7 Governor Winthrop BlvdNew London, CT 06320

Property Details for 7 Governor Winthrop Blvd

Year built

1975

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.51 AC

Property size (Sq ft)

8,182 SF

Property type

Showrooms

APN

NLON M:G11 B:0206 L:0006

APU

NLONMG11B0206L0006

Description

This exceptional 8,200-square-foot retail/office building, situated on a 0.51-acre lot in New London, Connecticut's central business district, presents a compelling investment opportunity. The single-story, Class B building, constructed in 1975, features four units and is conveniently located at 7 Governor Winthrop Blvd, zip code 06320. The property boasts 13 parking spaces and is handicap accessible. Utilities include public gas, water, and sewer, along with central air conditioning. Currently zoned CBD-2 Commercial, the permitted uses are diverse, encompassing retail establishments such as barber shops, beauty salons, and art galleries, as well as business or professional offices, arts and crafts studios, and places of worship. Additional uses, including educational schools and arts & crafts studios, may be possible through special permits. The asking price is $695,000, translating to $84.76 per square foot. This property offers significant potential for a variety of uses and represents a strong investment in a vibrant urban setting. The building is easily accessible from I-95 via the downtown exit to Eugene O'Neill Drive, situated on the west side near the New London Building Department. This is a rare opportunity to acquire a well-located, versatile commercial property in a thriving Connecticut market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,988,512

  6.5%

  $1,835,549

  7%

  $1,704,438

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,694,032

  Geo Method

  $2,694,032

• Alternative Use

  Use

  Valuation

  Residential

  $1,548,354

  Hospitality

  $1,418,284

  Educational

  $1,179,996

  Medical

  $1,220,578

  Retail

  $1,835,549

Location Insight

City

New London

County

New London

State

Connecticut

Latitude

41.3568

Longitude

-72.0964

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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