NOT LISTED FOR SALE

178 W Main St Niantic, CT 06357

1 Bed
1 Bath
4,785 Sq Ft
1.34 Acres

Last Sold March 01, 2024

Last sale price $732,500 $153 Per Sq Ft

149 Days on Market

Highlights

  • 1.34 Acre Lot
  • Deck
  • Baseboard Heating
  • East Lyme Middle School Rated A-

About This Home

As of March 2024

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.

Last Agent to Sell the Property

Brendon Mansaku

SM Real Estate Advisors License #REB.0795438 Listed on: 05/16/2023

Last Buyer's Agent

Brian Sherwood

Keller Williams Realty License #RES.0813547

Keller Williams Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,484

Year Built

  • Built in 1930

Lot Details

  • 1.34

Home Design

  • 4,785 Sq Ft Home
  • Concrete Foundation
  • Frame Construction
  • Asphalt Shingled Roof
  • Vinyl Siding

Parking

  • Parking Deck
  • Dirt Driveway

Utilities

  • Window Unit Cooling System
  • Baseboard Heating
  • Electric Water Heater

Additional Features

  • Deck
  • 1.34 Acre Lot

Community Details

  • 8 Units
  • Gross Income $92,000

Listing and Financial Details

  • Assessor Parcel Number 1466767

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,484

Year Built

Built in 1930

Lot Details

0

Listing Details

  • Neighborhood: N/A
  • Property Type: Multi-Family For Sale
  • Sq Ft Est Heated Above Grade: 4785
  • Total Sq Ft: 4785
  • Year Built: 1930
  • New Construction: No/Resale
  • Property Sub Type: 5 Family+
  • Direct Waterfront: No
  • Home Warranty Offered: No
  • Directions: Per GPS
  • Financing Used: Conventional Fixed
  • Street Type: Street
  • Special Features: None

Interior Features

  • Basement Description: None
  • Attic: No
  • Street Number Modifier: 178

Exterior Features

  • Exterior Features: Deck
  • Exterior Siding: Vinyl Siding, Other
  • Foundation Type: Concrete
  • Roof Information: Asphalt Shingle
  • Waterfront Description: Not Applicable
  • Swimming Pool: No
  • Construction Description: Frame

Garage/Parking

  • Driveway Type: Dirt
  • Garage And Parking: Off Street Parking

Utilities

  • Cooling System: Window Unit
  • Heat Type: Baseboard
  • Heat Fuel Type: Electric
  • Fuel Tank Location: Non Applicable
  • Hot Water Description: Electric
  • Water Source: Public Water Connected
  • Sewer: Public Sewer In Street, Septic

Schools

  • Elementary School: Per Board of Ed
  • High School: Per Board of Ed

Lot Info

  • Acres: 1.34
  • Lot Description: Secluded Lightly Wooded
  • Flood Zone: No
  • Zoning: R40
  • Parcel #: 1466767

Multi Family

  • Gross Annual Income: 92000
  • Net Operating Income: 66000
  • Total Number Of Units: 8

Tax Info

  • Tax Year: July 2023-June 2024
  • Property Tax: 7484
  • Total Assessed Value: 300790
  • Mil Rate Total: 24.88

MLS Schools

  • Elementary School: Per Board of Ed
  • High School: Per Board of Ed

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
03/01/2024 03/01/24 Sold $732,500 -10.1% $153 / Sq Ft
10/12/2023 10/12/23 For Sale $815,000 0.0% $170 / Sq Ft
10/12/2023 10/12/23 Pending -- -- --
10/03/2023 10/03/23 Price Changed $815,000 -9.4% $170 / Sq Ft
10/02/2023 10/02/23 For Sale $900,000 0.0% $188 / Sq Ft
06/01/2023 06/01/23 Pending -- -- --
05/16/2023 05/16/23 For Sale $900,000 -- $188 / Sq Ft
Source: SmartMLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Brendon Mansaku

    Seller's Agent in 2024

    Brendon Mansaku

    SM Real Estate Advisors

    (860) 605-7434

    3 in this area

    25 Total Sales

    Brendon Mansaku
    Section Image
  • Brian Sherwood

    Buyer's Agent in 2024

    Brian Sherwood

    Keller Williams Realty

    (203) 570-4150

    1 in this area

    8 Total Sales

    Brian Sherwood
    Section Image
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Map

Source: SmartMLS

MLS Number: 170569789

SmartMLS

APN: ELYM M:010.4 B:00026 L:00000

Connecticut New London County Niantic 06357

178 W Main St, Niantic, CT

This home is located at 178 W Main St, Niantic, CT 06357 since 16 May 2023. This property was built in 1930. 178 W Main St is a home located in New London County with nearby schools including East Lyme Middle School, East Lyme High School, and The Light House Voc-Ed Center.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

SmartMLS IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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