Rare fully entitled, shovel-ready development opportunity in Colchester, CT. 31 Parum Road is a 2.56-acre site (111,439 SF) with Planning & Zoning approval for a 30-unit multifamily building under C.G.S. 8-30g. Base suburban zoning permits only 10 units - the approved affordable housing set-aside is what unlocks the additional 20 units, creating significant embedded value. Approvals, architecture, civil, MEP, survey, and geotech all convey with the sale. Public water and sewer are already in the road. 444.7 ft of frontage on Route 354. Unit mix of 18 one-bedroom and 12 two-bedroom units across a 3-story building with walk-out lower level, 25,202 SF net rentable. Site sits near the Route 2/Route 11 interchange, minutes to shopping and under 30 minutes to Hartford. Offered at $750,000 ($25,000 per approved unit) - priced below comparable approved sites in the region. Full Offering Memorandum available upon request.
A beautiful piece of property including approx 25 acres. This property currently has a 2462 sq foot multi-family house on it however the possibilities are endless regarding the use of this property. See MLS #24171152. One of the owners is a licensed real estate agent.
Colchester is located in Connecticut. Colchester, Connecticut has a population of 15,552. Colchester is more family-centric than the surrounding county with 33.05% of the households containing married families with children. The county average for households married with children is 27.48%.
The median household income in Colchester, Connecticut is $104,527. The median household income for the surrounding county is $79,040 compared to the national median of $69,021. The median age of people living in Colchester is 42.7 years.
The average high temperature in July is 83.2 degrees, with an average low temperature in January of 17.1 degrees. The average rainfall is approximately 50.5 inches per year, with 34.5 inches of snow per year.
