Chozick Realty brokers $2.2 million sale of Thayer Building Apartments - mixed-use property located at 16 Franklin St.

Norwich, CT Chozick Realty has closed the sale of Thayer Building Apartments, a lender-owned mixed-use property located at 16 Franklin St. The property sold for $2.2 million.

The Thayer Building Apartments comprise 29 residential units and 5,600 s/f of ground-floor commercial space, offering a highly desirable mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments. Originally constructed in 1915, the building underwent a comprehensive conversion from office use to residential in 2006, including installation of individual in-unit gas HVAC systems, separate utilities, new elevators, and extensive modernization of building systems.

“This sale represents an excellent value-add opportunity in one of eastern Connecticut’s most dynamic growth corridors,” said Rick Chozick, broker at Chozick Realty. “Norwich continues to benefit from the economic strength of nearby anchors such as Pfizer, General Dynamics Electric Boat, Mohegan Sun, and Foxwoods, and investor interest in well-located multifamily assets remains strong.”

Chozick Realty represented the seller in the transaction and also procured the buyer.