35 Bank StNew London, CT 06320

Property Details for 35 Bank St

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.26 AC

Property size (Sq ft)

10,704 SF

Property type

Showrooms

APN

NLON M:G12 B:0142 L:0012-A

APU

NLONMG12B0142L0012A

Description

This exceptional 11,000 square foot landmark property, located at 35 Bank Street in New London, Connecticut, presents a unique investment opportunity. Originally constructed in 1921 as a Vaudeville theater, later serving as a movie theater with a seating capacity of 2,500, this building boasts a rich history and significant architectural character. Situated in a designated Opportunity Zone, this property offers substantial potential for redevelopment and repurposing. The building includes an approximately 3,500 square foot mezzanine and an 11,000 square foot basement, providing ample space for expansion and diverse uses. The property's versatility allows for a variety of commercial applications, including hotel, restaurant, and traditional office spaces. A new roof was installed in 2010. The building's location in the heart of downtown New London offers excellent visibility and accessibility, with close proximity to Amtrak and Long Island ferry stations, and the future Coast Guard Museum. Furthermore, the property is eligible for Federal and Historic Tax credits, presenting significant financial advantages for the prospective buyer. This is a rare chance to acquire a piece of New London's history and create a truly unique destination site. The asking price for this remarkable property is $375,000.

• CAP approach

  CAP return

  Valuation

  6%

  $2,601,446

  6.5%

  $2,401,334

  7%

  $2,229,810

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,524,433

  Geo Method

  $3,524,433

• Alternative Use

  Use

  Valuation

  Residential

  $2,025,616

  Hospitality

  $1,855,453

  Educational

  $1,543,715

  Medical

  $1,596,806

  Retail

  $2,401,334

Location Insight

City

New London

County

New London

State

Connecticut

Latitude

41.3537

Longitude

-72.0945

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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