32 Broad StStonington, CT 06378

Property Details for 32 Broad St

Year built

2022

Construction

STEEL FRAME

Lot size

0.18 AC

Property size (Sq ft)

4,002 SF

Zone code

LS-5

Property type

Showrooms

APN

STON M:174 B:19 L:1

APU

STONM174B19L1

Description

This exceptional commercial real estate opportunity presents a 1-acre parcel in Stonington, Connecticut, zoned GC-60 Commercial, ideal for restaurant development. Located at 32 S Broad St, 06378, this property boasts a daily traffic count exceeding 11,000 vehicles, ensuring high visibility and accessibility. The land is available for lease on a ground lease basis, or a build-to-suit arrangement can be negotiated. The asking price for the land lease is $38,000. Rent for a build-to-suit project will be determined separately. This property offers significant advantages due to its proximity to the Rite Aid and Pawcatuck Shopping Center. The owner also owns an adjacent shopping plaza, potentially allowing for shared access and parking amenities, further enhancing the development potential. Note that a house currently rented month-to-month occupies the east side of the property. The property's APN is 14/01/08// and is classified as Class B. This is a rare chance to establish a thriving business in a high-traffic area with potential for collaborative development opportunities. The property is situated in New London County.

• CAP approach

  CAP return

  Valuation

  6%

  $972,626

  6.5%

  $897,808

  7%

  $833,679

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,317,711

  Geo Method

  $1,317,711

• Alternative Use

  Use

  Valuation

  Residential

  $757,335

  Hospitality

  $693,715

  Educational

  $577,162

  Medical

  $597,012

  Retail

  $897,808

Location Insight

City

Stonington

County

New London

State

Connecticut

Latitude

41.3516

Longitude

-71.9641

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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