3-5 Pearl St Groton, CT 06355
- Retail properties
- 10,065 SF
- 0.53 lot acres
Current Use by Public Records
- Retail properties
Property Details for 3-5 Pearl St
- Lot size
- 0.53 lot acres
- Property size
- 10,065 SF
- Property type
- Retail properties
- Property subtype
- Mixed-use properties
Description
Exceptional investment opportunity in Mystic, CT, presents a rare chance to acquire a prime 0.525-acre mixed-use property at 3-5 Pearl Street. This Class A, multi-tenant complex boasts 12 units (10 residential, 2 retail with NNN leases) totaling 10,065 square feet, currently operating at 100% occupancy. The property, comprised of four buildings across two stories, underwent extensive renovations in 2024, including high-end interior upgrades (flooring, HVAC, windows, appliances, kitchens, bathrooms, laundry, and dishwashers) and exterior improvements (decks, balconies, patios, landscaping, lighting, security cameras, and shared lawn space). The property benefits from a thriving short-term rental business and long-term leases, minimizing landlord responsibilities and eliminating deferred maintenance. Located in the heart of Downtown Mystic, steps from the historic drawbridge, this property offers significant value-add potential due to its size – one of the largest parcels in the downtown area – and its prime location in a top US tourist destination. The asking price is $8,800,000, with an attractive 8.40% cap rate. The permitted zoning is multi-use commercial, allowing for diverse redevelopment options. This is a truly unique opportunity to acquire a high-performing, well-maintained asset in a vibrant and sought-after location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Groton
- County
- New London
- State
- Connecticut
- Longitude
- -71.9711
- Latitude
- 41.3551
