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Lyons II 93 Elm St 6,897 SF 100% Leased Retail Building Old Saybrook, CT 06475 $1,050,000 ($152.24/SF)
Investment Highlights
- VERSATILE MIXED-USE OPPORTUNITY | PRIME OLD SAYBROOK LOCATION
- Owner will leaseback the Restaurant (if desired)
- Dense Retail Trade Area
- 1,680± SF Turn-Key Restaurant
- 2 Apartments - 100% Leased
- High Traffic and Visibility
Executive Summary
VERSATILE MIXED-USE OPPORTUNITY | PRIME OLD SAYBROOK LOCATION
Welcome to 93 Elm Street, Old Saybrook — a rare mixed-use asset offering strong in-place income, exceptional visibility, and significant upside potential for investors and owner-operators alike. Positioned at the entrance to the high-traffic Stop & Shop/Walmart Plaza and directly across from a newly developed 250+ unit apartment community, this property benefits from consistent traffic flow and immediate access to I-95 via the Elm Street exit. NEW SEPTIC INSTALLED.
The well-maintained building offers a flexible layout designed for multiple income streams, including two fully leased residential apartments with separate utilities and brand-new Navien heating systems (currently $2,068 and $1,400/month), providing stable cash flow. Additional space includes a private office (with potential conversion to residential) and two commercial units currently combined into a turnkey restaurant featuring a full dining room, takeout area, prep space, commercial kitchen, liquor license, new FF&E, ANSUL fire suppression system, walk-in cooler, multiple sinks, and ADA-compliant restrooms. Ideal for a restaurant, café, deli, or a wide range of retail and service-based uses.
Additional features include a garage with conversion potential, warehouse/storage space, and a partially finished basement/cellar for operational flexibility. The exterior offers a newly paved parking lot with 16 spaces and a finished outdoor patio area.
VALUE-ADD & OWNER-OCCUPANT OPPORTUNITY:
This property is ideally suited for an owner-operator looking to run their business on-site while occupying one of the residential units, significantly offsetting or eliminating living expenses. With strong location fundamentals and a flexible layout, there is potential to increase density, expand commercial use, or convert to additional residential units (subject to approvals). Ideal for uses such as restaurant, café, salon, showroom, or similar concepts.
Welcome to 93 Elm Street, Old Saybrook — a rare mixed-use asset offering strong in-place income, exceptional visibility, and significant upside potential for investors and owner-operators alike. Positioned at the entrance to the high-traffic Stop & Shop/Walmart Plaza and directly across from a newly developed 250+ unit apartment community, this property benefits from consistent traffic flow and immediate access to I-95 via the Elm Street exit. NEW SEPTIC INSTALLED.
The well-maintained building offers a flexible layout designed for multiple income streams, including two fully leased residential apartments with separate utilities and brand-new Navien heating systems (currently $2,068 and $1,400/month), providing stable cash flow. Additional space includes a private office (with potential conversion to residential) and two commercial units currently combined into a turnkey restaurant featuring a full dining room, takeout area, prep space, commercial kitchen, liquor license, new FF&E, ANSUL fire suppression system, walk-in cooler, multiple sinks, and ADA-compliant restrooms. Ideal for a restaurant, café, deli, or a wide range of retail and service-based uses.
Additional features include a garage with conversion potential, warehouse/storage space, and a partially finished basement/cellar for operational flexibility. The exterior offers a newly paved parking lot with 16 spaces and a finished outdoor patio area.
VALUE-ADD & OWNER-OCCUPANT OPPORTUNITY:
This property is ideally suited for an owner-operator looking to run their business on-site while occupying one of the residential units, significantly offsetting or eliminating living expenses. With strong location fundamentals and a flexible layout, there is potential to increase density, expand commercial use, or convert to additional residential units (subject to approvals). Ideal for uses such as restaurant, café, salon, showroom, or similar concepts.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Restaurant
Building Size
6,897 SF
Building Class
C
Year Built
1950
Price
$1,050,000
Price Per SF
$152.24
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.35
Lot Size
0.45 AC
Zoning
B-2
Parking
16 Spaces (4.72 Spaces per 1,000 SF Leased)
Frontage
1,000’ on Elm Street Frontage
Amenities
- Restaurant
- Signage
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Jager Professional Gas Service LLC
- Retailer
- -
- -
- -
- The Curry Queen
- Accommodation and Food Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Jager Professional Gas Service LLC | Retailer | - | - | - | ||
| The Curry Queen | Accommodation and Food Services | - | - | - |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | OSAY-000036-000091 | Improvements Assessment | $359,000 |
| Land Assessment | $181,100 | Total Assessment | $540,100 |
Property Taxes
Parcel Number
OSAY-000036-000091
Land Assessment
$181,100
Improvements Assessment
$359,000
Total Assessment
$540,100
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Lyons II | 93 Elm St
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