Renovated Multifamily Property with
New
For Sale
$799,000
40 Portland Avenue, Old Lyme, CT 06371
Multi-Family For Sale, Old Lyme, CT
Property Size2,225 SF
Lot Size0.12 Acres
Price / SF$359.10
Days on Market6
Property Features for 40 Portland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-10
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 7, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 3
Parking
5
Basement
Crawl Space
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly!
Subdivision
Sound View
Standard status
Active
Size
2,225 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7076
Utilities
Heating system
Baseboard
Water source
Private
Building Details
Year built
1930
Listing Agency:
United Realty Plus · RE/MAX International
(860) 880-0333
Listed By:
Banglian Gao · License #REB.0790952
(860) 518-2068
Added: Aug 20
Changed: Aug 23
Last Checked: Aug 25 at 3:06AM
MLS# 24200781
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.
Investment Insights
Based on property information with market context.
This multifamily property includes two separate homes on a 0.12-acre parcel, with a connected in-law unit within the front residence. The 2,225-square-foot improvements were built in 1930, recently renovated, and freshly painted. The primary home offers 3 bedrooms and 1 bathroom, while the attached in-law unit has 1–2 bedrooms and 1 bathroom. The separate cottage contains 2 bedrooms and 1 bathroom.
The property supports year-round occupancy and includes beach rights, with the beach reachable by a short walk. Water is supplied by a private well, and both buildings share one septic system. The front home uses oil heat for the main unit and propane for the in-law unit; the cottage is also propane-heated. An electric hot water heater serves the main and in-law units. The property is zoned R-10.
The property supports year-round occupancy and includes beach rights, with the beach reachable by a short walk. Water is supplied by a private well, and both buildings share one septic system. The front home uses oil heat for the main unit and propane for the in-law unit; the cottage is also propane-heated. An electric hot water heater serves the main and in-law units. The property is zoned R-10.
Key Highlights
- Two separate homes plus an attached in‑law unit on one 0.12‑acre lot
- 2,225 square feet of improvements built in 1930
- Main home: 3 bedrooms and 1 bathroom
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 06371, CT
9,840
Population
5,503
Households
1.8
Avg Household Size
53
Median Age
56%
College-Educated
98%
High-School Grad
54.0 sq mi
ZIP Area
182
Density / Sq Mi
$127,429
Median Household Income
$60,139
Median Earnings
$1,891
Median Rent
$468,200
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?
Multifamily property - Two residences and an attached in-law unit provide year-round living near the beach.
Where is this multifamily property located?
The property is located at 40 Portland Avenue Old Lyme, CT.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two separate homes plus an attached in‑law unit on one 0.12‑acre lot; 2,225 square feet of improvements built in 1930; Main home: 3 bedrooms and 1 bathroom
