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    Restaurant Space with River-View Deck Title is generated by Realmo AI

    3 Water Street, Groton, CT 06355

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    New
    For Lease
    $38 SF/Yr $3,331/Mo (calc)

    COMMERCIAL - Groton, CT

    Property size:
    1,052 SF
    Lot size:
    0.31 Acres
    Added:
    Jun 1, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 3 Water Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    MDD
    Parking
    1
    Standard status
    Active
    Size
    1,052 SF
    Lot size
    0.31 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1976

    We can help!

    Listing Contact
    Heather Gianacoplos

    Listing agent Heather Gianacoplos License #RES.0800582

    Listing office Compass Connecticut, LLC 22 Holmes Street, Charlestown, CT

    Listing date Jun 1, 2026

    MLS# 24180081

    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.

    HighLights

    • First‑floor commercial space in The Standard, a new luxury mixed‑use building
    • Currently set up as a restaurant; can also accommodate offices or a retail store
    • Includes a large deck directly off the space with views of the Mystic River
    • Restaurant space requires a Type 2 hood (no option for Type 1 hood mentioned)
    • Central air and hot water heating; public water and public sewer
    • 1 assigned parking space plus access to an adjacent public lot

    Overview

    This first-floor suite at 3 Water Street is currently set up for restaurant use and includes a Type 2 hood, with no option for a Type 1 hood. The space features a large deck directly off the unit with views of the Mystic River. While designed as a restaurant, the layout can also accommodate office or retail operations.

    The property is in The Standard, a new luxury, mixed-use building. It is positioned next to heavily foot-trafficked shops and restaurants, with nearby activity including Sift Bakery in downtown Mystic. Parking includes 1 assigned space, with an adjacent public lot available.

    For operators looking for food service with an outdoor deck and Type 2 hood setup, this space offers a built-in configuration to get started. Its flexible interior suitability for office or retail can also appeal to tenants seeking a storefront-style presence within a new mixed-use building and a pedestrian-oriented commercial setting. Zoning is listed as MDD, and the suite is available for rent.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Real Estate Agency 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
    Groton
    County
    New London
    State
    Connecticut
    Longitude
    -71.9769
    Latitude
    41.3658

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    FAQs

    What type of property is this?
    Conventional restaurant - First-floor restaurant space with a large deck off the unit and a Type 2 hood configuration.
    Where is this conventional restaurant located?
    The property is located at 3 Water Street Groton, CT.
    What is the lease rate?
    The lease rate is $38 SF/Yr.
    What are key features of this property?
    This property features: First‑floor commercial space in The Standard, a new luxury mixed‑use building; Currently set up as a restaurant; can also accommodate offices or a retail store; Includes a large deck directly off the space with views of the Mystic River
    (860) 908-4705
    We can help!
    Listing Contact
    Heather Gianacoplos
    Real Estate License ID: RES.0800582
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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.

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