Chestnut Street Apartments

  • Title

    Multifamily Property

  • City

    Norwich, CT

  • Price

    $1,600,000

  • Cap Rate

    7.7%

  • Gross Leasable Area

    18,400 SF

  • No. Units

    20

  • Price/SF

    $86.96

  • Price/Unit

    $80,000

  • No. Stories

    3

  • Year Built

    2011

Not found amenities.

Northeast Private Client Group is pleased to present the Chestnut Street Apartments, a 20 unit multifamily portfolio located in Norwich, CT.

The Chestnut Street Apartments are comprised of two adjacent properties, 88 Chestnut St and 93 Chestnut St. 88 Chestnut Street includes 2-one bedroom and 8-two bedroom units. 92 Chestnut Street includes 10-two bedroom units. There is a parking lot behind 93 Chestnut St which provides tenants off street parking. Tenants are responsible for their own heat and hot water which is supplied through all electric units. Tenants are also billed back for water usage as each unit is metered out separately. 93 Chestnut St was built in 2011 and features a new owner additional income opportunity through 10 garage bays available for rent. Currently, 6 are rented at $100 per month.

The Chestnut Street Apartments provide a new owner the opportunity to acquire a well maintained multifamily asset in Norwich, CT. Norwich is located in New London County with a population of around 40,000 people. The surrounding 15 mile radius for commuters is home to major employers including Pfizer Pharmaceuticals, General Dynamics, Foxwoods Resort and Casino, Mohegan Sun, and the U.S Coast Guard Academy.

 

Norwich, New London County, CT

Chestnut Street Apartments Offering Memo