Premier Downtown Location | Opportunity Zone | 101 Water St
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Premier Downtown Location | Opportunity Zone 101 Water St
34,440 SF Vacant Office Building Online Auction Sale Norwich, CT 06360
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INVESTMENT HIGHLIGHTS
- Accessible three-story, 34,440-SF versatile office building providing captivating views of the Thames River in Downtown Norwich, Connecticut.
- Diversified opportunity for either an owner/user or value-add investor seeking to acquire a well-established asset in a market with heightened demand.
- Impressively situated with high visibility and ample on-site covered parking options with seamless connectivity to major thoroughfares I-395 and I-95.
- Primely located within an Opportunity Zone and City Enterprise Zone, offering aggressive incentives and funding for economic development projects.
EXECUTIVE SUMMARY
101 Water Street is a premier 34,440-square-foot, three-story office building located in the bustling city center district of Downtown Norwich, Connecticut. The highly visible, masonry-constructed property conveniently includes an on-site covered lot and surface parking options accommodating 85 cars, with an elevator servicing all floors. Built in 1986, the property's first floor was a former bank equipped with a vault and serves as a blank slate unfinished space ready for the next business’ desirable build-out. The second and third floors are finished office spaces with floor-to-ceiling windows offering picturesque views of the scenic Thames River. Each floor also includes ADA-compliant bathrooms, ensuring accessibility and convenience for all future tenants and guests.
101 Water Street is exceptionally positioned less than a 3-mile drive from major thoroughfare Interstate 395, providing seamless connectivity to Interstate 95. This office’s prime location offers easy access to local businesses and national chains, regional markets, and a modern industrial park.
The asset benefits from its key positioning within a Federal Opportunity Zone and City Enterprise Zone. The city obtained $28 million from the American Rescue Plan Act and is aggressively funding economic development projects, and a $3.5 million revolving loan fund is designed to target new businesses. As the city continues to revitalize the market with these generous initiatives, a new owner can take advantage of deploying capital in the area and receiving an impressive return on investment. The asset serves as an excellent acquisition for either an owner/user or a value-add investor seeking to add value in the NE New London/Norwich office submarket. This strengthening submarket has ideally experienced a decrease in vacancies paired with lowering side-supply pressures allowing annual rental growth to increase. Acquire 101 Water Street for the opportunity to revitalize a dynamic asset in a progressing market primed for future business success.
Property tours are available by appointment only. Please contact the listing broker to schedule.
101 Water Street is exceptionally positioned less than a 3-mile drive from major thoroughfare Interstate 395, providing seamless connectivity to Interstate 95. This office’s prime location offers easy access to local businesses and national chains, regional markets, and a modern industrial park.
The asset benefits from its key positioning within a Federal Opportunity Zone and City Enterprise Zone. The city obtained $28 million from the American Rescue Plan Act and is aggressively funding economic development projects, and a $3.5 million revolving loan fund is designed to target new businesses. As the city continues to revitalize the market with these generous initiatives, a new owner can take advantage of deploying capital in the area and receiving an impressive return on investment. The asset serves as an excellent acquisition for either an owner/user or a value-add investor seeking to add value in the NE New London/Norwich office submarket. This strengthening submarket has ideally experienced a decrease in vacancies paired with lowering side-supply pressures allowing annual rental growth to increase. Acquire 101 Water Street for the opportunity to revitalize a dynamic asset in a progressing market primed for future business success.
Property tours are available by appointment only. Please contact the listing broker to schedule.
DATA ROOM Click Here to Access
- Purchase Agreement
MARKET ANALYTICS Click Here to Access
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Market Sale Price per SF
Norwich - CT USA
Market Cap Rate
Norwich - CT USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Building Size
34,440 SF
Building Class
B
Year Built
1986
Percent Leased
Vacant
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
11,480 SF
Slab To Slab
11’
Building FAR
0.86
Lot Size
0.92 AC
Opportunity Zone
Yes
Zoning
CC - CCD
Parking
85 Spaces (2.47 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Bus Line
- Waterfront
Walk Score®
Very Walkable (79)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
12,965
35,457
52,601
2020 Population
13,122
35,562
53,152
2029 Population
12,922
35,399
52,439
2024-2029 Projected Population Growth
-0.3%
-0.2%
-0.3%
Daytime Employees
4,893
24,729
30,529
Total Businesses
680
2,516
3,165
Average Household Income
$72,164
$81,890
$86,738
Median Household Income
$60,102
$62,509
$66,208
Total Consumer Spending
$133.7M
$401.5M
$636.5M
Median Age
37.2
39.6
40.8
2024 Households
5,238
14,466
21,560
Percent College Degree or Above
9%
11%
12%
Average Home Value
$203,703
$221,018
$236,206
ZONING
| Zoning Code | CC (CCD) |
| CC (CCD) |
PROPERTY TAXES
| Parcel Number | NORW-000102-000006-000062 | Improvements Assessment | $1,498,500 |
| Land Assessment | $212,400 | Total Assessment | $1,710,900 |
PROPERTY TAXES
Parcel Number
NORW-000102-000006-000062
Land Assessment
$212,400
Improvements Assessment
$1,498,500
Total Assessment
$1,710,900
SALE ADVISORS
SALE ADVISORS
Connie Howard, VP of Marketing/Real Estate Agent
(860) 439-0663
Contact
Connie Howard is a Commercial & Investment Real Estate Certified Realtor on the U.S. Properties sales and leasing team. She received her B.A. from Stanford University in Political Science & International Relations. She is conversant in Spanish, French and German, an asset to U.S. Properties international clients.
Connie focuses on commercial properties for investment, sale and lease. She brings a diversified background to the company having worked in the financial services and entertainment industries. Connie began her career in equity research at UBS Securities in New York City. She later pursued her passion for music working as a songwriter, pianist, and teacher in Nashville.
A skilled negotiator and deal maker, Connie excels in bringing together the right parties, matching buyers and sellers. She is a natural people person and loves helping clients find the perfect location for their business or investment requirements.
Connie is a native of Old Lyme, CT. She is an award-winning singer/songwriter and continues to perform regularly along the shoreline at social establishments and private parties.
Connie focuses on commercial properties for investment, sale and lease. She brings a diversified background to the company having worked in the financial services and entertainment industries. Connie began her career in equity research at UBS Securities in New York City. She later pursued her passion for music working as a songwriter, pianist, and teacher in Nashville.
A skilled negotiator and deal maker, Connie excels in bringing together the right parties, matching buyers and sellers. She is a natural people person and loves helping clients find the perfect location for their business or investment requirements.
Connie is a native of Old Lyme, CT. She is an award-winning singer/songwriter and continues to perform regularly along the shoreline at social establishments and private parties.
Susan Howard Cihocki, Designated Broker
(860) 941-0694
Contact
Susan Howard is the Designated Broker for US Properties. Previously, she was an independent agent specializing in the sales and marketing of luxury condominiums and residential homes.
Prior to beginning her real estate career, Susan was employed for over 20 years with American Airlines as a flight attendant and sales representative.
Susan is a licensed real estate broker in Connecticut, Rhode Island, and Massachusetts. She specializes in the sales and leasing of office space in Southeastern Connecticut. Over the past years, she has sold or leased commercial property in New London, Waterford, Groton, Stonington, Norwich, Montville, East Lyme, Old Lyme, Taftville, Old Saybrook and Mystic.
Susan continuously provides commercial appraisers with sales and leasing information for the regional real estate market. She was quoted in the New York Times on her vision for the New London real estate market based on the Pfizer Central Research Facility. Her article “New London’s Real Estate Market – A New Beginning” was published in the Commercial Record that featured the commercial real estate activity in Southeastern Connecticut.
Susan has represented clients such as Pfizer, Social Security Administration, GAMBRO Healthcare, Internal Revenue Service, EG & G, Target Data, Washington Trust, Liberty Mutual, H&R Block, People’s Bank, Citizen’s Bank, and Cross Sound Ferry.
Susan is a native of East Lyme and has lived in the Southeastern Connecticut area for most of her life. She has served as a Corporator for The Dime Bank, a member of Economic Development in Old Lyme, CT, a member on the Board of Directors for Big Brothers/Big Sisters, a member on the Board of Directors for Lawrence & Memorial, a member on the Board of Directors for the Eastern Connecticut Symphony Orchestra, and a member of Southeastern Connecticut Cultural Coalition.
Prior to beginning her real estate career, Susan was employed for over 20 years with American Airlines as a flight attendant and sales representative.
Susan is a licensed real estate broker in Connecticut, Rhode Island, and Massachusetts. She specializes in the sales and leasing of office space in Southeastern Connecticut. Over the past years, she has sold or leased commercial property in New London, Waterford, Groton, Stonington, Norwich, Montville, East Lyme, Old Lyme, Taftville, Old Saybrook and Mystic.
Susan continuously provides commercial appraisers with sales and leasing information for the regional real estate market. She was quoted in the New York Times on her vision for the New London real estate market based on the Pfizer Central Research Facility. Her article “New London’s Real Estate Market – A New Beginning” was published in the Commercial Record that featured the commercial real estate activity in Southeastern Connecticut.
Susan has represented clients such as Pfizer, Social Security Administration, GAMBRO Healthcare, Internal Revenue Service, EG & G, Target Data, Washington Trust, Liberty Mutual, H&R Block, People’s Bank, Citizen’s Bank, and Cross Sound Ferry.
Susan is a native of East Lyme and has lived in the Southeastern Connecticut area for most of her life. She has served as a Corporator for The Dime Bank, a member of Economic Development in Old Lyme, CT, a member on the Board of Directors for Big Brothers/Big Sisters, a member on the Board of Directors for Lawrence & Memorial, a member on the Board of Directors for the Eastern Connecticut Symphony Orchestra, and a member of Southeastern Connecticut Cultural Coalition.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
AUCTION CONTACT
Casey Harrell
Contact
Auctioneer License:
Ten-X, Inc. Samantha Corbat RE Brkr REB.0790949
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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