53-55 Bank Street
New London, CT 06320
$1,500,000
Mixed-use property with 1 commercial unit and 8 apartments located in the heart of downtown New London. This 10,636 SF, 3 story building has 1 commercial 2,556 SF unit on the ground level. Formerly 'Diamond Pizza' the restaurant space is currently available and turnkey-ready with F,F&E. There are 8 apartments on the 5,112 SF second and third floors. There is a 2,556 SF basement. NOI approximately $107,329. Room to increase NOI leasing the commercial unit which had been paying $3,075 / month. Call office for financials. Excellent investment property with stable cash flow. Property may be purchased as a package with 153 Bank St and 147 Bank Street for a total of 6 commercial units and 17 Apartments.
| Listing Id: | 24150729 |
|---|---|
| List Price: | $1,625,000 |
| Close Price: | $1,500,000 |
| Close Date: | 2026-10-01 |
| Property Type: | Commercial Sale |
| Status: | Closed |
| Bank Owned Property: | No |
| Living Area Sqft Per Public Record: | 10,636 |
| Property Tax: | $23,362 |
| Acres: | 0.11 |
| Direct Waterfront Yn: | No |
| City: | New London |
| County: | New London |
| Postal Code: | 06320 |
| Year Built: | 1897 |
| Total Number Of Units: | 9 |
| Agent Owner Yn: | No |
| Assessed Value: | $831,700 |
| Basement Description: | No |
| Ceiling Height: | 11 |
| Comp Only Manual Yn: | No |
| Cooling System: | Split System |
| Current Price: | $1,500,000.00 |
| Directions: | GPS friendly. |
| Display Fair Market Value Yn: | Yes |
| Documents Available: | Brochure |
| Heat Fuel Type: | Natural Gas |
| Heat Type: | Heat Pump |
| Listing Contract Date: | 2026-02-06 |
| Location: | Downtown |
| Lot Description: | Level Lot |
| Mil Rate Total: | $28.09 |
| Status: | Closed |
| Number Of Stories: | 3 |
| Occupied By: | Tenant |
| Original List Price: | $1,950,000 |
| Parcel Number: | 1999829 |
| Pending Date: | 2026-07-29 |
| Possession Availability: | Immediate |
| Potential Short Sale: | No |
| Preferred Phone: | (615) 293-3878 |
| Price: | $1,500,000 |
| Road Frontage Description: | Municipal Street |
| Roof Information: | Tar/Gravel |
| Sewage System: | Public Sewer Connected |
| Sign Yn: | Yes |
| Sq Ft Source: | Public Records |
| Sq Ft Total: | 10,636 |
| Tax Year: | July 2026-June 2027 |
| Under Agreement Yn: | No |
| Utilities Available: | Electric Available, Phone Available |
| Water Source: | Public Water Connected |
| Zoning: | CBD-1 |
Listing Courtesy of: U.S. Properties Real Estate Services, LLC
Listing Agent: Constance Howard
(615) 293-3878
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Smart MLS Inc. data last updated on October 08, 2026 06:51 PM - ET
Property Last Updated: October 08, 2026 06:51 PM - ET
