$20,000,000

For Rent

10 days ago

12 Water St, Mystic, CT

Name: 12 Water St, For Rent in Mystic - eXp Realty
Brand: Berkshire Hathaway NE Prop.
SKU: 24158924
Price: 20000000 USD

MLS® 24158924

0 Bed

2 Bath

Key Facts
Description
Map

Key Facts

Type Other

Levels Commercial Lease

Size -

Garage No

Date Available

Days Active 10

Approx. Age 1864

MLS® Number 24158924

Property Address: 12 Water St, Mystic, CT, 06355-2537

Average square foot calculated using Size range provided by listing agent.

Description

12 Water Street represents a rare and compelling redevelopment opportunity in the heart of one of New England's most celebrated coastal destinations. Situated on 1.61 acres along the storied waterfront of Mystic, Connecticut, the property offers a substantial existing 4-story, 60, 143-square-foot mixed-use building with immediate proximity to the iconic Mystic Drawbridge - one of the most photographed landmarks in the northeastern United States. The site is zoned within the Mystic Downtown District (MDD), a designation purpose-built to encourage concentrated, pedestrian-oriented mixed-use and residential development while preserving the historic character that defines Mystic's irreplaceable sense of place. The MDD zoning framework, combined with the property's scale, location, and existing structure, positions 12 Water Street as an exceptional candidate for adaptive residential reuse - and the recently completed luxury condo projects in the immediate market leave no ambiguity about the demand that awaits a well-executed vision here. Central Hall at 22 West Main Street, completed in 2022 and located within steps of the subject property, is now fully absorbed - including a number of off-market transactions that never reached the open market. Prices at Central Hall accelerated from $743 per square foot at initial closings to over $1, 170 per square foot by mid-2025, demonstrating both the depth of demand and the market's appetite for premium product in this location., The Standard at 3 Water Street, a separately owned and separately absorbed project completed in 2020, reinforces this picture: two luxury condo projects selling concurrently in the same half-mile radius without meaningful competition for buyers. The market supported both, simultaneously. 12 Water Street is offered at $20, 000, 000. Prospective purchasers are invited to evaluate the site's significant zoning entitlement, the demonstrated strength of the surrounding condo market, and the strategic advantages of the existing structure as they formulate their development thesis.

MLS® Number24158924

Locker

Ensuite LaundryNo

Balcony

Furnished

Laundry Level

Exposure

Exterior

GarageNo

Approx. Age1864

Stories

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Leased YetSold Price

For Rent

Mar 13, 2026List Date

$20,000,000List Price

Commute

Commute

Starting Address

Destination Address

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