Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    48-58 Ocean Avenue New London, CT 6320

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $17 SF/Yr

    6,120 SF retail/medical space with 12' ceilings for rent.

    Type:Commercial
    Property size:
    6,120 SF
    Lot size:
    2.58 Acres
    Added:
    Dec 26, 2025
    Days on Market:
    95
    Last Refresh:
    Mar 26 at 2:40 am

    Property Features for 48-58 Ocean Avenue

    General Information

    Standard status
    Active
    Size
    6,120 SF
    Lot size
    2.58 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1962

    We can help!

    Listing Contact
    SAM LYMAN

    Listing agent SAM LYMAN License #REB.0793484

    Listing office Samuel Lyman, Broker

    Listing date Dec 26, 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 Samuel Lyman, Broker

    Overview

    Retail/Medical Space with High Ceilings

    This 6,120 square foot retail or medical space features high ceilings with a 12-foot clear height. Previously occupied by a dental practice, the property includes an approximately 15,250 square foot full basement with an 8.5-foot clear height. A dock door is present. There is a potential 7,000 square foot expansion area. The property is zoned B-4 and offers ample parking with 8.69 spaces per 1,000 square feet. The electrical capacity is 400 amps.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    New London
    County
    State
    Connecticut
    Longitude
    -72.10707
    Latitude
    41.346066

    Nearby Similar for Lease

    • $15/mo

      Professional Office Building For Lease

      Class B office building with multiple suites available for lease.
      516 Vauxhall Street, New London, CT 06320
      View Details
    • Contact for pricing

      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
    • Contact for pricing

      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
    • Contact for pricing

      Downtown Photography Studio Space

      Functional studio space in downtown New London, ideal for photography.
      38 Green Street, New London, CT 06320
      View Details
    • Contact for pricing

      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
    • Contact for pricing

      New London Commercial Space Available

      First-floor commercial space suitable for office or studio use.
      405 Williams Street, New London, CT 06320
      View Details
    • Contact for pricing

      Office Space in Historic Building

      800 sq ft office space for lease in New London.
      245 Shaw Street #C, New London, CT 06320
      View Details
    • Contact for pricing

      Charming Apartment with Private Deck

      Gorgeous 2-bedroom apartment with modern amenities and convenient location.
      55 Channing St 3, New London, CT 06320
      View Details
    • Contact for pricing

      Luxury Remodeled Apartment in New London

      Remodeled 2-bedroom apartment near restaurants, shops, and boardwalk.
      215 Bank St 2, New London, CT 06320
      View Details
    • Contact for pricing

      Spacious Three-Bedroom Apartment in New London

      Move-in ready apartment near Electric Boat and downtown New London.
      38 Denison Ave 2, New London, CT 06320
      View Details
    • Contact for pricing

      Fully Equipped Restaurant Space

      4,255 SF restaurant space in prime downtown location.
      118 State Street, New London, CT 06320
      View Details
    • Contact for pricing

      Downtown New London Retail Space

      Recently renovated retail space in downtown New London.
      128-138 State St, New London, CT
      View Details

    FAQs

    What type of property is this?
    Retail space - 6,120 SF retail/medical space with 12' ceilings for rent.
    Where is this retail space located?
    The property is located at 48-58 Ocean Avenue New London, CT.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: 6,120 SF retail/medical space with high ceilings (12' clear height); Approximately 15,250 SF full basement below (8.5' clear height); Possible 7,000 SF Expansion Area
    (860) 876-0359
    We can help!
    Listing Contact
    SAM LYMAN
    Real Estate License ID: REB.0793484
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!