Rare fully entitled, shovel-ready development opportunity in Colchester, CT. 31 Parum Road is a 2.56-acre site (111,439 SF) with Planning & Zoning approval for a 30-unit multifamily building under C.G.S. 8-30g. Base suburban zoning permits only 10 units - the approved affordable housing set-aside is what unlocks the additional 20 units, creating significant embedded value. Approvals, architecture, civil, MEP, survey, and geotech all convey with the sale. Public water and sewer are already in the road. 444.7 ft of frontage on Route 354. Unit mix of 18 one-bedroom and 12 two-bedroom units across a 3-story building with walk-out lower level, 25,202 SF net rentable. Site sits near the Route 2/Route 11 interchange, minutes to shopping and under 30 minutes to Hartford. Offered at $750,000 ($25,000 per approved unit) - priced below comparable approved sites in the region. Full Offering Memorandum available upon request.
| Listing Id: | 24205864 |
|---|---|
| List Price: | $750,000 |
| Property Type: | Lot & Land |
| Property Sub Type: | Residential Land |
| Status: | Active |
| Bank Owned Property: | No |
| Property Tax: | $3,201 |
| Acres: | 2.56 |
| Direct Waterfront Yn: | No |
| City: | Colchester |
| County: | New London |
| Postal Code: | 06415 |
| Acres Source: | Public Records |
| Agent Owner Yn: | Yes |
| Assessed Value: | $107,000 |
| Basement Description: | No |
| Comp Only Manual Yn: | No |
| Current Price: | $750,000.00 |
| Directions: | GPS Friendly |
| Display Fair Market Value Yn: | Yes |
| Documents Available: | Building Plan, Environmental Site Assess., Flood Elevation Certificate, Photo/Survey, Plot Plan/Survey, Recorded Site Plan, Site Plan Approval, Soil Survey, Topographical Survey, Zoning Approval |
| Elementary School: | Per Board of Ed |
| Flood Zone Yn: | No |
| High School: | Per Board of Ed |
| Home Owner's Assocation: | No |
| Listing Contract Date: | 2026-09-09 |
| Location: | Highway Access, Downtown, Suburban |
| Lot Description: | Secluded, Corner Lot, Treed, Level Lot, Sloping Lot, Rolling |
| Lot Improvements: | Approved Building Lot |
| Lots Number Of: | 1 |
| Middle Jr High School: | Per Board of Ed |
| Mil Rate Total: | $29.92 |
| Status: | Active |
| Nearby Amenities: | Golf Course, Library, Medical Facilities, Park, Playground/Tot Lot |
| Occupied By: | Vacant |
| Original List Price: | $750,000 |
| Parcel Number: | 1457420 |
| Possession Availability: | Immediate |
| Potential Short Sale: | No |
| Preferred Phone: | (203) 297-0849 |
| Price: | $750,000 |
| Remarks Public Addendum: | The complete document package - approvals and notice of decision, the 88-sheet architectural set, civil engineering and site plans, MEP drawings, survey, geotechnical report, wetlands delineation, Affordability Plan, and the full financial model - is available upon execution of a confidentiality agreement. |
| Road Frontage Approximate: | 445 |
| Road Frontage Description: | State Road, Paved Road |
| Sewage System: | Public Sewer Connected, Public Sewer In Street |
| Sewer Assess Description: | Unknown |
| Sign Yn: | Yes |
| Subdividable Ynu: | No |
| Tax Year: | July 2025-June 2026 |
| Under Agreement Yn: | No |
| Utilities Available: | None/Unknown |
| Waterfront Description: | Not Applicable |
| Water Source: | Public Water Connected, Public Water In Street |
| Zoning: | SU |
Listing Courtesy of: Salzillo Realty Company
Listing Agent: Ryan J O'Keeffe
(203) 297-0849
Mortgage Calculator
© 2026 Smart MLS. All rights reserved. Information is deemed reliable but not guaranteed. MLS Disclaimer: Information deemed reliable but not guaranteed to be accurate.
Smart MLS Inc. data last updated on October 08, 2026 06:45 PM - ET
Property Last Updated: October 08, 2026 06:45 PM - ET
