38 East Main St, Stonington, CT

$1,400,000

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5,964

Square feet

0.53

Acres

About 38 East Main St

Investment and or User opportunity in Downtown Mystic business area. Walking distance to Amtrak, downtown businesses, restaurants, etc. Minutes from I-95. First Floor entirely occupied and leased to National Wealth Management firm with a base term until 2026 and 2 5 year renewal options. Annual rent is currently +/- $75,000 with annual increases of 2.5% Second floor ( + / 3,000 SF ) currently two office suites but has potential for residential use with a special use permit under the current zone. Mystic commercial rents are stable and vacancy is low. Conversion of second floor to residential units could bring potential rental income of $60,000 or provide an owner with a seaside escape or full time residence.

Features of 38 East Main St

MLS® # 170485422
Price $1,400,000
Bathrooms 0.00
Square Footage 5,964
Acres 0.53
Year Built 1893
Type Commercial/Investment
Sub-Type Office, Investment, Other
Status Active

Community Information

Address 38 East Main St
Area Mystic
City Stonington
County New London
State CT
Zip Code 06355

Amenities

Utilities Electric, Telephone, Cable, Gas
Parking Paved
Garages Paved
Is Waterfront No
Has Pool No

Interior

Heating Heat Pump, Hot Air, Electric, Oil
Cooling Central Air
Fireplace No
# of Stories 2

Exterior

Lot Description Level Topography
Roof Asphalt Shingle
Construction Frame
Foundation Concrete

Additional Information

Date Listed April 26th, 2022
Days on Market 87
Zoning LS-5
RE / Bank Owned No

Listing Details

OfficeNortheast Property Group

Listing Map

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