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53-57 Bank St 9 Unit Apartment Building $1,950,000 ($216,667/Unit) 5.50% Cap Rate New London, CT 06320
Executive Summary
Mixed use property with 1 commercial unit and 8 apartments located in the heart of downtown New London. This 10,636 SF, 3 story building has 1 commercial 2,556 SF unit on the ground level. Formerly ‘Diamond Pizza’ the restaurant space is currently vacant and turnkey-ready with F,F&E. There are 8 apartments on the 5,112 SF second and third floors. There is a 2,556 SF basement. NOI approximately $107,329. Room to increase NOI leasing the commercial unit which had been paying $3,075 / month.
Call office for financials. Excellent investment property with stable cash flow. Property may be purchased as a package with 153 Bank St and 147 Bank Street for a total of 6 commercial units and 17 Apartments.
Call office for financials. Excellent investment property with stable cash flow. Property may be purchased as a package with 153 Bank St and 147 Bank Street for a total of 6 commercial units and 17 Apartments.
Property Facts
| Price | $1,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $216,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.50% | Building Size | 10,636 SF |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1897 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | CBD-1 - Central Business District | ||
| Price | $1,950,000 |
| Price Per Unit | $216,667 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 10,636 SF |
| No. Stories | 3 |
| Year Built | 1897 |
| Opportunity Zone |
Yes |
| Zoning | CBD-1 - Central Business District |
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Walk Score®
Walker's Paradise (90)
Property Taxes
| Parcel Number | NLON-000028-000142-000019 | Improvements Assessment | $744,500 |
| Land Assessment | $87,200 | Total Assessment | $831,700 |
Property Taxes
Parcel Number
NLON-000028-000142-000019
Land Assessment
$87,200
Improvements Assessment
$744,500
Total Assessment
$831,700
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53-57 Bank St
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