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

    224 Shore Rd Old Lyme, CT 06371

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,250,000

    Multi-use property with storage permit and existing rental income.

    Lot size:
    1.70 Acres

    Property Features for 224 Shore Rd

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    1.70 Acres

    Building Details

    Year built
    1928

    We can help!

    Listing Contact
    Jaime Dasilva
    Source: Elliman

    Listing Agent: Jaime Dasilva

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

    Learn more

    Overview

    Multi-Use Property with Storage Permit

    This multi-use property presents an investment opportunity, featuring an approved permit for storage units. The property includes a multi-family house with two rental units currently generating approximately $3400 per month in income. The rear portion of the lot has received full approval and plans for the construction of up to 14,000 square feet of storage units, including office space. The plans detail four storage buildings, ranging in size from 1800 to 4200 square feet. One of the four buildings is designed to include a shop or office. This property represents the last available space in Old Lyme where storage space can be developed. The site is level and open, offering ease of construction.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Building Supply Gym & Fitness Center Auto Repair Shop Kitchen & Bath Showroom Hotel & Motel Bar & Pub Computer & Electronic Repair

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

    Location Insight

    • Map
    • Local Demand
    City
    Old Lyme
    County
    New London
    State
    Connecticut
    Longitude
    -72.2880026
    Latitude
    41.2895594

    Nearby Similar for Sale

    • $550,000
      2,548 SF

      Old Lyme Mixed-Use Property

      Mixed-use property suitable for residence and business.
      34 Lyme St, Old Lyme, CT 06371
      View Details
    • $550,000
      2,548 SF

      Lyme Street Mixed-Use Opportunity

      Live and work in one phenomenal location on Lyme Street.
      34 Lyme St, Old Lyme, CT 06371
      View Details
    • $1,995,000

      Black Hall Marina For Sale

      Scenic marina with retail, storage, and rental income.
      132 Shore Rd, Old Lyme, CT 06371
      View Details
    • $1,300,000

      Specialty Property for Sale

      Specialty property available for purchase.
      23 Lords Meadow Ln, Old Lyme, CT 06371
      View Details
    • $759,500
      Pending

      Specialty Property for Sale

      Specialty property available for purchase.
      2 Riverdale Lndg, Old Lyme, CT 06371
      View Details
    • $1,765,000
      Pending

      Sill Ln Specialty Property

      Specialty property available for sale.
      70 Sill Ln, Old Lyme, CT 06371
      View Details
    • $1,995,000
      3,328 SF

      Black Hall Marina For Sale

      Marina with retail, storage, rentals, and living space.
      132 Shore Rd, Old Lyme, CT 06371
      View Details
    • Contact for pricing
      50,223 SF

      Retail Hub with Upside Potential

      Ideally located retail hub with long-term tenancy and strong demographics.
      19 Halls Rd, Old Lyme, CT 06371
      View Details
    • $1,150,000
      Pending

      Riverdale Landing Specialty Property

      Specialty property for sale in Old Lyme, Connecticut.
      22 Riverdale Lndg, Old Lyme, CT 06371
      View Details
    • $1,995,000

      Black Hall Marina For Sale

      Scenic marina with retail, rentals, and storage warehouse.
      132 Shore Rd, Old Lyme, CT 06371
      View Details
    • $1,250,000
      1,698 SF

      Multi-Use Property with Storage Permit

      Multi-use property with storage unit permit and rental income.
      224 Shore Rd, Old Lyme, CT 06371
      View Details
    • $99,000

      Turnkey Fitness Center in Old Lyme

      Snap Fitness Center in Old Lyme's commercial center for sale.
      54 Halls Rd, Old Lyme, CT 06371
      View Details

    FAQs

    What type of property is this?
    Duplex - Multi-use property with storage permit and existing rental income.
    Where is this duplex located?
    The property is located at 224 Shore Rd Old Lyme, CT.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: - Approved permit for **14,000 sq ft of storage units with office space.**; - Existing multi-family house with two rental units generating approximately $3400/month income.; - Last available space in Old Lyme approved for storage unit construction.
    (860) 388-3936
    Request Owner's contact information
    224 Shore Rd Old Lyme, CT 06371
    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.
    224 Shore Rd
    Old Lyme, CT 06371
    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
    224 Shore Rd Old Lyme, CT 06371
    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
    Jaime Dasilva
    (860) 388-3936 (860) 681-3654
    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!