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620 Route 32 7,616 SF 100% Leased Office Building Uncasville, CT 06382 $1,200,000 ($157.56/SF) 5.25% Cap Rate

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INVESTMENT HIGHLIGHTS

  • 100% Leased Medical Investment with two established healthcare tenants providing immediate income stability.
  • Future Owner-User Opportunity – ±4,420 SF will become available in 2026, allowing occupancy or re-leasing at higher market rates.
  • Attractive Yield – Current NOI ˜ $63,000 with potential to increase to $110,000+ post-2026 lease rollover.
  • Long-Term Dental Anchor Tenant (Daleo Liu PLLC) under lease through 2036 with CPI-based rent escalations.
  • SBA Loan Eligible – Owner-occupants using 51%+ of the building can qualify for SBA 504 or 7(a) financing (as little as 10% down, up to 25-year terms).
  • Prime Route 32 Location – ±19,000 vehicles per day; high visibility corridor between Norwich and New London.

EXECUTIVE SUMMARY

Seaport Real Estate Services is pleased to present 620 Norwich–New London Turnpike, a ±7,616 SF two-story medical and professional office building located along the high-traffic Route 32 corridor in Montville, Connecticut. The property is fully leased to two established healthcare tenants, offering immediate income stability with built-in rent growth and future flexibility for investors or owner-users.
The first floor is anchored by Daleo Liu PLLC, a long-standing dental practice occupying ±2,231 SF under a lease extending through October 2036 with CPI-based rent escalations capped at 4% annually. Kristin Mahan, APRN, occupies ±4,420 SF across the first and second floors under leases running through September 2026. Combined, the tenants generate approximately $103,998 in annual gross income, resulting in a current NOI of roughly $63,000, with the potential to increase to $110,000–$112,000 upon re-leasing at current market rates ($15.50–$16.50/SF NNN).
Situated on ±1.40 acres, the property offers ample parking, ADA accessibility, modern medical infrastructure, and excellent visibility from Route 32, which sees approximately 19,000 vehicles per day. The location provides convenient access to I-395, Norwich, and Mohegan Sun, making it ideal for healthcare, professional, or service-based businesses. Zoned C-1 Commercial with Office Overlay, the property allows a wide range of permitted uses, including medical and dental offices, professional services, personal wellness, childcare, and education-related facilities.
This asset offers a unique opportunity for both investors and owner-users. Investors will benefit from stable healthcare tenancy and CPI-linked escalations, while owner-users can occupy ±4,400 SF upon the 2026 lease expiration and maintain income from the dental practice. Additionally, buyers who plan to occupy 51% or more of the building may qualify for SBA 504 or 7(a) financing, requiring as little as 10% down and offering fixed-rate terms up to 25 years.
With a prime location, strong tenant mix, and clear path for income growth, 620 Norwich–New London Turnpike stands as an excellent stabilized investment today and a flexible owner-user opportunity tomorrow.

DATA ROOM Click Here to Access

FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access

ANNUAL ANNUAL PER SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access

Gross Rental Income
Annual -
Annual Per SF -
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

PROPERTY FACTS

Sale Type
Investment or Owner User
Property Type
Office
Building Size
7,616 SF
Building Class
C
Year Built/Renovated
1988/2004
Price
$1,200,000
Price Per SF
$157.56
Cap Rate
5.25%
NOI
$63,000
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
3,295 SF
Building FAR
0.12
Lot Size
1.40 AC
Zoning
C-1 - C-1 Commercial District with Office Overlay, one of the town’s most versatile commercial zones.
Parking
39 Spaces (3.83 Spaces per 1,000 SF Leased)

AMENITIES

  • Fitness Center
  • Signage

MAJOR TENANTS Click Here to Access

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE TYPE
  • LEASE END
  • Connecticut Physical Therapy Specialist
  • Health Care and Social Assistance
  • -
  • $9.99
  • Lorem Ipsum
  • Jan 0000
TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE TYPE LEASE END
Connecticut Physical Therapy Specialist Health Care and Social Assistance - $9.99 Lorem Ipsum Jan 0000

SPACE AVAILABILITY

  • SPACE
  • SIZE
  • SPACE USE
  • CONDITION
  • AVAILABLE
  • 1st Floor
  • 1,900 SF
  • Office/Retail
  • Full Build-Out
  • 60 Days

Versatile Commercial Space for Lease | Rogers Ave Corridor – Montville, CT This flexible commercial space, currently operating as a gym, offers a wide range of potential uses including fitness, medical, physical therapy, or professional office. The existing layout features changing rooms, two half baths, a reception area, and open floor space adaptable to a variety of configurations. The unit is equipped with central heating and air conditioning for year-round comfort. For fitness operators, the current gym equipment may be available for purchase directly from the existing tenant, providing a turnkey opportunity. The space can also be expanded and combined with adjacent suites for up to ±4,420 square feet of contiguous space. Located along the high-traffic Route 32 corridor, this property benefits from excellent visibility, signage opportunities, and convenient access to I-395, making it ideal for both client-facing and destination-based businesses. Nearby employers include Mohegan Sun, Electric Boat, and Backus Hospital, adding to the steady flow of professionals and residents in the area. Ample on-site parking and professional neighboring tenants make this an excellent choice for a growing business seeking a visible and accessible Montville location.

  • 1st Floor
  • 1,650 SF
  • Office/Medical
  • -
  • 60 Days

620 Norwich–New London Turnpike | Montville, CT This ±1,650 SF first-floor medical office suite offers an exceptional opportunity for healthcare or professional users seeking a visible, accessible, and move-in-ready space along the busy Route 32 corridor. The existing layout includes a welcoming reception and waiting area, five private offices/exam rooms, and a full bathroom, making it ideal for medical, therapy, or professional office operations. The space is in excellent condition and can easily be adapted to meet the needs of various professional uses. For larger users, additional contiguous space is available, allowing for expansion up to ±4,420 square feet total. The building is also currently offered for sale, presenting an opportunity for an owner-user to lease now and purchase later. Conveniently located minutes from I-395, Norwich, and Mohegan Sun, this property provides high visibility, ample on-site parking, and a professional setting surrounded by other healthcare and service-oriented tenants.

  • 2nd Floor
  • 1,190 SF
  • Office/Medical
  • -
  • 60 Days

620 Norwich–New London Turnpike | Montville, CT Located within a modern, well-maintained professional building along the high-traffic Route 32 corridor, this ±1,190 SF second-floor office suite offers an excellent opportunity for medical, wellness, or professional users seeking a move-in-ready space in a prime Montville location. The current layout features six private offices or treatment rooms, two bathrooms, and a kitchen/break area, providing an efficient and flexible setup for a variety of professional or clinical uses. The space benefits from central heating and air conditioning, ample natural light, and on-site parking with easy access for clients and staff. For tenants requiring additional space, this suite can be combined with adjacent areas for up to ±4,420 square feet of contiguous space. The building is also offered for sale, creating a unique opportunity for an owner-user to secure both occupancy and long-term investment potential. Situated minutes from I-395, Norwich, and Mohegan Sun, the property offers outstanding visibility, accessibility, and proximity to major employers, including healthcare and service-related businesses.

Space Size Space Use Condition Available
1st Floor 1,900 SF Office/Retail Full Build-Out 60 Days
1st Floor 1,650 SF Office/Medical - 60 Days
2nd Floor 1,190 SF Office/Medical - 60 Days

1st Floor

Size
1,900 SF
Space Use
Office/Retail
Condition
Full Build-Out
Available
60 Days

1st Floor

Size
1,650 SF
Space Use
Office/Medical
Condition
-
Available
60 Days

2nd Floor

Size
1,190 SF
Space Use
Office/Medical
Condition
-
Available
60 Days

1st Floor

Size 1,900 SF
Space Use Office/Retail
Condition Full Build-Out
Available 60 Days

Versatile Commercial Space for Lease | Rogers Ave Corridor – Montville, CT This flexible commercial space, currently operating as a gym, offers a wide range of potential uses including fitness, medical, physical therapy, or professional office. The existing layout features changing rooms, two half baths, a reception area, and open floor space adaptable to a variety of configurations. The unit is equipped with central heating and air conditioning for year-round comfort. For fitness operators, the current gym equipment may be available for purchase directly from the existing tenant, providing a turnkey opportunity. The space can also be expanded and combined with adjacent suites for up to ±4,420 square feet of contiguous space. Located along the high-traffic Route 32 corridor, this property benefits from excellent visibility, signage opportunities, and convenient access to I-395, making it ideal for both client-facing and destination-based businesses. Nearby employers include Mohegan Sun, Electric Boat, and Backus Hospital, adding to the steady flow of professionals and residents in the area. Ample on-site parking and professional neighboring tenants make this an excellent choice for a growing business seeking a visible and accessible Montville location.

1st Floor

Size 1,650 SF
Space Use Office/Medical
Condition -
Available 60 Days

620 Norwich–New London Turnpike | Montville, CT This ±1,650 SF first-floor medical office suite offers an exceptional opportunity for healthcare or professional users seeking a visible, accessible, and move-in-ready space along the busy Route 32 corridor. The existing layout includes a welcoming reception and waiting area, five private offices/exam rooms, and a full bathroom, making it ideal for medical, therapy, or professional office operations. The space is in excellent condition and can easily be adapted to meet the needs of various professional uses. For larger users, additional contiguous space is available, allowing for expansion up to ±4,420 square feet total. The building is also currently offered for sale, presenting an opportunity for an owner-user to lease now and purchase later. Conveniently located minutes from I-395, Norwich, and Mohegan Sun, this property provides high visibility, ample on-site parking, and a professional setting surrounded by other healthcare and service-oriented tenants.

2nd Floor

Size 1,190 SF
Space Use Office/Medical
Condition -
Available 60 Days

620 Norwich–New London Turnpike | Montville, CT Located within a modern, well-maintained professional building along the high-traffic Route 32 corridor, this ±1,190 SF second-floor office suite offers an excellent opportunity for medical, wellness, or professional users seeking a move-in-ready space in a prime Montville location. The current layout features six private offices or treatment rooms, two bathrooms, and a kitchen/break area, providing an efficient and flexible setup for a variety of professional or clinical uses. The space benefits from central heating and air conditioning, ample natural light, and on-site parking with easy access for clients and staff. For tenants requiring additional space, this suite can be combined with adjacent areas for up to ±4,420 square feet of contiguous space. The building is also offered for sale, creating a unique opportunity for an owner-user to secure both occupancy and long-term investment potential. Situated minutes from I-395, Norwich, and Mohegan Sun, the property offers outstanding visibility, accessibility, and proximity to major employers, including healthcare and service-related businesses.

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
MONT-000079-000006
Land Assessment
$116,200 (2025)
Improvements Assessment
$463,960 (2025)
Total Assessment
$580,160 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
  • Listing ID: 38224409

  • Date on Market: 10/27/2025

  • Last Updated:

  • Address: 620 Route 32, Uncasville, CT 06382

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