the other is upon completion of the project. Owner will consider an Equity Investment or an Outright Sale
Riverview at Riverheights is an Exceptional Investment Opportunity:
A uniquely beautiful 4.2 acres, complete with full Approvals along with plans for 57 beautiful rental units complimented by magnificent views of the Norwich Harbor and Thames River. 8 units are completed already generating $18,000/monthly
income with a $140,000 annual NOI.
With it’s Current Value of : $ 4.9 Million and a Fully Built-Out Value over: $18.0 Million
As well as a superior location in a booming rental market, Riverview at Riverheights is the perfect multi-family housing choice for smart
Investors and buyers. Southeastern CT has the strongest fastest growing employment market in the State of CT!!
Please refer to the Offering Memorandum for Project Pricing and complete details. Full plans are available upon request.
Riverview at Riverheights is an Exceptional Investment Opportunity:
A uniquely beautiful 4.2 acres, complete with full Approvals along with plans for 57 beautiful rental units complimented by magnificent views of the Norwich Harbor and Thames River. 8 units are completed already generating $18,000/monthly
income with a $140,000 annual NOI.
With it’s Current Value of : $ 4.9 Million and a Fully Built-Out Value over: $18.0 Million
As well as a superior location in a booming rental market, Riverview at Riverheights is the perfect multi-family housing choice for smart
Investors and buyers. Southeastern CT has the strongest fastest growing employment market in the State of CT!!
Please refer to the Offering Memorandum for Project Pricing and complete details. Full plans are available upon request.
DATA ROOM Click Here to Access
- Operating and Financials
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Carpet
- Wi-Fi
- Deck
- Dining Room
- Double Pane Windows
- Office
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
- Window Coverings
SITE AMENITIES
- Business Center
- Controlled Access
- Clubhouse
- Fitness Center
- Picnic Area
- Pool
- Grill
- Recycling
- Trash Pickup - Curbside
- Storage Space
- Bicycle Storage
- Conference Rooms
- Elevator
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1.5 | 27 | - | 680 - 850 |
| 2+2 | 24 | - | 780 - 1,100 |
| 3+2.5 | 6 | - | 1,944 |
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Riverheights Development Inc
Riverview at Riverheights | 23 Thermos Ave
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