Mixed-Use Building in Downtown New
For Sale
$1,625,000
Pending
53-55 Bank St, New London, CT 06320
Mixed-use property with commercial unit and apartments in downtown.
Property Size7,668 SF
Days on Market125
Property Features for 53-55 Bank St
General Information
Standard status
Pending
Size
7,668 SF
Property subtype
Multi Family
Building Details
Building Size
7,668 SF
Year Built
1897
Listing Agency:
U.S. Properties Real Estate Services, LLC
(615) 293-3878
Listed By:
Constance Howard · License #RES.0798067
(615) 293-3878
Source:
Elliman
Added: Apr 27
Changed: Aug 21
Last Checked: Aug 28 at 11:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of U.S. Properties Real Estate Services, LLC
Investment Insights
Based on property information with market context.
This mixed-use property is located in downtown New London and features one commercial unit and eight apartments. The three-story building has a total area of 10,636 square feet. The ground floor includes a 2,556-square-foot commercial unit, formerly a restaurant, which is currently available and turnkey-ready with furniture, fixtures, and equipment. The second and third floors house eight apartments within a 5,112-square-foot area. The property also includes a 2,556-square-foot basement. The net operating income is approximately $107,329, with potential to increase by leasing the commercial unit, which previously generated $3,075 per month. This property offers stable cash flow. The location has a walk score of 91, indicating it is a walker's paradise, a bike score of 49, indicating it is somewhat bikeable, and a transit score of 36, indicating some transit options are available. The property may be purchased as a package with other nearby properties.
Key Highlights
- Mixed‑use property in downtown New London with 1 commercial unit and 8 apartments.
- Turnkey‑ready 2,556 SF commercial unit (formerly Diamond Pizza) with F,F&E.**
- Stable cash flow with NOI approximately $107,329; potential to increase NOI by leasing the commercial unit.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,727
Businesses Nearby
Explore this area
Business Placement
Demographics for 06320, CT
27,398
Population
12,528
Households
2.2
Avg Household Size
34
Median Age
29%
College-Educated
88%
High-School Grad
5.6 sq mi
ZIP Area
4,893
Density / Sq Mi
$60,224
Median Household Income
$34,932
Median Earnings
$1,304
Median Rent
$234,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial unit and apartments in downtown.
Where is this mixed-use property located?
The property is located at 53-55 Bank St New London, CT.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Mixed‑use property in downtown New London with 1 commercial unit and 8 apartments.; Turnkey‑ready 2,556 SF commercial unit (formerly Diamond Pizza) with F,F&E.**; Stable cash flow with NOI approximately $107,329; potential to increase NOI by leasing the commercial unit.
