377 Colman St New London, CT 06320
- Commercial real estate
- 0.64 lot acres
Current Use by Public Records
- Mary L. Mooradian, DC / Chiropractor
- Dr. Mary Lavin / Chiropractor
- Multi-Lingual Driving School / Driving School
- Complete Spanish Services LLC / Translation Service / Notary Public
Property Details for 377 Colman St
- Lot size
- 0.64 lot acres
- Property type
- Commercial real estate
- APN
- NLON M:C10 B:0217 L:0065
- APU
- NLONMC10B0217L0065
Description
This exceptional four-acre commercial land assemblage presents a unique redevelopment opportunity in New London, Connecticut. Strategically located on Colman Street, the property boasts over 345 feet of frontage and wraps two corners (Colman/Cedar Grove and Colman/Elm). Its high-visibility location is directly across from Wendy's, Dunkin', Taco Bell, and McDonald's, with additional national brand restaurants like Burger King and Popeye's in close proximity. The site's convenient access to Interstate-95 further enhances its appeal. The property includes two existing commercial buildings: a 2,228 square foot single-level building with a single tenant and a 3,873 square foot single-level building housing two tenants. A significant addition is a vacant, approximately 30,000 square foot former school building situated directly behind, offering redevelopment or teardown potential with visibility and access from Cedar Grove Avenue and Elm Street. The current net operating income from the existing buildings covers all associated expenses. The C-2 zoning allows for a variety of commercial uses, making this a highly versatile and attractive investment prospect. This assemblage offers substantial potential for developers seeking a high-impact project in a thriving commercial corridor. The property is situated in New London County, Connecticut, with a zip code of 06320.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $525,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $565,000
- 6.5%
- $515,000
- 7%
- $485,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $515,000
- Geo Method
- $565,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $520,000
- Retail
- $420,000
- Mixed-Use
- $545,000
- Hospitality
- $545,000
- Educational
- $410,000
- Residential Income
- $535,000
- Energy
- $480,000
- Income-Based Land
- $480,000
- Food Service
- $500,000
Location Insight
- Map
- Local Demand
- City
- New London
- County
- New London
- State
- Connecticut
- Longitude
- -72.1158
- Latitude
- 41.3596
- CBSA code
- 35980
- CBSA name
- NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA
