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357 Bank StreetNew London, CT 06320MLS Number 170202918

  • Price: $799,000The price has recently decreased
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Price Down Payment Interest Rate Years

Est. Mortgage: $/month

Federal 30-year interest rate: 3.57% last updated on 2019-10-10

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

  • 0.05Acreage
  • 1900Year Built
  • 9,120Square Feet
  • $303,100Assessed value

"THE 357 BUILDING" = Income opportunity with potential 11X Cap Rate. Combination of residential apartments and expansive restaurant space for fine dining. 500 Square foot kitchen with walk in cooler. Prepare and be ahead of the Bank Street resurgence. We are the leading edge to over 250 condominium units soon available down the street. Electric Boat, with multiple locations around the area has a workforce that loves New London. Wind-farm (power generation) deal was just solidified for the city as an example of it's MOVE to the HOOP of NEW LONDON; BEing the place to BE. Bank Street and especially this BLOCK is poised for huge growth. "THE 357 BUILDING" currently has all the residential units rented. Maintenance and taxes are low. Easy management of a well cared for building. Purchase of this property and use of - or leasing of the restaurant space will make this an incredible investment. 20 Foot Long Wood Bar (16 Seats) 10 Tables (40 Seats); the total area is 38X33. Kitchen is 25X23 with walk in, multiple sinks and a 20 foot grill hood that is equipped for fire suppression. Be ahead of the curve by securing this excellent opportunity to own restaurant space and a building. Residential apartments cover "THE 357 BUILDING's" costs. Cameras on site and all apartments currently occupied with a waiting list. The foundation is going in on the largest condominium space across the street, don't be late to owning this block.... AT 'THE 357 BUILDING".

Listed by Matt Diamond of William Raveis Real Estate

Driving Directions

Market Realty, LLC

Your Local Office

Market Realty, LLC
28 Cottrell St
Mystic CT, 06355

Office: 860.572.1155

More Info

Basic Information

  • Broker NameWilliam Raveis Real Estate
  • List Price$799,000
  • MLS Number170202918
  • Property TypeCommercial For Sale
  • StatusACT
  • TownNew London
  • Commercial catagoryInvestment, Residential Income, Retail, Other
  • Also for leaseNo


  • Interior featuresLiving Space Available, Security System


  • Exterior featuresAwnings, Door Sign


  • Heat SystemHot Air
  • Heating FuelElectric, Propane
  • Utilities availableElectric, Gas, Telephone, Cable
  • Water sourcePublic Water Connected
  • Cooling SystemCentral Air
  • Septic approvalNo
  • Septic plan availableNo
  • Sewage systemPublic Sewer Connected

Tax Information

  • Assessed value$303,100
  • Taxes$13,682
  • Tax YearJuly 2018-June 2019
  • Milrate base43
  • Milrate tax district1
  • Milrate total45.14


  • Acreage0.05
  • Lot DescriptionZero Lot Line, Level Lot
  • Parking Spaces
  • Parking spaces covered
  • Parking spaces uncovered
  • Parking spaces per 1000sqft
  • FloodzoneNo
  • Business includedNo
  • Road Frontage DescriptionMunicipal Street, Paved Road
  • SwimmingpoolNo

Water Body

  • WaterfrontNo


  • Bank owned propertyNo


  • Documents AvailableDemographic Data
  • Lease purchaseNo
  • Purchase optionNo
  • Inventory includedNo
  • SubdividableUnknown
  • Space is leasedNo
  • Present use25
  • Potential use75
  • View Count18

Basic Information



  • CountyNew London
  • LocationDowntown
  • StateCT
  • Zip06320


  • FoundationBrick
  • RoofFlat, Tar/Gravel
  • Year Built1900
  • Building ConstructionBrick
  • AtticNo
  • Garages
  • FlooringWood
  • Ceiling height8
  • Garage Parking InfoOn Street Parking
  • Square Feet9,120
  • Restrooms number of8
  • Sqft residential3700
  • Stories4
  • Additional space availableNo

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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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