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    27 Bank St New London, CT 06320

    Sponsored
    For Sale
    $567,000

    Prime location, 11,656 SF, development ready.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use property at 27 Bank Street in New London, Connecticut, presents a unique investment opportunity. The four-story, 11,656 square foot building, constructed in 1875, is situated in the heart of the downtown area, offering unparalleled visibility and accessibility. Currently gutted and ready for build-out, this property boasts city approvals for the creation of nine residential apartments and two commercial spaces, providing a diverse income stream potential. A substantial 2,919 square foot basement adds significant additional space. The 0.08-acre lot is zoned CBD1. A 2021 appraisal and architectural renderings are available for review, providing comprehensive insights into the property's potential. Its prime location offers convenient proximity to the Amtrak station and the future US Coast Guard Museum, ensuring high foot traffic and strong tenant demand. This is an exceptional chance to capitalize on the revitalization of downtown New London and create a thriving mixed-use development. The property's versatility, combined with its strategic location and existing approvals, makes it an attractive investment for both experienced developers and discerning investors seeking a high-return opportunity in a rapidly growing market. The building's history adds character, while its modern potential ensures a bright future.

    Property Features for 27 Bank St

    General Information

    Property type
    Individual retail properties
    Lot Size
    3,485 SF

    Building Details

    Year Built
    1875
    Buildings
    1
    Stories
    4

    HighLights

    • Four‑story, 11,656 SF mixed‑use building in downtown New London, CT, ready for build‑out.
    • City approvals for nine residential units and two commercial spaces.
    • 2,919 SF basement.
    • Prime downtown location near Amtrak station and future US Coast Guard Museum.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    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
    -72.0943344
    Latitude
    41.3537307

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    FAQs

    What type of property is this?
    Individual retail property - Prime location, 11,656 SF, development ready.
    Where is this individual retail property located?
    The property is located at 27 Bank St New London, CT.
    What is the asking price?
    The asking price for this property is $567,000.
    What are key features of this property?
    This property features: Four-story, 11,656 SF mixed-use building in downtown New London, CT, ready for build-out.; City approvals for nine residential units and two commercial spaces.; 2,919 SF basement.
    Request Owner's contact information
    27 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
    27 Bank St New London, CT 06320
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