311 Mitchell StGroton, CT 06340

Property Details for 311 Mitchell St

Year built

1958

Lot size

0.30 AC

Property size (Sq ft)

1,148 SF

Zone code

FC

Property type

Retail properties

Property subtype

Auto shops

APN

GROT M:168807580524

APU

GROTM168807580524

Description

This exceptional commercial property, located at 311 Mitchell Street in Groton, CT, presents a compelling investment opportunity. The 1,148 square foot building sits on a 0.3-acre lot and boasts 286 feet of road frontage, ensuring high visibility and accessibility. Currently operating as a combined office and car wash, the property benefits from a strong existing tenant under a five-year net-net-net (NNN) lease, providing immediate and consistent cash flow. The location is highly desirable, within easy walking distance of Electric Boat and numerous surrounding businesses, guaranteeing a steady stream of potential customers. Daily traffic counts in the area range from 2,900 to 3,100 vehicles, further underscoring the property's prime commercial viability. The existing parking situation can be explored further with the town to determine expansion possibilities. The property's versatile layout and strategic location make it suitable for a variety of commercial uses, offering significant potential for future growth and increased profitability. This is a rare opportunity to acquire a well-established commercial property in a thriving Connecticut location. The strong tenant and high traffic count make this an attractive investment for both seasoned and new investors. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $279,004

  6.5%

  $257,542

  7%

  $239,146

• Comparable approach

  Method

  Valuation

  Relative Method

  $377,994

  Geo Method

  $377,994

• Alternative Use

  Use

  Valuation

  Residential

  $217,246

  Hospitality

  $198,997

  Educational

  $165,563

  Medical

  $171,257

  Retail

  $257,542

Location Insight

City

Groton

County

New London

State

Connecticut

Latitude

41.3488

Longitude

-72.0761

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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