Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Downtown Photography Studio Space Title is generated by Realmo AI

    38 Green Street, New London, CT 06320

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2,900/Mo $11 SF/Yr (calc)

    Functional studio space in downtown New London, ideal for photography.

    Type:Commercial
    Property size:
    3,000 SF
    Lot size:
    0.07 Acres
    Added:
    Dec 16, 2025
    Days on Market:
    152
    Last Refresh:
    Apr 5 at 11:24 pm

    Property Features for 38 Green Street

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Lot size
    0.07 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    SHANNON HEALY

    Listing agent SHANNON HEALY

    Listing office Parker Benjamin Real Estate Se

    Listing date Dec 16, 2025

    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 Parker Benjamin Real Estate Se

    HighLights

    • 3,000 sq ft of flexible studio space in downtown New London.
    • Specialized cyclorama for professional photography.
    • Recently updated with modern finishes, including hardwood floors and large windows.
    • Dedicated dark room space.
    • Includes client consultation area, kitchenette, and lounge.
    • Equipped with track lighting and ample electrical outlets.

    Overview

    This functional studio space, located in downtown New London, is designed for photography businesses. The property offers approximately 3,000 square feet of flexible studio space with an open layout. High ceilings and expansive walls feature a specialized cyclorama, providing an ideal backdrop for photography work. Recent updates include modern finishes, sleek hardwood floors, and large windows for natural light. A dedicated dark room space is also available. The studio includes a dedicated shooting area, a client consultation area, and ample storage for equipment and props. Additional amenities feature a kitchenette and a comfortable lounge area for clients. Track lighting and additional electrical outlets are installed to accommodate professional lighting setups.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    GREENWAY Construction Company

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    New London
    County
    State
    Connecticut
    Longitude
    -72.096
    Latitude
    41.3541

    Nearby Similar for Lease

    • $2,900/Mo
      3,000 SF

      Functional Studio Space in Downtown

      3,000 SF studio space in vibrant downtown New London.
      38 Green St, New London, CT 06320
      View Details
    • $1,200/Mo
      468 SF

      Refreshed Commercial Unit in New London

      Well-maintained 468 sq ft commercial unit for rent.
      455 Williams St 1, New London, CT 06320
      View Details
    • $17 SF/Yr
      6,120 SF

      Retail/Medical Space with High Ceilings

      6,120 SF retail/medical space with expansion potential.
      48-58 Ocean Ave, New London, CT 06320
      View Details
    • $1,692/Mo
      8,180 SF

      Office/Retail Space Overlooking Shaw's Cove

      Office and retail spaces available in pristine New London location.
      88-A Howard Street, New London, CT 06320
      View Details
    • $2,000/Mo
      800 SF

      Versatile Commercial Unit in New London

      800 SF commercial unit ideal for retail, food, or office.
      6 Lower Blvd, New London, CT 06320
      View Details
    • $2,000/Mo
      5,027 SF

      Versatile Commercial Unit For Rent

      800 SF commercial unit ideal for retail or office.
      6 Lower Boulevard, New London, CT 06320
      View Details
    • $1,500/Mo
      675 SF

      New London Office Space Available

      Office space for lease near downtown New London.
      245 Shaw Street #C, New London, CT 06320
      View Details
    • $1,200/Mo
      486 SF

      East New London Commercial Unit

      Well-maintained commercial unit in thriving coastal submarket, ideal for professionals.
      455 Williams Street #1, New London, CT 06320
      View Details
    • $2,100/Mo
      899 SF

      Freestanding Commercial Building with Drive-Throughs

      Commercial building with two drive-throughs, suitable for restaurant or retail.
      458 Ocean Avenue, New London, CT 06320
      View Details
    • $15 SF/Yr
      1,132 SF

      Downtown Retail Space Available

      Commercial unit in downtown New London with high visibility.
      153 Bank Street, New London, CT 06320
      View Details
    • Sponsored
      $129-$9,318/Mo
      11-1,292 SF

      Eugene O'Neill Drive

      125 Eugene O&Apos Neill Dr, New London, CT 06320
      View Details
    • $1,700/Mo
      1,500 SF

      New London Commercial Flex Space

      Versatile 1,500 sq ft commercial space in historic building.
      245 Shaw Street #B, New London, CT 06320
      View Details

    FAQs

    What type of property is this?
    Creative space - Functional studio space in downtown New London, ideal for photography.
    Where is this creative space located?
    The property is located at 38 Green Street New London, CT.
    What is the lease rate?
    The lease rate is $2,900 /Mo.
    What are key features of this property?
    This property features: 3,000 sq ft of flexible studio space in downtown New London.; Specialized cyclorama for professional photography.; Recently updated with modern finishes, including hardwood floors and large windows.
    (860) 269-7272
    We can help!
    Listing Contact
    SHANNON HEALY
    Learn More
    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
    38 Green Street, New London, CT 06320
    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!