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178 W Main Street

East Lyme, CT 06357
  • $815,000
  • STATUS: Active Under Contract
  • ON SITE: 196 Days
  • MLS #: 170569790
Under Contract
UPDATED: 55 min ago
$815,000
  • 0
    BEDS
  • 1.34
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1930
County:
Area:

School Ratings & Info

Description

Welcome to Shady Oaks. This multifamily property consists of 8 separate cottages. 7 (1bd/1ba)/(Studio) cottage apartments that range from 450-600 sq/ft. 1 (2bd/1ba) single family home that is 818 sq/ft. Huge upside in raising rents on these year-round apartments or by possibly converting them into Airbnb/short term rental. Big value add play, potential to turn this property into 9 or 10 units total. A fire damaged duplex at the front of the property is waiting to be rebuilt. Seller has approvals for a single family on the same footprint. Proximity to the ocean, casinos, downtown Mystic CT, and more. Great location for tenants/short term rental. Great tenants currently! Please see financials attached in downloads for more detailed breakdown of each unit utilities. All units pay their own heat, hot water, and electric.

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The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2023 SmartMLS, Inc. Data last updated: 2023-12-06T08:10:27.077.
www.ourhomeadvisors.com/homes/139818005
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178 W Main Street East Lyme, CT 06357

  • Price: $815,000
  • Status: Active Under Contract
  • On Site: 196 Days
  • Updated: 55 min ago
  • MLS #: 170569790
0
Beds
0
Baths
0
½ Baths
1.34
Acres
1930
Built
County:
New London
Area:
E Lyme
Property Description
Welcome to Shady Oaks. This multifamily property consists of 8 separate cottages. 7 (1bd/1ba)/(Studio) cottage apartments that range from 450-600 sq/ft. 1 (2bd/1ba) single family home that is 818 sq/ft. Huge upside in raising rents on these year-round apartments or by possibly converting them into Airbnb/short term rental. Big value add play, potential to turn this property into 9 or 10 units total. A fire damaged duplex at the front of the property is waiting to be rebuilt. Seller has approvals for a single family on the same footprint. Proximity to the ocean, casinos, downtown Mystic CT, and more. Great location for tenants/short term rental. Great tenants currently! Please see financials attached in downloads for more detailed breakdown of each unit utilities. All units pay their own heat, hot water, and electric.
Exterior Features

Garage And Parking Off Street Parking Lot Description Level Lot Parking Total Spaces 0 Road Frontage Description Municipal Street Roof Information Asphalt ShingleFiberglass Shingle

Interior Features

Cooling System Window Unit Heat Type BaseboardRadiator Sq Ft Total 4785

Property Features

Agent Owner YN No Bank Owned Property No Financing Used Conventional Fixed Foundation Type Slab Heat Fuel Type ElectricPropane Location Suburban Potential Short Sale No Potential Use Residential Units Present Use Residential Units Sewage System Public Sewer In StreetSeptic Total Number Of Units 8 Under Agreement Yn No Utilities Available Electric Water Source Public Water ConnectedPublic Water In Street Zoning R40

Listing information © 2023 Smart MLS
Listing provided courtesy of Brendon Mansaku of Berkshire Hathaway Ne Prop.: (860) 633-3674.


The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2023 SmartMLS, Inc. Data last updated: 2023-12-06T08:10:27.077.
 
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