3-5 Pearl StGroton, CT 06355

Property Details for 3-5 Pearl St

Lot size

0.53 AC

Property size (Sq ft)

10,065 SF

Property type

Mixed-use properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Groton

County

New London

State

Connecticut

Latitude

41.3551

Longitude

-71.9711

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