27 Broad St - Office/Residential FOR SALE


New London, CT 06320
$849,000 USD
860-287-1976
27 Broad St, New London, CT for Sale
$849,000 USD
Office/Residential - FOR SALE
1/8
null | 6.06% Cap Rate

27 Broad St
New London, CT 06320


HIGHLIGHTS

  • Fully Occupied below market rent
  • Long Term Commercial Tenant
  • Plenty of Parking

OVERVIEW

Dental-anchored 5-unit mixed-use in downtown New London, 100% leased, at $899,000 — 5.73% in-place cap, 8.20% proforma. The ground-floor dental practice pays $53,082/yr, covering 93% of the building's $56,897 operating expenses, so nearly every dollar of apartment rent drops to NOI. Residential rents run 40% below market: $58,200 in place vs. $81,600 proforma, a $23,400 annual gap across just four units. Unit 2R is a 2BR renting at $1,200 while the identical 2BR on the same floor is at $1,500 and market supports $1,800 — a $600/month swing in one unit. Executing the proforma adds $22,230 of NOI, roughly $300K of value at a 7.5% cap, with stabilized value near $1,052,000 against a $899,000 ask. Two 2BR/1BA on the second floor and two 1BR/1BA on the third, heat and hot water included and already underwritten. Walkable to Union Station, the waterfront, and downtown. Full financial summary on request; figures are estimates subject to buyer's independent due diligence.

FOR SALE DETAILS

PRICE

$849,000 USD

PRICE/SF

$144 USD /SF

CAP RATE

6.06%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Office/Residential

ADD'L SUBTYPES

Medical

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

C

YEAR BUILT

1900

SPRINKLERS

-

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,503 SF

ZONING

C-1

APN/PARCEL ID

NLON-000036-000197-000008

ASK ABOUT THIS PROPERTY

Jason PollardCompass ConnecticutMore Info
860-287-1976

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Jason PollardCompass ConnecticutMore Info
860-287-1976

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.