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    The Largest CRE Database in the US with Over 1 Million Listings

    198 Montauk Ave New London, CT 06320

    Sponsored
    For Sale
    $685,000

    MULTI_FAMILY - New London, CT

    Property size:
    2,369 SF
    Lot size:
    0.17 Acres
    Days on Market:
    20
    Last Refresh:
    Feb 25 at 12:06 pm

    Property Features for 198 Montauk Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-2
    Rooms
    Bedroom 2, Bathroom 2, Basement, Bathroom 3, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1
    Bedrooms
    5
    Bathrooms
    3
    Parking
    12
    Exterior features
    Balcony,Sidewalk,Gutters,Lighting
    Basement
    Concrete, Full
    Size
    2,369 SF
    Lot size
    0.17 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard
    Water source
    Public

    Building Details

    Year built
    1890

    We can help!

    Listing Contact
    Ferdinand Giacinto
    Ferdinand Giacinto

    RE/MAX ON THE BAY (860) 739-0888

    Listing agent Ferdinand Giacinto (860) 739-0888

    Listing date Feb 6, 2026

    MLS# 24146139

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Turnkey Three-Family Income Property

    This is a fully renovated three-family property, offering a triple-income stream in a bustling and high-growth area with thriving local commerce. The property has been completely reimagined with quality updates and finishes, offering a blend of income and long-term financial stability. Renovations include new kitchens and baths, and updated mechanicals across all three units. There is off-street parking and laundry facilities on the premises. The investment is optimized for favorable market rents with separate utilities to keep overhead low. The property has been modernized from top to bottom, minimizing future capital expenditures. The location is minutes from Electric Boat Sub Base and other major employers. The location is also convenient to restaurants, shops, theater, library, music venues, fitness training, and health care. The property is a cash flow opportunity. The property is zoned R-2 and has a lot size of 0.17 acres. The property size is 2369 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New London
    County
    State
    Connecticut
    Longitude
    -72.10487
    Latitude
    41.34231

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    FAQs

    What type of property is this?
    Triplex - Fully renovated, triple-income property in a high-growth area.
    Where is this triplex located?
    The property is located at 198 Montauk Ave New London, CT.
    What is the asking price?
    The asking price for this property is $685,000.
    What are key features of this property?
    This property features: - Fully renovated, turnkey three-family property providing immediate cash flow.; - Prime location near Electric Boat Sub Base and other major employers, ensuring high occupancy.; - New kitchens and baths, updated mechanicals, and low-maintenance design minimizing future expenses.
    (860) 912-0694
    Request Owner's contact information
    198 Montauk Ave New London, CT 06320
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    New London, CT 06320
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    198 Montauk Ave New London, CT 06320
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    We can help!
    Listing Contact
    Ferdinand Giacinto
    Ferdinand Giacinto
    Real Estate License ID: RES.0257400
    (860) 912-0694 (860) 739-0888
    Learn more
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