344 Mitchell StGroton, CT 06340

Property Details for 344 Mitchell St

Year built

1952

Lot size

0.84 AC

Property size (Sq ft)

5,456 SF

Zone code

FC

Property type

Retail properties

Property subtype

Retail space

APN

GROT M:168807582159

APU

GROTM168807582159

Description

This exceptional 800-square-foot commercial space is ideally situated at the bustling Five Corners intersection in Groton, Connecticut, offering unparalleled visibility and accessibility. Located at 344 Mitchell St, zip code 06340, this single-tenant unit is part of a larger 2,728-square-foot building, recently renovated in 2023. The space is zoned FC (Five Corners) Commercial and benefits from its prime location within the City of Groton, Electric Boat, and Five Corners submarket. This end-cap unit provides excellent street frontage and high foot traffic, making it perfect for a variety of businesses. The property boasts convenient access to the Electric Boat facility and is surrounded by thriving businesses, including Twisted Misty's (Smoothies), Hao's Barbershop, and Pizza Today Restaurant. An additional lower level space is available for lease, offering the potential for expansion. This lower level includes a walk-in cooler and kitchen prep area, ideal for food-related businesses or those requiring additional storage. This is a rare opportunity to secure a highly visible and well-located commercial space in a thriving area. The property is ready for immediate occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $1,325,998

  6.5%

  $1,223,999

  7%

  $1,136,570

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,796,460

  Geo Method

  $1,796,460

• Alternative Use

  Use

  Valuation

  Residential

  $1,032,489

  Hospitality

  $945,754

  Educational

  $786,856

  Medical

  $813,917

  Retail

  $1,223,999

Location Insight

City

Groton

County

New London

State

Connecticut

Latitude

41.3479

Longitude

-72.0753

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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