345 Bank St New London, CT 06320

Property Details for 345 Bank St

Year built

1900

Lot size

0.12 lot acres

Property size

10,380 SF

Property type

Mixed-use properties

Property subtype

Investment properties

Description

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.

Location Insight

City

New London

County

New London

State

Connecticut

Longitude

-72.0986

Latitude

41.3511