For Sale
$10,750,000

62 Chestnut StDanbury, CT 06810

144-bed student housing complex near WCSU

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 36-unit student housing property in Danbury, CT, presents a compelling value-add opportunity. Located just 0.4 miles from Western Connecticut State University, this 2010-built complex boasts 43,120 square feet across six, three-story buildings situated on a 3.31-acre lot. The property comprises 32 two-bedroom townhomes with double garages and four three-bedroom townhomes. Each unit comfortably accommodates four students and is fully furnished with living room sets, beds, and dressers. Individual electric heat and hot water are provided, along with in-unit washer/dryers. Ample parking is available, including double garages for each two-bedroom unit, additional off-street parking, and a newly constructed overflow lot. An on-site leasing/management office facilitates efficient operations. Currently operating at an average rent of $774 per bed (with a high of $850), this property offers significant potential for rental increases, exceeding $300,000 annually. Its proximity to the university and limited competition make it an attractive investment. The property's zoning (RMF-4) allows for flexibility, including potential conversion to market-rate housing. Danbury's strong employment base, including Danbury Hospital, Praxair, Ethan Allen, and Cartus, further enhances its appeal. Convenient access to I-84, Route 7, I-684, and the Danbury Metro North Railroad Station (0.9 miles) provides easy commuting to New York City, Fairfield County, Hartford, and Upstate New York. The asking price is $10,750,000.

Highlights

  • 36-unit student housing complex, 0.4 miles from Western Connecticut State University.
  • 2010 construction, 43,120 square feet on a 3.31-acre lot; minimal capital expenditures needed.
  • 144 beds in 32 two-bedroom and four three-bedroom townhomes; all units fully furnished with in-unit laundry and double garages.
  • $10,750,000 asking price; current average rent of $774 per bed, with potential for significant rent increases exceeding $300,000 annually.
  • Excellent location near I-84, Route 7, I-684, and the Danbury Metro North Railroad Station; strong employment base in Danbury.

Property Details for 62 Chestnut St

Property type
Dormitories, Student housing
Square Feet
43,120 SF
Class
B
Year Built
2010
Buildings
6
Stories
3
Lot Size (sq. ft)
144,184 SF
Units
36

Location Insight

City
Danbury
County
Fairfield
State
Connecticut
Latitude
41.3983175
Longitude
-73.4365986
62 Chestnut St, Danbury, Connecticut

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62 Chestnut St
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