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

    54 North Main St Griswold, CT 06351

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $650,000

    Two-story commercial building with approved plans for 43 apartments.

    Property size:
    14,543 SF

    Property Features for 54 North Main St

    General Information

    Standard status
    Contract
    Size
    14,543 SF

    Building Details

    Year built
    1928

    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

    Former School Approved for Apartments

    This is a 24,099 square foot, two-story commercial building with a full basement, formerly St. Mary's School. It has town-approved plans to convert the building into 43 apartments, consisting of 37 one-bedroom and 6 two-bedroom units. The first floor will house 13 units and be handicap accessible. The property presents a redevelopment opportunity in an area with high demand for apartments. The building is located 20 miles north of Mohegan Sun Casino, Foxwood Casino, and Norwich, and 30 miles from Electric Boat headquarters. Financing is available through Jewett City Bank.
    Location Intelligence

    Current Use by Public Records

    Post Office Post Office United States Postal ... Post Office Mobile Pantry Church Pyro Audio Recording Studio Ashley Krzywicki, LMFT Crisis Center

    Suggested Use

    Real Estate Agency Law Firm 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
    Griswold
    County
    New London
    State
    Connecticut
    Longitude
    -71.98271
    Latitude
    41.605748

    Nearby Similar for Sale

    • $599,999
      5,016 SF

      Griswold Mixed-Use Property For Sale

      Mixed-use property featuring a home and a steel building.
      730 Plainfield Rd, Griswold, CT 06351
      View Details
    • $2,130,000
      Pending

      Multifamily Portfolio in Griswold, CT

      Portfolio of five multifamily properties for sale in Connecticut.
      12 Property Portfolio St, Griswold, CT 06351
      View Details
    • $895,000
      Pending

      Bethel Road Specialty Property

      Specialty property available for sale on Bethel Road.
      174 Bethel Rd, Griswold, CT 06351
      View Details
    • $650,000
      Pending

      Griswold Multifamily Conversion Opportunity

      24,099 SF building with approved plans for 43 apartments.
      54 North Main St, Griswold, CT 06351
      View Details
    • $599,999

      Griswold Property with Steel Building

      Two-family home and steel building suitable for commercial use.
      730 Plainfield Rd, Griswold, CT 06351
      View Details
    • $500,000
      4,660 SF

      Mixed-Use Property with Income Potential

      Commercial space with residential apartment, ideal for diverse business ventures.
      167-169 Slater Ave, Griswold, CT 06351
      View Details
    • $599,999
      5,016 SF

      Multifamily Home with Steel Building

      Two-family home with a 40' x 80' steel building.
      730 Plainfield Rd, Griswold, CT 06351
      View Details
    • $149,900

      Seasonal Park Model Home

      Furnished 1-bedroom park model home with lake access.
      262 Shetucket Tpke, Griswold, CT 06351
      View Details
    • $129,000

      Updated Mobile Home Near Pond

      Updated 55+ mobile home community near Doaneville Pond.
      80 Sheldon Rd, Griswold, CT 06351
      View Details
    • $299,000

      Griswold, CT Multifamily Land Development

      18.6 Acres, C-1 Zoning, High Potential.
      97R Preston Rd, Griswold, CT 06351
      View Details

    FAQs

    What type of property is this?
    Apartment building - Two-story commercial building with approved plans for 43 apartments.
    Where is this apartment building located?
    The property is located at 54 North Main St Griswold, CT.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: - Town approved plans for conversion to **43 apartments** (37 one-bedroom, 6 two-bedroom).; - Great re-development opportunity in an area with high demand for apartments.; - **13 handicap accessible units on the first floor.**
    (860) 437-0101
    Request Owner's contact information
    54 North Main St Griswold, CT 06351
    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.
    54 North Main St
    Griswold, CT 06351
    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
    54 North Main St Griswold, CT 06351
    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!