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    153 State St New London, CT 06320

    Sponsored
    For Sale
    $6,500,000

    Prime New London Office Space, 81,312 SF

    Property size:
    81,312 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional five-story, 81,312 square foot executive office building at 153 State Street in New London, Connecticut, presents a unique investment opportunity. Originally constructed in 1885 as a department store, this landmark property boasts a prominent downtown location within a designated Opportunity Zone. The building currently features a mix of retail space on the ground floor and numerous offices on the upper floors. A significant asset is the magnificent atrium on the first floor, accessible from both State Street and Masonic Street. The building sits on a 0.42-acre lot. The property's zoning designation as an Opportunity Zone offers considerable tax advantages for investors. While some apartments have already been completed by the owner, the building's substantial size and layout offer significant potential for conversion into a multi-family residential complex, or continued use as a commercial space. The asking price for this single-tenancy property is $6,500,000. This is a rare chance to acquire a substantial, historically significant building in a vibrant Connecticut city. The net rentable square footage is 81,312 square feet. The property's location in New London County, Connecticut, zip code 06320, provides easy access to major transportation routes and amenities.

    Property Features for 153 State St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    81,312 SF
    Lot Size
    18,295 SF

    Building Details

    Year Built
    1885
    Stories
    5
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    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
    -72.0959341
    Latitude
    41.3549413

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    FAQs

    What type of property is this?
    Mixed-use property - Prime New London Office Space, 81,312 SF
    Where is this mixed-use property located?
    The property is located at 153 State St New London, CT.
    What is the asking price?
    The asking price for this property is $6,500,000.
    Request Owner's contact information
    153 State 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
    153 State St New London, CT 06320
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