45 Franklin StNew London, CT 06320

Property Details for 45 Franklin St

Year built

1900

Construction

FRAME

Lot size

0.42 AC

Property size (Sq ft)

3,907 SF

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NLON M:F12 B:0173 L:0015

APU

NLONMF12B0173L0015

Description

This well-maintained, Class B office building at 45 Franklin St. offers 3,907 square feet of space, situated on a 0.42-acre lot. Built in 1900 and renovated in 1982, the building boasts true historic character. Currently, 3,883 square feet are available for lease, divisible into two suites. The first floor (2,040 sq ft) is offered at $2,720 per month and features four exam rooms, a lab, waiting room, and reception area, ideal for medical practices. The second floor (1,843 sq ft), available for $2,500 per month, includes three offices, an exam room, and a large meeting room, suitable for various office uses. Both floors must be leased together or with the first floor leased first. The building includes 17 parking spaces. Zoned R-4, permitted uses include office, art gallery, museum, and library, with child daycare permitted by special permit. Available January 1, 2025. No elevators are present.

• CAP approach

  CAP return

  Valuation

  6%

  $949,537

  6.5%

  $876,496

  7%

  $813,889

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,286,431

  Geo Method

  $1,286,431

• Alternative Use

  Use

  Valuation

  Residential

  $739,357

  Hospitality

  $677,247

  Educational

  $563,462

  Medical

  $582,840

  Retail

  $876,496

Location Insight

City

New London

County

New London

State

Connecticut

Latitude

41.3552

Longitude

-72.102

CBSA code

35980

CBSA name

NORWICH-NEW LONDON, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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