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194 Lower BoulevardNew London, CT 06320MLS Number 170017935

  • Price: $1,250,000The price has recently decreased
  • Est. Mortgage of $/month
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Price Down Payment Interest Rate Years
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Est. Mortgage: $/month

Federal 30-year interest rate: 4.03% last updated on 2017-11-02

This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

  • 2.7Acreage
  • 9,671Square Feet
  • 1910Year Built

Located in the attractive Ocean Beach neighborhood of southern New London, the property is 2.7 acres, with seven rental units in one building, and a separate home on the property. An adjacent single family home on 1/2 acre is also possibly available for sale. This is an ideal arrangement for both absentee landlord and investor. The property is located one block from Pequot Point Beach, with seasonal water views from the second floor. Built in 1910 as a single family mansion, the multi-family structure features attractive architectural details. The property is one-half mile from Mitchell College, and adjacent to the Old Lighthouse Inn currently under renovation. Stated income is over $100,000 per year, with expenses yielding a cap rate of about 5.2% at ask price. Highest and best use may be in redevelopment.

Listed by Gregory F. Walwer of Academic Co-Realty Services

Driving Directions

Your Local Office

Market Realty, LLC
28 Cottrell St
Mystic CT, 06355

Office: 860.572.1155

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More Info

Basic Information

  • StatusACT
  • List Price$1,250,000
  • Square Feet9,671
  • HoaNo
  • Lease purchaseNo
  • Units8
  • Net operating income66000
  • Property subtype5 Family+
  • Property TypeMulti-Family For Sale
  • Acreage2.7
  • MLS Number170017935

Interior

  • RoofAsphalt Shingle

Exterior

  • Exterior featuresGutters, Porch
  • Exterior sidingVinyl Siding

Tax Information

  • Milrate base44
  • Milrate total44.26
  • Taxes$18,586
  • Tax YearJuly 2017-June 2018
  • Assessed value$419,930

Building

  • Year Built1910
  • Property StyleUnits on different Floors
  • FoundationStone
  • Garage Parking InfoPaved
  • New construction typeNo
  • AtticNo
  • BasementFull

Water Body

  • Waterfront DescriptionView
  • WaterfrontNo

Auction

  • Bank owned propertyNo

Other

  • Space is leasedNo

School Information

  • Elementary SchoolPer Board of Ed
  • High SchoolPer Board of Ed

Location

  • StateCT
  • Zip06320
  • CountyNew London

Property

  • Lot DescriptionWater View, Level Lot, Lightly Wooded
  • Garage3
  • Parking Spaces
  • FloodzoneNo
  • SwimmingpoolNo
  • Building ConstructionFrame

Utilities

  • Water sourcePublic Water Connected
  • Cooling SystemWindow Unit
  • Hot water descriptionNatural Gas
  • Fuel tank locationNon Applicable
  • Heat SystemGas on Gas
  • Septic approvalNo
  • Septic plan availableNo
  • Sewage systemPublic Sewer Connected

Information contained in this Smart MLS listing has been compiled from various sources, all of which may not be completely accurate. Smart MLS makes no warranty or representation as to the accuracy of listing information. All information that influences a decision to purchase a listed property should be independently verified by the purchaser. Copyright 2017 Smart MLS, Inc. All rights reserved.

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