For Sale
$8,800,000

3-5 Pearl StGroton, CT 06355

High-return Mystic multifamily & retail

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional investment opportunity in Mystic, CT, presents a rare chance to acquire a prime 0.525-acre mixed-use property at 3-5 Pearl Street. This Class A, multi-tenant complex boasts 12 units (10 residential, 2 retail with NNN leases) totaling 10,065 square feet, currently operating at 100% occupancy. The property, comprised of four buildings across two stories, underwent extensive renovations in 2024, including high-end interior upgrades (flooring, HVAC, windows, appliances, kitchens, bathrooms, laundry, and dishwashers) and exterior improvements (decks, balconies, patios, landscaping, lighting, security cameras, and shared lawn space). The property benefits from a thriving short-term rental business and long-term leases, minimizing landlord responsibilities and eliminating deferred maintenance. Located in the heart of Downtown Mystic, steps from the historic drawbridge, this property offers significant value-add potential due to its size – one of the largest parcels in the downtown area – and its prime location in a top US tourist destination. The asking price is $8,800,000, with an attractive 8.40% cap rate. The permitted zoning is multi-use commercial, allowing for diverse redevelopment options. This is a truly unique opportunity to acquire a high-performing, well-maintained asset in a vibrant and sought-after location.

Highlights

  • Prime 0.525-acre mixed-use property in Downtown Mystic, CT.
  • 12-unit multi-tenant complex (10 residential, 2 retail with NNN leases), totaling 10,065 square feet, 100% occupancy.
  • Extensive 2024 renovations including high-end interior and exterior upgrades.
  • Thriving short-term rental business and long-term leases.
  • Large, developable parcel in a prime tourist location; $8,800,000 asking price, 8.40% cap rate.

Property Details for 3-5 Pearl St

Property type
Retail properties, Mixed-use properties
Square Feet
10,065 SF
Class
A
Year Renovated
2024
Buildings
4
Stories
2
Lot Size (sq. ft)
22,869 SF
Units
12

Location Insight

City
Groton
County
New London
State
Connecticut
Latitude
41.3550869
Longitude
-71.9711379
3-5 Pearl St, Groton, Connecticut

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3-5 Pearl St
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