Sold for $732,500

$732,500

178 West Main Street, East Lyme, CT 06357

--beds

0baths

4,785sqft

Multi Family

Built in 1930

-- sqft lot

$975,600 Zestimate^®

$153/sqft

$1,797 Estimated rent

Home value

$975,600

$849,000 - $1.13M

$1,797/mo

Zestimate^® history

Owner options

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$1,797/mo

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$1,797/mo

Rent Zestimate^®

Refinance and save

$4,817/mo

Est. payment

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$4,817/mo

Est. payment

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What's special

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.

Facts & features

Interior

Bedrooms & bathrooms

Bathrooms: 0

Heating

Baseboard, Electric

Cooling

Window Unit(s)

Appliances

Included: Electric Water Heater

Features

Basement: None
Attic: None

Interior area

Total structure area: 4,785
Total interior livable area: 4,785 sqft
Finished area above ground: 4,785
Finished area below ground: 0

Property

Parking

Parking features: Off Street, Driveway
Has uncovered spaces: Yes

Features

Patio & porch: Deck

Lot

Size: 1.34 Acres
Features: Secluded, Few Trees

Details

Parcel number: 1466767
Zoning: R40

Construction

Type & style

Home type: MultiFamily
Property subtype: Multi Family

Materials

Vinyl Siding, Other
Foundation: Concrete Perimeter
Roof: Asphalt

Condition

New construction: No
Year built: 1930

Utilities & green energy

Sewer: Public Sewer, Septic Tank
Water: Public

Community & neighborhood

Location

Region: Niantic

Price history

Date	Event	Price
3/1/2024	Sold	$732,500-10.1%$153/sqft
Source: Smart MLS #170569789 Report a problem
2/22/2024	Contingent	$815,000$170/sqft
Source: Berkshire Hathaway HomeServices New England Properties #170569789 Report a problem
12/6/2023	Listed for sale	$815,000$170/sqft
Source: Smart MLS #170569789 Report a problem
10/12/2023	Contingent	$815,000$170/sqft
Source: Berkshire Hathaway HomeServices New England Properties #170569789 Report a problem
10/12/2023	Pending sale	$815,000$170/sqft
Source: Berkshire Hathaway HomeServices New England Properties #170569789 Report a problem
10/3/2023	Price change	$815,000-9.4%$170/sqft
Source: Smart MLS #170569789 Report a problem
6/2/2023	Pending sale	$900,000$188/sqft
Source: Berkshire Hathaway HomeServices New England Properties #170569789 Report a problem
6/2/2023	Contingent	$900,000$188/sqft
Source: Smart MLS #170569789 Report a problem
5/16/2023	Listed for sale	$900,000$188/sqft
Source: Smart MLS #170569789 Report a problem