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    24 Bank St New London, CT 06320

    Sponsored
    For Lease
    $15 SF/Yr ($17,620 /Mo)

    Prime Retail Space, 1500 sq ft available.

    Lot size:
    14,096 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 1,500 square foot retail or restaurant space is situated in the heart of New London's vibrant downtown, at the near corner of Bank and State Streets. The property, part of a larger building totaling 14,096 square feet, offers a fantastic opportunity for a variety of businesses. Built in 1800, the single-story building boasts attractive features including high ceilings and hardwood floors, complemented by central air conditioning for year-round comfort. The space is immediately available, offering 1,500 contiguous square feet, the minimum divisible unit size. While the maximum contiguous space available is also 1,500 square feet, the entire building is available for lease as a multi-tenant property. Adding to its appeal is the potential use of a small patio area located in front of the building, providing additional outdoor space. The property benefits from excellent visibility due to its prime location and enjoys convenient proximity to both the train and ferry stations, ensuring easy access for customers and employees. Parking is available on the street. The property sits on 0.16 acres of land and is zoned CBD1 within New London County. This is a rare opportunity to establish a business in a highly desirable and accessible location.

    Property Features for 24 Bank St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    14,096 SF
    Total Rate
    17620

    Building Details

    Year Built
    1800
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Available Space 1
    Size
    1,500 SF
    Rate per SF
    $15

    HighLights

    • 1,500 SF of retail space available for lease in downtown New London, CT.
    • Located at 24 Bank Street, near the corner of Bank Street & State Street.
    • High ceilings and hardwood floors.
    • Central AC.
    • Potential use of small front patio.
    • Excellent visibility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Neighborhood Sole Vintage Clothing Store

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    New London
    County
    New London
    State
    Connecticut
    Longitude
    -72.0938477
    Latitude
    41.3536165

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    FAQs

    What type of property is this?
    Retail property - Prime Retail Space, 1500 sq ft available.
    Where is this retail property located?
    The property is located at 24 Bank St New London, CT.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 1,500 SF of retail space available for lease in downtown New London, CT.; Located at 24 Bank Street, near the corner of Bank Street & State Street.; High ceilings and hardwood floors.
    Request Owner's contact information
    24 Bank St New London, CT 06320
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    New London, CT 06320
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    Realmo Value Estimation

    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.

    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.

    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
    24 Bank St New London, CT 06320
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