$ 1,100,000
23 River Road East Lyme, CT 06333
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 1,100,000
Est. payment /mo
Active
23 River Road East Lyme, CT 06333
3 Baths
1,728 SqFt
UPDATED:
08/16/2024 12:59 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 1,728 sqft
Price per Sqft $636
MLS Listing ID 24032315
Full Baths 3
Year Built 1912
Annual Tax Amount $9,232
Lot Size 1.020 Acres
Property Description
Cozy Nest Cottages at 23 River Rd, East Lyme, CT offers a unique shoreline opportunity for owner occupants or investors. The main home, remodeled in 2007, is a charming year-round residence with water views, deeded access to the Niantic River, a mooring, and a generator hookup. It features a versatile 3-bedroom, 2-full-bath floor plan, a two-car garage, storage, and a shed. Situated on an acre-plus parcel, the property includes seven cottages ranging from 240 to 600 sq ft. These cottages feature one-bedroom units with open kitchen-family room styles, studios with lofts, and larger open-concept studios. Six cottages have porches, and three are seasonal, all showcasing a unique "cottage beach style" with one bathroom per cottage. Ideal for family vacations, friends' getaways, individuals, traveling nurses, and wedding parties, the cottages also offer significant rental income potential from platforms like Airbnb, VRBO, and private rentals. The main home can generate $3,500 per month, while the cottage rentals are estimated to bring in $60,000 - $75,000 annually, for a total potential annual rental income of $117,000. Additional highlights include a lodging license, no flood insurance requirement, and proximity to the Niantic River and Oswegatchie Hills Nature Preserve trails. This quiet enclave of homes is just minutes from I-95/I-395.
Location
State CT
County New London
Zoning R10
Interior
Heating Hot Air
Cooling Central Air
Exterior
Utilities Available Electric, Telephone
Roof Type Asphalt Shingle
Building
Lot Description Level Lot
Foundation Concrete, Stone
Sewer Septic
Water Private Well
Listed by Tyler DeVecchis • Berkshire Hathaway NE Prop.