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    345 Bank St New London, CT 06320

    Sponsored
    For Sale
    $1,395,000

    10,380 SF, 4 Units, 100% Occupied

    Property size:
    10,380 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use investment property, located at 345 Bank St in New London, Connecticut, presents a rare opportunity. The 10,380 square foot building, constructed in 1900 and extensively renovated in 2022, boasts a desirable CBD1 zoning classification. The property comprises four units: three residential apartments and a 4,330 square foot restaurant, all currently leased at 100% occupancy. The existing leases have three years remaining, with rent bumps already in place. The building sits on a 0.12-acre lot and includes nine parking spaces. The property's strong performance is further enhanced by the significant growth currently underway in New London. Major developments include a $250 million Coast Guard Museum, a $300 million offshore wind farm staging area, and approximately 1,000 new residential units either under construction or recently completed. General Dynamics' Electric Boat division is also undertaking a substantial hiring initiative, aiming to add approximately 5,000 new employees annually for the next eight years. This influx of residents and workers creates a robust demand for both commercial and residential space, presenting a significant opportunity for future rent increases. The property offers a compelling investment opportunity with excellent potential for strong returns. The building is a two-story structure within a Class B building classification, and is organized as an LLC ownership. The net rentable square footage is 9,988 square feet.

    Property Features for 345 Bank St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    10,380 SF
    Class
    B
    Lot Size
    5,227 SF

    Building Details

    Year Built/Renovated
    1900/2022
    Buildings
    1
    Stories
    2
    Units
    4

    HighLights

    • 100% occupied, four‑unit mixed‑use building (9,988 net rentable sq ft) in New London, CT's CBD1 zone.
    • Three residential apartments and a 4,330 sq ft restaurant with three years remaining on leases, including rent bumps.
    • Nine off‑street parking spaces on a 0.12‑acre lot.
    • Strong growth in New London, including major developments and significant job creation, driving high demand.
    • Excellent cap rate with upside potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Emergency Veterinarian Group ... Veterinarian Shalonda's 4th & Goal Bar

    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
    -72.0986159
    Latitude
    41.3510581

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    FAQs

    What type of property is this?
    Mixed-use property - 10,380 SF, 4 Units, 100% Occupied
    Where is this mixed-use property located?
    The property is located at 345 Bank St New London, CT.
    What is the asking price?
    The asking price for this property is $1,395,000.
    What are key features of this property?
    This property features: 100% occupied, four-unit mixed-use building (9,988 net rentable sq ft) in New London, CT's CBD1 zone.; Three residential apartments and a 4,330 sq ft restaurant with three years remaining on leases, including rent bumps.; Nine off-street parking spaces on a 0.12-acre lot.
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    345 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
    345 Bank St New London, CT 06320
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