359 Thames St Groton, CT 06340-3992
- Turn key restaurants
- 12,737 SF
- 0.54 lot acres
Current Use by Public Records
- Turn key restaurants
Property Details for 359 Thames St
- Year built
- 1920
- Lot size
- 0.54 lot acres
- Property size
- 12,737 SF
- Zone code
- WBR
- Property type
- Turn key restaurants
- APN
- GROT M:168806390986
- APU
- GROTM168806390986
Description
This exceptional investment opportunity comprises two adjacent commercial properties totaling 47,437 square feet in Groton, Connecticut, offered as a single package for $3,875,000. The portfolio includes 359 Thames Street, a three-story, 12,737 square foot mill-style building with 236 feet of direct waterfront access, originally used as a restaurant and storage facility, and parking for approximately 22 cars. This building sits on a 0.536-acre lot and is zoned WBR (Waterfront Business Residence). Adjacent to this is 415 Thames Street, a two-story, 34,700 square foot distribution and warehouse facility, formerly a lobster pound. This building features 5 loading docks, one drive-in door, 19,345 square feet of ground-level storage and distribution space, 2,850 square feet of upper-level office space with water views, and a 12,505 square foot warehouse with 14-foot clear ceiling heights. The upper warehouse level is accessible via an elevator/forklift system. The property boasts 640 feet of direct waterfront, one boat dock, and parking for approximately 77 cars. Additional features include a 2018 roof with a 20-year warranty, 220-volt, 3-phase, 2,000-amp service, and 504 square feet of freezer space. The 415 Thames Street property sits on a 1.554-acre lot and is also zoned WBR. Both properties offer significant potential for redevelopment or continued use within their existing zoning parameters. The combined acreage for both properties is 2.09 acres. The buildings were constructed in 1920 and 2002 respectively.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,530,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,000,000
- 6.5%
- $3,910,000
- 7%
- $3,355,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,745,000
- Geo Method
- $3,490,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,915,000
- Retail
- $3,940,000
- Mixed-Use
- $3,275,000
- Hospitality
- $3,395,000
- Educational
- $3,405,000
- Residential Income
- $3,285,000
- Energy
- $3,530,000
- Income-Based Land
- $4,060,000
- Food Service
- $3,455,000
Location Insight
- Map
- Local Demand
- City
- Groton
- County
- New London
- State
- Connecticut
- Longitude
- -72.0832
- Latitude
- 41.3528
- CBSA code
- 35980
- CBSA name
- NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA
