224 Bank St New London, CT 06320

Property Details for 224 Bank St

Lot size

2.43 lot acres

Property type

Commercial real estate

APN

NLON M:G13 B:0108 L:0033

APU

NLONMG13B0108L0033

Description

This exceptional investment opportunity presents a 48,843 square foot multi-building office complex in New London, Connecticut's Central Business District (CBD-1 zoning). The property comprises four interconnected buildings totaling 48,843 square feet, offering a diverse mix of executive office, medical office, and potential telecom/data center space. Building 1, a fully renovated and occupied 6,510 square foot lab/warehouse, connects to Buildings 2 and 3. Building 2, a 6,409 square foot, two-story office building on Bank Street, is currently vacant and requires renovation. Building 3, a well-maintained, fully occupied 25,252 square foot, three-story office/medical building, is situated at the Bank Street Connector entrance. Building 4, a 9,672 square foot, two-story office building, has a partially occupied first floor and a fully renovated, vacant second floor. All buildings, except Building 2, have elevator access. The property boasts ample parking at a well-lit intersection and benefits from Enterprise Zone and Opportunity Zone designations. Currently, the complex enjoys 71.5% occupancy. Financial statements are available upon execution of a non-disclosure agreement. This sale includes a leaseback option, presenting a unique opportunity for investors seeking immediate cash flow and long-term appreciation potential in a prime New London location. The property sits on a 2.43-acre lot at 224 Bank St, New London, CT 06320. The asking price is $3,750,000. The lease type is modified, and the tenancy is multi-tenant. The property is classified as Class C.

Location Insight

City

New London

County

New London

State

Connecticut

Longitude

-72.0969

Latitude

41.3509

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments