24 Bank StNew London, CT 06320

Property Details for 24 Bank St

Year built

1800

Construction

FRAME

Lot size

0.16 AC

Property size (Sq ft)

4,732 SF

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NLON M:G12 B:0141 L:0008

APU

NLONMG12B0141L0008

Description

This exceptional 1,500 square foot retail or restaurant space is situated in the heart of New London's vibrant downtown, at the near corner of Bank and State Streets. The property, part of a larger building totaling 14,096 square feet, offers a fantastic opportunity for a variety of businesses. Built in 1800, the single-story building boasts attractive features including high ceilings and hardwood floors, complemented by central air conditioning for year-round comfort. The space is immediately available, offering 1,500 contiguous square feet, the minimum divisible unit size. While the maximum contiguous space available is also 1,500 square feet, the entire building is available for lease as a multi-tenant property. Adding to its appeal is the potential use of a small patio area located in front of the building, providing additional outdoor space. The property benefits from excellent visibility due to its prime location and enjoys convenient proximity to both the train and ferry stations, ensuring easy access for customers and employees. Parking is available on the street. The property sits on 0.16 acres of land and is zoned CBD1 within New London County. This is a rare opportunity to establish a business in a highly desirable and accessible location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,150,041

  6.5%

  $1,061,576

  7%

  $985,750

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,558,074

  Geo Method

  $1,558,074

• Alternative Use

  Use

  Valuation

  Residential

  $895,480

  Hospitality

  $820,254

  Educational

  $682,442

  Medical

  $705,912

  Retail

  $1,061,576

Location Insight

City

New London

County

New London

State

Connecticut

Latitude

41.3536

Longitude

-72.0939

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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