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

    53 Bank St New London, CT 06320

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,950,000

    Mixed-use property with commercial unit and apartments in downtown New London.

    Property size:
    10,636 SF
    Lot size:
    0.11 Acres

    Property Features for 53 Bank St

    General Information

    Standard status
    Active
    Size
    10,636 SF
    Lot size
    0.11 Acres

    Building Details

    Year built
    1897

    We can help!

    Listing Contact
    Constance Howard
    Source: Corcoran

    Listing Agency: U.S. Properties Real Estate Services, LLC Listing Agent: Constance Howard

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Property in Downtown

    This mixed-use property is located in downtown New London and features one commercial unit and eight apartments. The three-story building has a total area of 10,636 square feet. The ground floor includes a 2,556-square-foot commercial unit, formerly a restaurant, which is currently available and turnkey-ready with furniture, fixtures, and equipment. The second and third floors house eight apartments, totaling 5,112 square feet. Additionally, there is a 2,556-square-foot basement. The property offers potential for various business uses, particularly for a restaurant in the existing commercial space. The net operating income is approximately $107,329, with potential to increase by leasing the commercial unit, which previously generated $3,075 per month. This property is an excellent investment opportunity with stable cash flow. The property may be purchased as a package with 153 Bank St and 147 Bank Street for a total of 6 commercial units and 17 Apartments.
    Location Intelligence

    Current Use by Public Records

    The Diamond Bar & Pub

    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
    -72.094347
    Latitude
    41.353354

    Nearby Similar for Sale

    • New
      $799,000
      9,870 SF

      Professional Office Building For Sale

      Two-story office building with six suites and ample parking.
      516 Vauxhall St, New London, CT 06320
      View Details
    • $525,000
      4,728 SF

      Downtown Commercial Building with Patio

      Versatile commercial building in downtown New London with income potential.
      200 Bank St, New London, CT 06320
      View Details
    • New
      $249,900
      Pending

      Versatile Office/Warehouse Space For Sale

      Office/warehouse with garage doors, kitchen, bath, and updated finishes.
      264 Vauxhall St, New London, CT 06320
      View Details
    • New
      $119,000
      2,009 SF

      Professional Condominium For Sale

      Versatile professional condominium with well-designed layout and immediate use potential.
      270 Montauk Ave, New London, CT 06320
      View Details
    • New
      $655,000
      3,018 SF

      Turnkey Multifamily Investment Opportunity

      Well-maintained three-unit property in New London, Connecticut.
      190 Montauk Ave, New London, CT 06320
      View Details
    • New
      $400,000
      2,200 SF

      New London Two-Family Property

      Two-family property with garage near amenities and transportation.
      6 Williams St, New London, CT 06320
      View Details
    • New
      $700,000
      3,309 SF

      New London Four-Family Property

      Well-maintained four-unit property near parks and amenities.
      144 Montauk Ave, New London, CT 06320
      View Details
    • New
      $539,000
      2,816 SF

      New London Investment Opportunity

      Three condos in one building, ideal for investors.
      9 Brewer St, New London, CT 06320
      View Details
    • New
      $685,000
      2,369 SF

      Turnkey Three-Family Income Property

      Fully renovated, triple-income property in a high-growth area.
      198 Montauk Ave, New London, CT 06320
      View Details
    • New
      $475,000
      2,526 SF

      Spacious Multifamily Home Near Waterfront

      Large multifamily home with recent updates near New London's downtown.
      65 Colman St, New London, CT 06320
      View Details
    • New
      $315,000
      Pending

      Multifamily Property with Immediate Cashflow

      Well-maintained two-unit property in New London with active leases.
      31 Grand St, New London, CT 06320
      View Details
    • New
      $349,900
      Pending

      New London Multifamily Investment Property

      Multifamily property featuring three units near downtown New London.
      77 Colman St, New London, CT 06320
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial unit and apartments in downtown New London.
    Where is this mixed-use property located?
    The property is located at 53 Bank St New London, CT.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: - Mixed-use property in downtown New London with 1 commercial unit and 8 apartments.; - **Turnkey-ready 2,556 SF commercial unit**, formerly a restaurant, with F,FE.; - **Stable cash flow with NOI approximately $107,329**.
    (860) 437-0101
    Request Owner's contact information
    53 Bank St New London, CT 06320
    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.
    53 Bank St
    New London, CT 06320
    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
    53 Bank St New London, CT 06320
    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

    We can help!
    Listing Contact
    Constance Howard
    Real Estate License ID: RES.0798067
    (860) 437-0101 (860) 439-0663 (860) 691-2011
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!