For sale

Price cut: $325K (4/27)

$1,625,000

53-55 Bank Street, New London, CT 06320

5beds

0baths

7,668sqft

Get pre-qualified

Multi Family

Built in 1897

-- sqft lot

$-- Zestimate^®

$212/sqft

$-- HOA

What's special

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. Contact 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.

122 days

231

3

Loading...

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 5
Bathrooms: 0

Heating

Heat Pump, Natural Gas

Cooling

Ductless

Appliances

Included: Water Heater

Features

Basement: Full,Unfinished
Attic: None
Has fireplace: No

Interior area

Total structure area: 7,668
Total interior livable area: 7,668 sqft
Finished area above ground: 7,668

Property

Features

On waterfront: Yes
Waterfront features: Waterfront, Ocean Front

Lot

Size: 4,791 Square Feet
Features: Level

Details

Parcel number: 1999829
Zoning: CBD-1

Construction

Type & style

Home type: MultiFamily
Architectural style: Units on different Floors
Property subtype: Multi Family

Materials

Brick
Foundation: Concrete Perimeter
Roof: Other

Condition

New construction: No
Year built: 1897

Utilities & green energy

Sewer: Public Sewer
Water: Public

Community & HOA

HOA

Has HOA: No

Location

Region: New London

Financial & listing details

Price per square foot: $212/sqft
Tax assessed value: $831,700
Annual tax amount: $23,446
Date on market: 3/3/2026

Estimated market value

Not available

Estimated sales range

Not available

$1,859/mo

Price history

Date	Event	Price
4/27/2026	Price change	$1,625,000-16.7%$212/sqft
Source: Smart MLS #24157233 Report a problem
3/3/2026	Listed for sale	$1,950,000$254/sqft
Source: Smart MLS #24157233 Report a problem

Public tax history

Tax history is unavailable.

Monthly payment

Est. payment

Payment breakdown

Explore the cost of this home by adjusting the details. Changes won't be saved.

All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.

HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.

Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.

See how much you could borrow to make a competitive offer.

Get pre-qualified