MLS Number 170017935
- Multi Family Multi-Family For Sale
- Square Feet 9,671
- Acreage 2.7
- Year Built 1910
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