53-55 Bank Street
New London, Connecticut 06320
Reduced from $1,950,000
- Beds
- 5
- Baths
- 0
- SqFt
- 7,668
- Acres
- 0.11
- Year Built
- 1897
- Property Type
- 5+ Family
Matt Caiola
Luxury Real Estate Advisor
Request a private showing and get Matt's read on price, condition, and next steps.
About This Home
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.
Key Facts
- City/Town
- New London
- Neighborhood
- N/A
- Property / Style
- Multi-Family · Units on different Floors
- Year Built
- 1897
- Days on Market
- 146 days
- Beds
- 5
- Baths
- 0 baths
- Living Area
- 7,668 sq ft
- Lot Size
- 0.11 acres
- Property Taxes
- $23,446 / Annually
Market Snapshot
The New London Market
Multi-Family · trailing 12 months
Active Listings
8
10 under contract
Median List Price
$972,500
8 active listings
Median Closed Price
$382,500
52 sales
Median Days on Market
100
8 active listings
Median $ / Sq Ft
$193
8 active listings
Sale-to-List Ratio
100.0%
52 sales
How this home compares
List Price
$1.63M
vs $972,500 median
67.1% above median
Price / Sq Ft
$212
vs $193 median
9.8% above median
Days on Market
146 days
vs 100 days median
46 days longer than median
Based on 8 active and 52 closed sales (trailing 12 mo) of multi-family in New London. Source: SmartMLS · As of July 28, 2026.
Location
53-55 Bank Street, New London, Connecticut
Estimate Your Payment
Estimated Monthly Payment
Rates: Freddie Mac PMMS via FRED · Updated Jul 23, 2026per month
- Principal & Interest$8,285
- Property Taxes$1,954
- Insurance$542
- HOA$0
Estimates only. Actual rates, taxes, insurance, and HOA fees vary. Consult a lender for current rates.
Location
- City/Town
- New London
- Neighborhood
- N/A
- County
- New London
Residence
- Property Type
- Multi-Family
- Subtype
- 5 Family+
- Style
- Units on different Floors
- Year Built
- 1897
- New Construction
- No/Resale
- Living Area
- 7,668 sq ft
Schools
- Elementary
- Per Board of Ed
- High
- Per Board of Ed
Interior
- Heating
- Heat Pump
- Heat Fuel
- Natural Gas
- Cooling
- Split System
- Basement
- FullUnfinished
Exterior & Lot
- Lot Size
- 0.11 acres
- Zoning
- CBD-1
- Waterfront
- Direct waterfront
- Waterfront Details
- Ocean Frontage
- Water Source
- Public Water In Street
- Sewer
- Public Sewer In Street
- Construction
- Brick
- Roof
- Other
- Foundation
- Concrete
- Lot Description
- Level Lot
Listing & Financials
- Property Taxes
- $23,446 / Annually
- Days on Market
- 146
- MLS #
- 24157233
- MLS Status
- Active
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This information is believed to be accurate, but without warranty.
The IDX display contains information sourced from SmartMLS, Inc. as of 7/28/2026. This information is provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing or leasing. Data is deemed reliable but is not guaranteed accurate by the MLS, the listing broker, the listing agent, or Matt Caiola. Buyers and tenants should independently verify all information that matters to their decision.
Map locations may be approximate. Any offer of compensation, if applicable, is made only to participants of the MLS where the listing is filed. ©2026 Smart MLS, Inc. All rights reserved.
Data last updated on 7/28/2026 at 6:55 AM UTC.