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Olde Tymes Restaurant 336-364 W Main St 6,000 SF Retail Building Norwich, CT 06360 $1,295,000 ($215.83/SF)
INVESTMENT HIGHLIGHTS
- Landmark Restaurant in business for 42 years. Perfect for renovation/upgrade/expansion. Owner retiring due to health issues
- Recent price reduction! Great value!
- zoning is perfect for a popular 3 story, mixed used development in addition to or in replace of the current restaurant business.
EXECUTIVE SUMMARY
***Business Value Included in list price*** Recent Price Reduction! Landmark restaurant created by connecting 2 houses in 1983. Owner retiring. Land is suitable for office or retail development with 400 feet of frontage on the main 4 lane street of the city of Norwich, 200 hundred feet deep on west end next to traffic signal Daily traffic is approximately 19,000 to 20,000 per day. In a good area that is experiencing renewed growth. New 100+ unit apartment development finished 1/2 mile from this site. Suitable for continued use as restaurant with additional buildings possible or do a complete tear-down and rebuild. Harbor Freight, Dollar General, Concentra Health Center, CVS, Walgreens, and additional retail stores are all located directly across the street. Potential for mixed-use with commercial first floor and residential units above.
Pictures do not show entire land area.
Pictures do not show entire land area.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
6,000 SF
Building Class
C
Year Built/Renovated
1982/2001
Price
$1,295,000
Price Per SF
$215.83
Tenancy
Single
Building Height
2 Stories
Building FAR
0.10
Lot Size
1.40 AC
Opportunity Zone
Yes
Zoning
GC - General Commercial
Hub Zone
Enterprise Zone.
General commercial use including retail, restaurant, bar/cafe, gas stations, offices, banks, etc
Parking
60 Spaces (10 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Pylon Sign
- Air Conditioning
Walk Score®
Very Walkable (74)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | NORW-000109-000001-000013 | Improvements Assessment | $320,800 |
| Land Assessment | $172,200 | Total Assessment | $493,000 |
PROPERTY TAXES
Parcel Number
NORW-000109-000001-000013
Land Assessment
$172,200
Improvements Assessment
$320,800
Total Assessment
$493,000
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Old Tymes
Olde Tymes Restaurant | 336-364 W Main St
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