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178 W Main Street

East Lyme, CT 06357
  • $732,500
  • STATUS: Closed
  • ON SITE: 433 Days
  • MLS #: 170569789
Sold - 03/01/2024
$732,500
SOLD - 03/01/2024
  • 0
    BEDS
  • 1.34
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1930
County:
Area:

School Information

Elementary School:
High School:

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 2024 SmartMLS, Inc. Data last updated: 2024-07-23T16:10:33.223.
www.timdentteam.com/homes/139596353
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178 W Main Street East Lyme, CT 06357

  • Price: $815,000
  • Status: Closed
  • On Site: 433 Days
  • Updated: 87 min ago
  • MLS #: 170569789
0
Beds
0
Baths
0
½ Baths
1.34
Acres
1930
Built
County:
New London
Area:
E Lyme
Elementary School:
per board of ed
High School:
per board of ed
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

Direct Waterfront YN No Driveway Type Dirt Exterior Features Deck Exterior Siding Vinyl SidingOther Garage And Parking Off Street Parking Lot Description SecludedLightly Wooded Roof Information Asphalt Shingle Swimming Pool YN No Waterfront Description Not Applicable

Interior Features

Attic YN No Basement Description None Cooling System Window Unit Heat Type Baseboard Sq Ft Est Heated Above Grade 4785 Sq Ft Est Heated Below Grade 0 Sq Ft Total 4785 Total Rooms Multi Family 0

Property Features

Agent Owner YN No Bank Owned Property No Financing Used Conventional Fixed Flood Zone YN No Foundation Type Concrete Fuel Tank Location Non Applicable Gross Annual Expense 26000 Gross Annual Income 92000 Heat Fuel Type Electric Home Owners Assocation No Home Warranty Offered YN No Hot Water Description Electric Net Operating Income 66000 New Construction Type No/Resale Potential Short Sale No Property Sub Type 5 Family+ Sewage System Public Sewer In StreetSeptic Tax Year July 2023-June 2024 Total Number Of Units 8 Water Source Public Water Connected Zoning R40

Listing information © 2024 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 2024 SmartMLS, Inc. Data last updated: 2024-07-23T16:10:33.223.
 
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Tim Dent Team | Coldwell Banker Realty
398 Main Street
Ridgefield CT, 06877