163-165 Main Street, Deep River, CT, 06417 | $985,000

EXCITING NEWS, ARV has increased to $1. 7 MILLION!!! We met with the town's building inspector and fire marshal for an on-site assessment, and they have expressed interest in seeing the 3rd Floor "Penthouse" get developed into rentable living space. The town needs about 30 days from application and submission of site plans to review the addition for approval. Pre-existing zoning regulations have been adjusted allowing the semi-finished third floor to be converted into a livable penthouse suite, and these revisions took effect on April 17, 2025. What's so great about this, is that we can now broker bridge financing that cuts the required down payment in HALF, for a total estimated Cash to Close of $230k. The beautiful new Penthouse suite will generate an additional $3, 750 per month in rental income, pushing the ARV to $1. 7 MILLION. This is a once in a life-time opportunity to purchase a Class B asset with very little down and potentially TAKE ALL OF YOUR CASH OUT OF THE DEAL upon closing the back end refinance, not to mention the 19% yearly return. DO NOT MISS OUT ON THIS EXTRAORDINARY OPPORTUNITY. The walkability and quintessential New England charm of downtown Deep River is a big draw for buyers seeking a trophy property or a dream location for their small business. Built in 1850, this mixed-use gem has much to offer including two commercial tenants (Hally Jo's Corner Restaurant and the Anchor and Compass clothing store) along with three residential units on the second floor. The attic space is a pleasant surprise with over ten-foot tall ceilings, just waiting to be re-developed into a beautiful Penthouse suite. The history remains unclear, but a secret society may have inhabited this cozy attic space for events over its 175 years of history. Don't fear however because the overall stability of the occupied units in combination with the add-value potential demands a rare value that is worth passing down to future generations. Prospective buyers responsible for independently verifying all information during their due diligence period.

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