29 Sheas Lane, Norwich, CT 06380

• 6 beds |
• 3 baths |
• 3,327 sqft

Property Description

Opportunity knocks! This fully occupied 3-family home on 1.19 acres features a rural feel, thanks to its expansive front yard and buildings set back from the road. Despite its rural ambiance, it offers urban conveniences and presents strong income potential. The 3D tour shows the exterior of the property. Each apartment includes 2 Bedrooms, in-unit laundry hookups, and separate utilities. Two units are located on the ground floor, and all tenants are long-term, with month-to-month agreements. The 2nd-floor tenant is actively planning to purchase, creating the possibility for an owner-occupant Buyer to step in. A detached 4-Car Garage plus a 2-Car Carport adds rental income, and there is abundant off-street parking. Recent updates include a brand-new main house roof and a 5-year-old garage roof. Landlord covers water, sewer, snow removal, and yard maintenance. The current gross monthly income is $3,740, with market rents projected to be higher. The current Cap rate is 5.6%, and it could be increased to 10.0% with modest rental rate increases. A full pro forma is available. This property delivers both stability and growth potential for Investors or flexibility for an Owner-Occupant. Conveniently located in Taftville near Norwich amenities and highways, this opportunity is a rare find. This opportunity is available to Cash Buyers or those using conventional mortgages, as the building won't qualify for FHA or VA financing due to peeling paint.

Listing Status:

Active

Date Added:

September 25, 2025 at 08:21AM

Listing Office:

Garden Realty : (860) 608-8659

Listing Agent:

Gregory Hanner : (860) 608-8659

MLS ID:

24128739

Interior

• Laundry: All Units Have Hook-UpsWasher/Dryer All Units
• Basement: PartialInterior AccessWalk-outConcrete FloorPartial With Walk-Out
• A/C: None
• Heating: Hot AirHot WaterElectricNatural Gas
• Fireplace: Fireplaces: 0

Exterior

• General: PorchGuttersLighting
• Style: Units on different Floors
• Parking: Parking spaces: 15

Construction

• Roofing: Asphalt ShingleOther

Location

• County: New London

Lot

• Driveway: Crushed Stone
• Zoning: R20/R42416889

Utilities

• Water: Private Well
• Sewer: Public Sewer Connected

This listing courtesy of Gregory Hanner, Garden Realty