24-26 Montauk Avenue
Mixed Use | 7,110 SqFt
Marketing description
24 Montauk Avenue presents a stabilized mixed-use investment opportunity in New London's C-1 commercial corridor. The property combines ground-floor office and warehouse space, fully occupied by an established tenant on a triple-net lease, with two residential units above — one currently absorbed as tenant overflow office space, the other vacant and move-in ready. For an investor, this offers in-place NNN income today with a clear path to add residential cash flow through lease-up of the third-floor unit.
Located on Montauk Avenue in New London, 24 Montauk Ave is a three-story mixed-use building anchored by ServiceMaster, a long-term commercial tenant occupying the ground-floor office/warehouse space and the second-floor unit. The property includes a private parking lot with gated, secured parking for commercial vehicles, and separate private entrances for the residential units above.
Investment highlights
- Stabilized NNN Income: ServiceMaster occupies the ground floor and Unit 1 under a triple-net lease at $5,500/month ($66,000/year).
- Immediate Upside: The third-floor unit (709 SF, true 2BR/1BA) is vacant and in good, rent-ready condition — an immediate lease-up opportunity.
- Flexible Second Unit: Unit 1 (914 SF) is currently utilized by ServiceMaster as additional office space, with the underlying layout offering residential conversion potential for a future owner.
- Functional Flex Space: Ground floor includes 2,415 SF of finished office/reception space plus 3,072 SF of warehouse across three bays, suited to service, trade, or light industrial users.
- Secure, Dedicated Parking: Private lot with gated, secured parking for commercial vehicles.
- Zoning: C-1 General Commercial District — mixed commercial/residential use is a recognized permitted use for pre-1983 structures.
- Built: 1930, with classic New London architectural character.
- Public Utilities: Connected to public water and sewer.
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