Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Iconic Stonington Borough Restaurant Property Title is generated by Realmo AI

    143 Water Street, Stonington, CT 06378

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,500,000

    Rare investment opportunity: historic restaurant with modern enhancements.

    Property size:
    4,374 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $342/SF
    Added:
    Mar 17, 2026
    Days on Market:
    68
    Last Refresh:
    Mar 18 at 7:50 am

    Property Features for 143 Water Street

    General Information

    Standard status
    Active
    Size
    4,374 SF
    Lot size
    0.07 Acres

    Building Details

    Year Built
    1850

    We can help!

    Listing Contact
    KRIS WHELAN

    Listing agent KRIS WHELAN

    Listing office Switz Real Estate Associates

    Listing date Mar 17, 2026

    Source Corcoran

    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 Switz Real Estate Associates

    HighLights

    • Iconic restaurant property in the heart of Stonington Borough at 143 Water Street.
    • Rare two‑fold investment opportunity.
    • Blends historic charm with modern enhancements.
    • Meticulously maintained three‑story property.
    • Recent renovations include new Andersen windows.
    • Fully modernized kitchen.

    Overview

    Located at 143 Water Street in Stonington Borough, CT, Water Street Cafe presents a rare investment opportunity. This iconic restaurant property combines historic charm with modern enhancements. Originally built in 1850, the three-story property has been maintained and updated to preserve its character while maximizing efficiency. Recent renovations include new Andersen windows and a fully modernized kitchen. The property has a size of 4374 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Water Street Cafe Restaurant

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Accounting Firm Kitchen & Bath Showroom Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Stonington
    County
    New London
    State
    Connecticut
    Longitude
    -71.9066829
    Latitude
    41.3349178

    Nearby Similar for Sale

    • $365,000
      1,440 SF

      Stonington Multi-Family Income Property

      Two-unit property in move-in condition, ideal for owner-occupancy or investment.
      51 Pequot Trail, Stonington, CT 06379
      View Details
    • $4,250,000
      12,145 SF

      Historic Mixed-Use Stonington Property

      Eleven-unit mixed-use property in Stonington Borough's commercial Village District.
      117 Water Street, Stonington, CT 06378
      View Details
    • $4,250,000
      12,145 SF

      Historic Mixed-Use Stonington Property

      Eleven-unit mixed-use property in Stonington Borough's commercial Village District.
      117 Water Street, Stonington, CT 06378
      View Details
    • $3,700,000
      4,962 SF

      Income-Producing Multifamily Portfolio in Mystic

      Three multifamily properties near Downtown Mystic offer robust cash flow.
      9 School (4 and 6 School Place)(Mystic) Street, Stonington, CT 06355
      View Details
    • $2,500,000
      17,513 SF

      Multi-Tenant Office Property For Sale

      Multi-tenant professional office property in Mystic/Stonington shoreline market.
      107 Wilcox Road, Stonington, CT 06378
      View Details
    • $2,500,000

      Multi-Tenant Office Property For Sale

      Multi-tenant professional office property in Mystic/Stonington shoreline market.
      107 Wilcox Rd, Stonington, CT 06378
      View Details
    • $365,000

      Stonington Two-Family Home For Sale

      Two-family home with recent upgrades and convenient location.
      51 Pequot Trl, Stonington, CT 06379
      View Details
    • $1,500,000

      Historic Stonington Restaurant Opportunity

      Iconic restaurant property in Stonington Borough with modern enhancements.
      143 Water St, Stonington, CT 06378
      View Details
    • $450,000
      1,378 SF

      Established Restaurant with Patio Seating

      Restaurant building with indoor and outdoor seating, parking, and storage.
      15 Palmer Street, Stonington, CT 06379
      View Details
    • Contact for pricing
      1,300 SF

      Newly Renovated Shared Office Space

      High-exposure, shared office space in Pawcatuck, Route 1 location.
      158 South Broad Street Unit 3B, Stonington, CT 06379
      View Details
    • $1,150,000
      4,481 SF

      Professional Office Building with Parking

      Mint condition office building with parking in prime location.
      118 South Broad Street, Stonington, CT 06379
      View Details
    • $4,495,000

      Historic Mixed-Use Stonington Property

      Eleven-unit mixed-use property in Stonington Borough's commercial Village District.
      117 Water St, Stonington, CT 06378
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Rare investment opportunity: historic restaurant with modern enhancements.
    Where is this conventional restaurant located?
    The property is located at 143 Water Street Stonington, CT.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Iconic restaurant property in the heart of Stonington Borough at 143 Water Street.; Rare two‑fold investment opportunity.; Blends historic charm with modern enhancements.
    (860) 572-9501
    We can help!
    Listing Contact
    KRIS WHELAN
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    143 Water Street, Stonington, CT 06378
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!