$732,500
$815,000
10.1%For more information regarding the value of a property, please contact us for a free consultation.
4,785 SqFt
SOLD DATE : 03/01/2024
Key Details
Sold Price $732,500
Property Type Multi-Family
Sub Type 5 Family+
Listing Status Sold
Purchase Type For Sale
Square Footage 4,785 sqft
Price per Sqft $153
MLS Listing ID 170569789
Sold Date 03/01/24
Year Built 1930
Annual Tax Amount $7,484
Lot Size 1.340 Acres
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.
Location
State CT
County New London
Zoning R40
Rooms
Basement None
Interior
Heating Baseboard
Cooling Window Unit
Exterior
Exterior Feature Deck
Garage Off Street Parking
Waterfront Description Not Applicable
Roof Type Asphalt Shingle
Building
Lot Description Secluded, Lightly Wooded
Foundation Concrete
Sewer Public Sewer In Street, Septic
Water Public Water Connected
Schools
Elementary Schools Per Board Of Ed
High Schools Per Board Of Ed
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Bought with Brian Sherwood • Keller Williams Realty
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Broker | REB.0791464