The Haymarket (Rockwell) Building | 97-105 Main St
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The Haymarket (Rockwell) Building 97-105 Main St
14,676 SF 84% Leased Office Building Norwich, CT 06360 $1,000,000 ($68/SF) 7.95% Cap Rate
Investment Highlights
- High Traffic Counts and Visibility
- Easy to Manage | Larger Tenant Area
- Well Maintained | Professional Building
- Prime Downtown Location
- Upside Rent Potential
- Historic Rockwell Building - https://historicbuildingsct.com/rockwell-building-norwich-1860/
Executive Summary
Investors, Developers or Owner Occupied - take note: The Haymarket Building is a beautiful, professional office building in downtown Norwich with street level storefronts. Currently home of the popular La Stella Pizzeria, Legal Offices, and State of CT Judicial Offices.
This Historic building was originally known as the Rockwell Building, which is a distinctive flatiron-type structure, with storefronts facing Main and Market streets in downtown Norwich. It was built around 1860 in the impressive Romanesque Revival style. Recently renovated with updated electrical, mechanicals and interiors.
Currently offered at a 6.9% Cap Rate with excellent upside potential. Or owner occupied opportunity on the 3rd floor. Possible conversion to mixed use with up to 7,000 SF of residential apartment conversion.
Low maintenance and some longer term leases make this historic building an attractive opportunity for investors. Water views from nearly every part of the building, high vehicle and foot traffic, easy access to major routes and highways, ADA compliant, elevator to each floor, on street parking with nearby access to parking garage.
This Historic building was originally known as the Rockwell Building, which is a distinctive flatiron-type structure, with storefronts facing Main and Market streets in downtown Norwich. It was built around 1860 in the impressive Romanesque Revival style. Recently renovated with updated electrical, mechanicals and interiors.
Currently offered at a 6.9% Cap Rate with excellent upside potential. Or owner occupied opportunity on the 3rd floor. Possible conversion to mixed use with up to 7,000 SF of residential apartment conversion.
Low maintenance and some longer term leases make this historic building an attractive opportunity for investors. Water views from nearly every part of the building, high vehicle and foot traffic, easy access to major routes and highways, ADA compliant, elevator to each floor, on street parking with nearby access to parking garage.
Financial Summary (Pro forma - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$148,656
|
$10.13
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$14,866
|
$1.01
|
| Effective Gross Income |
$133,790
|
$9.12
|
| Taxes |
$31,318
|
$2.13
|
| Operating Expenses |
$22,991
|
$1.57
|
| Total Expenses |
$54,309
|
$3.70
|
| Net Operating Income |
$79,481
|
$5.42
|
Financial Summary (Pro forma - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $148,656 |
| Annual Per SF | $10.13 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $14,866 |
| Annual Per SF | $1.01 |
| Effective Gross Income | |
|---|---|
| Annual | $133,790 |
| Annual Per SF | $9.12 |
| Taxes | |
|---|---|
| Annual | $31,318 |
| Annual Per SF | $2.13 |
| Operating Expenses | |
|---|---|
| Annual | $22,991 |
| Annual Per SF | $1.57 |
| Total Expenses | |
|---|---|
| Annual | $54,309 |
| Annual Per SF | $3.70 |
| Net Operating Income | |
|---|---|
| Annual | $79,481 |
| Annual Per SF | $5.42 |
Property Facts Under Contract
Sale Type
Investment
Property Type
Building Size
14,676 SF
Building Class
B
Year Built
1860
Price
$1,000,000
Price Per SF
$68
Cap Rate
7.95%
NOI
$79,481
Percent Leased
84%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
3,485 SF
Building FAR
3.74
Lot Size
0.09 AC
Opportunity Zone
Yes
Zoning
CC - Commercial
Amenities
- Bus Line
- Signage
- Kitchen
- Fully Carpeted
- Wi-Fi
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 3rd Floor
- 600-2,400 SF
- Office
- Shell Space
- Now
| Space | Size | Space Use | Condition | Available |
| 3rd Floor | 600-2,400 SF | Office | Shell Space | Now |
3rd Floor
| Size |
| 600-2,400 SF |
| Space Use |
| Office |
| Condition |
| Shell Space |
| Available |
| Now |
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Walk Score ®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | NORW-000102-000006-000017 | Total Assessment | $676,200 (2024) |
| Land Assessment | $50,700 (2024) | Annual Taxes | $31,318 ($2.13/SF) |
| Improvements Assessment | $625,500 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
NORW-000102-000006-000017
Land Assessment
$50,700 (2024)
Improvements Assessment
$625,500 (2024)
Total Assessment
$676,200 (2024)
Annual Taxes
$31,318 ($2.13/SF)
Tax Year
2023
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The Haymarket (Rockwell) Building | 97-105 Main St
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