31 Parum rd
Colchester, CT 06415 Northwest New London/Colchester

31 Parum Road is a fully entitled, shovel-ready 30-unit multifamily development opportunity in Colchester, Connecticut. Offered at $750,000, this SU-zoned parcel has received Special Permit approval from the Town, allowing immediate advancement to construction with all municipal entitlements secured. The project includes public water and sewer, engineered site plans, and a complete regulatory path already completed.

The development consists of 30 residential units, 9 of which are designated at 80% AMI under the Town’s long-term Affordability Plan. These affordability requirements convey to the new owner for 40 years, while the remaining 21 units may be leased at market rates. The site offers strong frontage, a level building area, and proximity to Colchester’s town center, retail, and transportation corridors.

Estimated total acquisition and development costs are $7,285,427, with projected annual stabilized rent of $788,832, Year 1 NOI of $572,189, and an estimated 1.44 DSCR after stabilization. At a 6% capitalization rate, the project carries an estimated stabilized valuation of $9,536,483, providing a compelling spread between cost and value.

This property presents a rare chance to acquire a ready-to-build multifamily project in a growing Connecticut market with strong rental demand, predictable approvals, and long-term affordability compliance already structured. Ideal for developers, investors, and portfolio owners seeking a high-yield multifamily asset with entitlements in place.