ABSOLUTE $1 AUCTION
1ST BID MEETS RESERVE
FORMER CITIZENS BANK 458 OCEAN AVENUE, NEW LONDON, CT
BUILDING: ±1,100 SF PROPERTY TYPE: RETAIL YEAR BUILT: 1985 HARD CORNER LOT: ±0.198 AC TENANCY: SINGLE STORIES: ONE BUS LINE PARKING: 6 OCCUPANCY: VACANT ZONING: NB - DRIVE THRU NEIGHBORHOOD SIGNAGE BUSINESS PHILIP KATES T: 305-206-1286 E: [email protected]
ADAM SKLAVER T: 954-745-7467 E: [email protected]
±1,100 SF FORMER CITIZENS BANK AVAILABLE AT A SIGNIFICANT DISCOUNT BELOW REPLACEMENT COST
TREMENDOUS VALUE ADD OPPORTUNITY VIA STRATEGIC LONG TERM LEASE-UP, ADAPTIVE REUSE, OR REPOSITIONING
CBRE is pleased to present a vacant, free-standing retail building formerly occupied by Citizens Bank located at 458 Ocean Avenue in New London, Connecticut (the “Property”). This Property is offered significantly below replacement cost and irst bid meets reserve! This Property offers an exceptional owner/user or investment opportunity with significant value enhancement potential at a significant discount.
Originally constructed in 1985 the Property is comprised of one, free-standing, two-story building totaling ±1,100 SF positioned on ±0.198 acres (±8,603 SF) parcel with asphalt-paved parking and drive areas containing 6 striped spaces. The Property is located on a hard corner, has excellent visibility, has frontage along both Ocean Ave and School Street and can be accessed via 2 curb cuts. The former Citizen’s Bank is zoned NB, Neighborhood Business, allowing for a wide variety of commercial and retail uses which cater to frequently recurring needs of the nearby residents. This absolute auction gives potential investors the ability to acquire a free-standing retail building with significant value add through long term lease up, adaptive reuse, or repositioning.
The Property is located in the city of New London in Haverford Township, New London County, Connecticut, within the Norwich - New London Metropolitan Statistical Area (MSA). The Property is well located in proximity to economic generators including Lawrence + Memorial Hospital (±0.1 miles), Green Harbor Beach (±0.5 miles), Fort Trumbull State Park and Museum (±1 mile), University of New Haven (±1 mile) and New London’s historic waterfront district (±1.5 miles). The Property offers excellent accessibility and is strategically positioned just ±4- minutes from the New London Commuter Rail (Shore East Line) and benefits from ±13,052 vehicles passing the site daily. The Property benefits from compelling demographics and in 2019, had approximately ±73,896 individuals residing within a five-mile radius, an average household income of ±$77,611 and ±$680M in annual budget expenditures. Strategically positioned in the Norwich metro area, this absolute auction gives potential investors the ability to acquire a free-standing retail building with significant value enhancement opportunities at a substantial discount. ONLINE AUCTION: MAY 11 - 13, 2020 ABSOLUTE $1 AUCTION
1ST BID MEETS RESERVE
NEW LONDON, CONNECTICUT New London is a seaport city and a port of entry on the northeast coast of the United States, EASILY located at the mouth of the Thames River in New London County, Connecticut. It was one of the world’s three busiest whaling ports for several decades beginning in the early 19th century, along with ACCESSIBLE JUST Nantucket and New Bedford, Massachusetts. The wealth that whaling brought into the city furnished 1 BLOCK FROM the capital to fund much of the city’s present architecture. The city subsequently became home to LAWRENCE MEMORIAL other shipping and manufacturing industries, but it has gradually lost most of its industrial heart. HOSPITAL AND ±1-MILE New London is home to the United States Coast Guard Academy, Connecticut College, Mitchell FROM THE HISTORIC College, and The Williams School. The Coast Guard Station New London and New London Harbor DOWNTOWN is home port to the Coast Guard Cutter Chinook and the Coast Guard’s tall ship Eagle. The city had WATERFRONT a population of 27,620 at the 2010 census. The Norwich–New London metropolitan area includes 21 towns and 274,055 people.
With regards to transportation and accessibility, Downtown New London is served by regional Southeast Area Transit buses, the Estuary Transit District public transit service between the New London transportation center and Old Saybrook, and interstate Greyhound Lines buses. New London DENSE has frequent passenger rail service. New London Union Station is served by Amtrak’s Northeast RESIDENTIAL Regional and Acela Express regional rail services, plus Shore Line East (SLE) commuter rail service. AREA WITH The Providence & Worcester Railroad and the New England Central Railroad handle freight. The city EXCELLENT is also served by Cross Sound Ferry to Long Island, the Fishers Island Ferry District, and the Block Island Express ferry. New London is also visited by cruise ships bring consistent toursim to the area. VISIBILITY ON HARD CORNER; ±13,052 New London’s historic downtown is a hub of creative energy that gives the city a good rating among CARS PASSING THE creative communities of its size in the United States. Art, music and design venues, one-of-a-kind boutiqesu and more than 30 eateries populate this 26-block, National Register Historic District. SITE DAILY Nathan Hale (the official state’s hero), Benedict Arnold, and Nobel Prize-winning playwright Eugene O’Neil once walked these streets.
PHILIP KATES ADAM SKLAVER C: 305-206-1286 T: 954-745-7467 E: [email protected] E: [email protected] 5-MILE DEMOGRAPHICS
© 2019 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.