23 River Rd East Lyme, CT 06333
- Residential income homes
Current Use by Public Records
- Cozy Nest Cottages / Cottage Rental / Cottage
Property Details for 23 River Rd
- Property type
- Residential income homes
Description
This exceptional mixed-use property at 23 River Rd, East Lyme, CT, presents a unique investment opportunity. Listed at $1,100,000, this one-acre-plus parcel boasts a remodeled main home (2007) offering stunning water views and deeded Niantic River access, complete with a mooring and generator hookup. The 3-bedroom, 2-bathroom main residence provides versatile living space, complemented by a two-car garage and ample storage. Seven additional cottages, ranging from 240 to 600 square feet, offer significant rental income potential. These cottages, featuring a variety of layouts including one-bedroom units, studios with lofts, and larger open-concept studios, are designed in a unique "cottage beach style," with six including porches and three designated as seasonal. One bathroom is included in each cottage. The property holds a lodging license and is conveniently located near I-95/I-395, offering easy access to major roadways. The property is also exempt from flood insurance requirements and enjoys proximity to the Oswegatchie Hills Nature Preserve trails. Rental projections indicate a substantial return on investment, with the main home potentially generating $3,500 monthly and the cottages estimated to yield $60,000-$75,000 annually, totaling a potential annual rental income of $117,000. Enjoy breathtaking sunset and river views from the comfort of your primary residence or from the charming cottages. This property is ideal for owner-occupants seeking supplemental income or investors looking for a high-yield rental portfolio.
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
- East Lyme
- County
- New London
- State
- Connecticut
- Longitude
- -72.1955142
- Latitude
- 41.3681004
