389 Shore RdOld Lyme, CT 06371

Property Details for 389 Shore Rd

Year built

1965

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.60 AC

Property size (Sq ft)

4,380 SF

Property type

Showrooms

APN

OLYM M:10 L:7

APU

OLYMM10L7

Description

This 1,440 square foot single-tenant office space at 389 Shore Road in Old Lyme, Connecticut, presents a fantastic opportunity. Built in 1965, the property boasts excellent visibility, situated next to the South Lyme Post Office and the entrance to Point O' Woods. Ample parking is available, and the location offers a fantastic opportunity for prominent signage. The property's zoning allows for multiple uses, subject to approval. Previously used as an office, the space most recently served as an ice cream shop, demonstrating its versatility. The building's total square footage is 1,440 square feet, with the entire space currently vacant and ready for immediate occupancy. The property is located in Old Lyme, Connecticut, zip code 06371. This location offers high traffic counts and easy access for customers and employees. The flexible zoning and ample parking make this property ideal for a variety of businesses seeking a high-visibility location in a desirable Connecticut town. The property's history as both an office and a retail space highlights its adaptability to diverse business needs. Interested parties should investigate zoning regulations to determine suitability for their intended use.

• CAP approach

  CAP return

  Valuation

  6%

  $1,064,493

  6.5%

  $982,609

  7%

  $912,422

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,442,173

  Geo Method

  $1,442,173

• Alternative Use

  Use

  Valuation

  Residential

  $828,867

  Hospitality

  $759,238

  Educational

  $631,677

  Medical

  $653,401

  Retail

  $982,609

Location Insight

City

Old Lyme

County

New London

State

Connecticut

Latitude

41.297

Longitude

-72.2585

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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