165 Bank Street

165 Bank Street | New London | CT | 06320 Back to Properties


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Overview

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Property Details

  • Price: $ 625,000
  • Cap Rate: 6.68%
  • Units: 5
  • Price/Unit: $ 125,000
  • Rentable SF: 4,002 SF
  • Price/Square Foot: $ 156
  • Site Size: .04 AC
  • Year Built: 1900

Property Description

The mixed-use property located at 165 Bank Street, New London CT is comprised of 5 units (1-retail and 4-one bedroom apartments) totaling 4,002 rentable square feet in one-three-story walk-up building built in 1900 and situated on a 0.04 acre lot. Located right in the heart of Downtown New London and on the main commercial thoroughfare, the property is just a 0.2 mile walk to the main transportation hub of the city including the New London Train Station (serviced by Amtrak) and New London Ferry (to Long Island (Orient Point) & Block Island).  New London is home to Connecticut College, the United States Coast Guard Academy, and is across the river from the Naval Submarine Base in Groton, CT that is known as the “Submarine Capital of the World”. All units are currently fully occupied.

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Financial Summary

165 Bank Street

Investment Highlights

Price $ 625,000.00
Units 5
Year Built 1900
Rentable SF 4002
Heat Gas - Tenants Pay
Hot Water Gas - Owners Pay
Roof Gable - Asphalt Shingle
Exterior Clapboard
Site Size 0.04 Acres

Metrics

Price / Unit $ 125,000.00
Price / SF $ 156.17
Gross Rent Multiplier 9.07

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 76,500.00 $ 68,928.00
Less: Vacancy $ 3,825.00 $ 3,446.40
Based On: 5 % est. 5 % est.
Net Rent Income $ 72,675.00 $ 65,481.60
Total Operating Income $ 72,675.00 $ 65,481.60

 

Expense
Potential
Current
Real Estate Taxes $ 8,213.00 $ 8,213.00
Insurance $ 5,277.00 $ 5,277.00
Hot Water $ 1,200.00 $ 1,200.00
Electric (Common) $ 800.00 $ 800.00
Water & Sewer $ 1,700.00 $ 1,700.00
Management Fees $ 3,633.75 $ 3,274.08
Based On: 5% est. 5% est.
Maintenance/Repairs $ 3,633.75 $ 3,274.08
Based On: 5% est. 5% est.
Total Expenses $ 24,457.50 $ 23,738.16
Net Operating Income $ 48,217.50 $ 41,743.44
Cap Rate 7.71 % est. 6.68 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
Retail0/1$1,544$1,575Occupied
Apt 11/1$1,150$1,200Occupied
Apt 21/1$1,150$1,200Occupied
Apt 31/1$1,100$1,200Occupied
Apt 41/1$800$1,200Occupied

Totals

$ 5,744.00

$ 6,375.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.