345 Bank StNew London, CT 06320

Property Details for 345 Bank St

Year built

1900

Lot size

0.12 AC

Property size (Sq ft)

10,380 SF

Property type

Investment properties

Property subtype

Other mixed-use properties

Description

This exceptional mixed-use investment property, located at 345 Bank St in New London, Connecticut, presents a rare opportunity. The 10,380 square foot building, constructed in 1900 and extensively renovated in 2022, boasts a desirable CBD1 zoning classification. The property comprises four units: three residential apartments and a 4,330 square foot restaurant, all currently leased at 100% occupancy. The existing leases have three years remaining, with rent bumps already in place. The building sits on a 0.12-acre lot and includes nine parking spaces. The property's strong performance is further enhanced by the significant growth currently underway in New London. Major developments include a $250 million Coast Guard Museum, a $300 million offshore wind farm staging area, and approximately 1,000 new residential units either under construction or recently completed. General Dynamics' Electric Boat division is also undertaking a substantial hiring initiative, aiming to add approximately 5,000 new employees annually for the next eight years. This influx of residents and workers creates a robust demand for both commercial and residential space, presenting a significant opportunity for future rent increases. The property offers a compelling investment opportunity with excellent potential for strong returns. The building is a two-story structure within a Class B building classification, and is organized as an LLC ownership. The net rentable square footage is 9,988 square feet.

Location Insight

City

New London

County

New London

State

Connecticut

Latitude

41.3511

Longitude

-72.0986

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