Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    15 Elm St Groton, CT 06355

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $6,495,000

    Iconic 8-bedroom Inn on 1.5 acres near downtown Mystic.

    Lot size:
    1.52 Acres

    Property Features for 15 Elm St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    1.52 Acres

    Building Details

    Year built
    1860

    We can help!

    Listing Contact
    Judith Caracausa
    Source: Elliman

    Listing Agency: William Pitt Sotheby's Int'l Listing Agent: Judith Caracausa

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic Inn Near Downtown Mystic

    This historic Italianate Victorian hotel-inn, totaling 10,500 square feet, features 8 bedrooms, 8 full bathrooms, and 3 half bathrooms. Situated on 1.5 acres of manicured grounds, the property includes a private parking lot and porte-cochere. The interior boasts 3 grand parlors with hand-painted ceilings, a full commercial kitchen with stainless steel counters, and a formal dining room that seats 30, complete with French doors leading to a brick patio suitable for outdoor dining. There are 5 ornate original fireplaces, converted to gas. The property is serviced by municipal water and sewer. Additional features include a registration area and a potential lower-level speakeasy. The property is zoned for business or private use, offering possibilities as a boutique inn, event venue, or luxury residence. The belvedere offers views. Located steps from historic downtown Mystic, this property is suitable for use as an 8-unit inn, allowing for 6 outdoor events per year under a tent.
    Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

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

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

    Similar Places Nearby

    The Whaler's Inn, Carriage House At 26 Pearl, Mistic Seaport Museum MA, Mystic Arbor Cottage, Sail Tall Tales

    Location Insight

    • Map
    • Local Demand
    City
    Groton
    County
    New London
    State
    Connecticut
    Longitude
    -71.9913046
    Latitude
    41.3267916

    Nearby Similar for Sale

    • New
      $1,300,000
      Pending

      Groton Commercial Investment Opportunity

      Prime commercial parking lot near Electric Boat and Pfizer.
      572 Thames St, Groton, CT 06340
      View Details
    • $157,000
      1,568 SF

      Professional Office Condo For Sale

      Professional office condo in Groton, CT with rental income.
      495 Gold Star Hwy, Groton, CT 06340
      View Details
    • $1,200,000
      2,849 SF

      Mixed-Use Property with Restaurant Business

      Mixed-use property featuring a sushi restaurant and residential house.
      1043 Poquonnock Rd, Groton, CT 06340
      View Details
    • $349,000
      2,471 SF

      Groton Commercial Building For Sale

      2,471 sq ft commercial building in Groton's Five Corners.
      49 Poquonnock Rd, Groton, CT 06340
      View Details
    • $459,000

      Professional Office and Training Facility

      Office space on 0.54 acres with private parking.
      1204 North Rd, Groton, CT 06340
      View Details
    • $79,000
      1,333 SF

      Medical Office with Exam Rooms

      Former dental office with multiple exam rooms and private office.
      489 Gold Star Hwy, Groton, CT 06340
      View Details
    • $459,000
      5,379 SF

      Professional Office and Training Facility

      5,379 Sq. Ft. office space on 0.54 acres.
      1204 North Rd, Groton, CT 06340
      View Details
    • $550,000
      Pending

      Groton Specialty Property For Sale

      Specialty property available for purchase in Groton, Connecticut.
      255 Capstan Ave, Groton, CT 06355
      View Details
    • Contact for pricing
      6,769 SF

      Groton Commercial Buildings For Sale

      Three commercial buildings in Groton, near I-95 and major employers.
      36 North St, Groton, CT 06340
      View Details
    • $1,649,000

      Furnished Rooming House Investment Opportunity

      Fully furnished rooming house with strong cash flow near major employers.
      148 Benham Rd, Groton, CT 06340
      View Details
    • $1,125,000

      Groton Specialty Property For Sale

      Specialty property available for purchase in Groton, Connecticut.
      147 Pequot Ave, Groton, CT 06355
      View Details
    • $2,250,000

      Groton Specialty Property For Sale

      Specialty property available for sale in Groton, Connecticut.
      49 Noble Ave, Groton, CT 06340
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Iconic 8-bedroom Inn on 1.5 acres near downtown Mystic.
    Where is this bed & breakfast located?
    The property is located at 15 Elm St Groton, CT.
    What is the asking price?
    The asking price for this property is $6,495,000.
    What are key features of this property?
    This property features: - Prime location steps from Historic Downtown Mystic.; - **10,500 Sq Ft Italianate Victorian Hotel-Inn featuring 8 Bedrooms and 8 Full Bathrooms.**; - Zoned for business or private use, offering versatile potential (boutique inn, event venue, or luxury residence).
    (860) 912-9903
    Request Owner's contact information
    15 Elm St Groton, CT 06355
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    15 Elm St
    Groton, CT 06355
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    15 Elm St Groton, CT 06355
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Judith Caracausa
    Real Estate License ID: REB.0788601
    (860) 912-9903 (860) 536-5900
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!