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    8 Bank St New London, CT 06320

    For Lease
    $194 SF/Yr

    Prime Corner Location, 2,226 SF, 6 Months Free Rent

    Lot size:
    2,226 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 2,226-square-foot retail or restaurant space is ideally situated on a prime corner lot in the heart of downtown New London, CT, at the intersection of Bank Street and State Street. The property boasts a prominent street presence with 1,308 square feet facing Bank Street and 918 square feet on State Street, ensuring high visibility and foot traffic. Built in 1900, this single-story building sits on a 0.05-acre lot and is zoned CBD1, offering flexibility for a variety of commercial uses. The space is currently vacant and features ample indoor seating for approximately 65 patrons, making it perfect for a restaurant or other high-traffic business. A fully equipped kitchen is included, featuring a hood system, fryolators, pizza oven, gas stove, three-bay sink, and a walk-in cooler, among other appliances. The property is offered "as is" with an attractive incentive: six months of free rent. The lease rate thereafter is $3,000 per month, plus utilities. Its convenient location near the train station and ferry terminal provides easy access for both employees and customers. This is a rare opportunity to secure a highly visible and well-equipped commercial space in a thriving downtown area.

    Property Features for 8 Bank St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,226 SF

    Building Details

    Year Built
    1900
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    2,226 SF
    Rate per SF
    $194

    HighLights

    • Retail and restaurant space totaling 2,226 square feet.
    • Single‑tenant occupancy.
    • Located on a prime corner lot in downtown New London, CT at the intersection of Bank Street and State Street.
    • Building features approximately 1,308 square feet on Bank Street and 918 square feet on State Street.
    • Built in 1900, the one‑story building sits on a 0.05‑acre lot and is zoned CBD1.
    • Includes kitchen equipment (hood, fryolators, pizza oven, gas stove, 3‑bay sink, walk‑in cooler).
    Property Profile Insight Report 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 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
    -72.093805
    Latitude
    41.3538903

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    FAQs

    What type of property is this?
    Restaurant - Prime Corner Location, 2,226 SF, 6 Months Free Rent
    Where is this restaurant located?
    The property is located at 8 Bank St New London, CT.
    What is the lease rate?
    The lease rate is $194 SF/Yr.
    What are key features of this property?
    This property features: Retail and restaurant space totaling 2,226 square feet.; Single-tenant occupancy.; Located on a prime corner lot in downtown New London, CT at the intersection of Bank Street and State Street.
    Request Owner's contact information
    8 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
    8 Bank St New London, CT 06320
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