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53-57 Bank St
New London, CT 06320
Royal Hotel · Retail Property For Sale
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 ‘Daimond 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.
This 10,636 SF, 3 story building has 1 commercial 2,556 SF unit on the ground level. Formerly ‘Daimond 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.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
10,636 SF
Building Class
C
Year Built
1897
Price
$1,950,000
Price Per SF
$183.34
Cap Rate
5.50%
NOI
$107,329
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
8’
Building FAR
2.22
Lot Size
0.11 AC
Opportunity Zone
Yes
Zoning
CBD-1 - Central Business District
Frontage
46’ on Bank St
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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