284 Shore Road, Old Lyme (Old Lyme Shores), CT, 06371 | $499,999

Now available is a rare and unique mixed-use property located just steps from the water. Situated on a high-traffic road, this property offers excellent visibility for your business. Formerly a well-known pizzeria, the first-floor commercial space includes all existing equipment and indoor booths/seating, plus a half bathroom. Although there is a fire system in place, it requires repair. Above the commercial space, you'll find a three-bedroom, one-bathroom apartment with a back porch and an unfinished walk-up attic. The property is being sold as-is and will need some work. It features a large parking lot with ample parking, and the apartment benefits from both a side and back entry with stairs leading down to the main floor. Each level of the property has its own electrical panel. Old Lyme is a picturesque town along the Connecticut shoreline, known for its charming homes, coastal views, and historic character. Shore Road typically features properties that are close to the water, with many offering scenic views of the Long Island Sound or direct access to the beach. The first floor utilities are off, but the second floor utilities are on. A family friend is staying in the second floor so it is not vacant. Oil for the heat and propane for the restaurant cooking .

Features

  • Town: Old Lyme
  • Current Use: pizzaria and apartment
  • Permitted Use: pizzaria, deli, market
  • Utilities: Electric,Phone Available,Cable Available,Fire Suppression System
  • Heating: Hot Air
  • Cooling: Window Unit
  • Units: 2
  • Zoning: c-10
  • Frontage: State Road,Municipal Street,Paved Road
  • Year Built: 1947
  • Approx Sq. Feet: 1,980
  • Acreage: 0.14
  • Est. Taxes: $5,722
  • Lot Desc: Level Lot
  • MLS#: 24037861
  • Website: https://www.raveis.com
    /prop/24037861/284shoreroad_oldlyme_ct?source=qrflyer
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Listing courtesy of Coldwell Banker Realty

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284 Shore Road, Old Lyme (Old Lyme Shores), CT, 06371

$499,999

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Frank Kolb

Senior Vice President - Coaching & Strategic

William Raveis Mortgage, LLC

Phone: 203.980.8025

Frank.Kolb@raveis.com

NMLS Mortgage Loan Originator ID 81725

5/6 (30 Yr)
Adjustable Rate Conforming*
30 Year
Fixed-Rate Conforming
15 Year
Fixed-Rate Conforming
Loan Amount $399,999 $399,999 $399,999
Term 360 months 360 months 180 months
Initial Interest Rate** 7.125% 6.990% 5.990%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 7.456% 7.171% 6.276%
Monthly Tax Payment $477 $477 $477
H/O Insurance Payment $75 $75 $75
Initial Principal & Interest Pmt $2,695 $2,659 $3,373
Total Monthly Payment $3,247 $3,211 $3,925

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.