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Factory Square 12 Water St 49 Unit Apartment Building $20,000,000 ($408,163/Unit) Mystic, CT 06355
Investment Highlights
- Possible Condo Conversion
- Downtown Mystic CT
- Mixed Use Condo Conversion
Executive Summary
THE OFFERING POSSIBLE CONDO CONVERSION IN THE HEART OF DOWNTOWN MYSTIC
The Opportunity at a Glance
PROPERTY ADDRESS 12 Water Street. Mystic, CT
SQUARE FEET 60,143
LOT SIZE 1.61 AC
NUMBER OF UNITS 43 RES / 6 COMM
ASKING PRICE $20,000,000
ZONING MDD 60,143 SF mixed-use building on 1.61 waterfront acres — 0.2 miles from the Mystic Drawbridge
•MDD zoning supports residential conversion by-right; Multi-Unit Dwelling Conversion via Special Permit
•Two recently completed luxury condo projects in the immediate submarket — both fully absorbed
•Demonstrated market pricing: $624–$1,171/SF, with Central Hall averaging ~$997/SF at sellout
•Adaptive reuse is the path of least resistance — encouraged by zoning, supported by precedent
• Margaritas space can be developed as 6 More potential residential units
Offered at $20,000,000 AS-IS SALE ONLY
The Opportunity at a Glance
PROPERTY ADDRESS 12 Water Street. Mystic, CT
SQUARE FEET 60,143
LOT SIZE 1.61 AC
NUMBER OF UNITS 43 RES / 6 COMM
ASKING PRICE $20,000,000
ZONING MDD 60,143 SF mixed-use building on 1.61 waterfront acres — 0.2 miles from the Mystic Drawbridge
•MDD zoning supports residential conversion by-right; Multi-Unit Dwelling Conversion via Special Permit
•Two recently completed luxury condo projects in the immediate submarket — both fully absorbed
•Demonstrated market pricing: $624–$1,171/SF, with Central Hall averaging ~$997/SF at sellout
•Adaptive reuse is the path of least resistance — encouraged by zoning, supported by precedent
• Margaritas space can be developed as 6 More potential residential units
Offered at $20,000,000 AS-IS SALE ONLY
Property Facts
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Refrigerator
- Range
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Furnished Units Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | 1,000 |
| Studios | 4 | - | 750 |
| 2+2 | 25 | - | 1,750 |
1 1
Property Taxes
| Parcel Numbers | Improvements Assessment | $4,370,702 | |
| Land Assessment | $2,814,238 | Total Assessment | $7,184,940 |
Property Taxes
Parcel Numbers
Land Assessment
$2,814,238
Improvements Assessment
$4,370,702
Total Assessment
$7,184,940
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Factory Square | 12 Water St
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