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.
| Mls Number: | 24205864 |
|---|---|
| List Price: | $750,000 |
| Property Type: | Lot & Land |
| Property Sub Type: | Residential Land |
| Property Tax: | $3,201 |
| Acres: | 2.56 |
| City: | Colchester |
| County Or Parish: | New London |
| Postal Code: | 06415 |
| Basement Description: | No |
| Directions: | GPS Friendly |
| High School: | Per Board of Ed |
| Location: | Highway Access, Downtown, Suburban |
| Lot Improvements: | Approved Building Lot |
| Original List Price: | $750,000 |
| Road Frontage Description: | 445 |
| Sewage System: | Public Sewer Connected, Public Sewer In Street |
| Tax Year: | July 2025-June 2026 |
| Waterfront Description: | Not Applicable |
| Water Source: | Public Water Connected, Public Water In Street |
| Zoning: | SU |
| Acres Source: | Public Records |
| Agent Owner Yn: | Yes |
| Status: | Active |
| Assessed Value: | $107,000 |
| Comp Only Manual Yn: | No |
| Current Price: | $750,000.00 |
| Display Fair Market Value Yn: | Yes |
| Documents Available: | Building Plan, Environmental Site Assess., Flood Elevation Certificate, Photo/Survey, Plot Plan/Survey, Recorded Site Plan, Site Plan Approval, Soil Survey, Topographical Survey, Zoning Approval |
| Elementary School: | Per Board of Ed |
| Flood Zone Yn: | No |
| Home Owner's Assocation: | No |
| Listing Contract Date: | 2026-09-09 |
| Lot Description: | Secluded, Corner Lot, Treed, Level Lot, Sloping Lot, Rolling |
| Lots Number Of: | 1 |
| Middle Jr High School: | Per Board of Ed |
| Mil Rate Total: | $29.92 |
| Status: | Active |
| Nearby Amenities: | Golf Course, Library, Medical Facilities, Park, Playground/Tot Lot |
| Occupied By: | Vacant |
| Parcel Number: | 1457420 |
| Possession Availability: | Immediate |
| Potential Short Sale: | No |
| Preferred Phone: | (203) 297-0849 |
| Price: | $750,000 |
| Remarks Public Addendum: | The complete document package - approvals and notice of decision, the 88-sheet architectural set, civil engineering and site plans, MEP drawings, survey, geotechnical report, wetlands delineation, Affordability Plan, and the full financial model - is available upon execution of a confidentiality agreement. |
| Road Frontage Description: | State Road, Paved Road |
| Sewer Assess Description: | Unknown |
| Sign Yn: | Yes |
| Subdividable Ynu: | No |
| Under Agreement Yn: | No |
| Utilities Available: | None/Unknown |
Listing Courtesy of: Salzillo Realty Company
Listing Agent: Ryan J O'Keeffe
(203) 297-0849
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Smart MLS Inc. data last updated on October 08, 2026 05:24 PM - ET
Property Last Updated: October 08, 2026 05:24 PM - ET
