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Multifamily

59-65 Maple & 132-138 West Main

65 Maple St, Chester, CT 06412

Listing Price: $2,880,000

Cap Rate
5.61%
Number of Units
18
GRM
10.71
Price/Unit
$160,000

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 59-65 Maple Street and 132-138
West Main Street in Chester, Connecticut – a two-property, 100% market rate portfolio consisting of 17
one-bedroom apartments and a +/- 1,500 square foot warehouse (currently leased). These properties
feature high-quality suburban rental housing with a value-add opportunity through modest
renovations in a market that’s ideally triangulated between the major employment hubs of Groton/New
London, Middletown, and New Haven.

59-65 Maple Street consists of two buildings: a +/- 1,500 square foot warehouse, used as a workshop,
situated at the entry of the property. Additionally, the seven one-bedroom/one-bathroom apartments
are in a two-story, wood-frame building that was constructed in 1975, and both are set on just over 2.5
acres of serene, wooded landscape merely a half-mile (10-minute walk) from Chester’s town center.
Residential tenants at 59-65 Maple are responsible for individually metered electricity providing
baseboard or radiant heat and hot water. The warehouse is heated by propane, which is also the
tenant’s responsibility. Water and sewer is serviced by a private well and septic system. Select units
have washers and dryers, which can be expanded to all apartments.

132-138 West Main Street is comprised of four total buildings on just over 1 acre of land. Originally
built in the 1920s as individual residences, the subject property offers unique floorplans across the ten
one-bedroom/one-bathroom apartments, including two standalone units that each take up an entire
building on the property. The apartment at 136 West Main Street has in-unit laundry, and the
remaining tenants take advantage of a coin-operated laundry room on-site. 132 West Main Street (4
units) is central oil, which provides the hot water for all four units as well as the heating for two of the
four apartments (units A and B). The remaining apartments are individually metered for electricity
providing heat and hot water. Units at 136 and 138 West Main Street (5 units) have ductless heat pump
units providing both heating and cooling.

Located in Middlesex County along the Connecticut River, Chester is a picturesque New England town
with a vibrant town center filled with boutique shops, highly regarded restaurants, historic buildings,
and abundant opportunities for outdoor recreation. Both subject properties are well-located within the
town of Chester, less than a mile from the town’s center, while also providing ease of access to Route 9,
which funnels to both Interstates 91 and 95.

The triangle from Northern New Haven to Southeast Hartford County to New London-Groton is
significantly underserved in the multifamily housing space, putting these properties in a very strong
position for stable long-term performance and future rent growth.

Investment Highlights

  • Quality Suburban Real Estate in an Underserved Market: Lower Middlesex County, is primarily comprised of single-family homes and charming New England town centers with limited rental options
  • Equidistant to Major Employment Hubs: New London/Groton (20-25 minutes), Middletown (15 minutes), New Haven (35-40 minutes), Hartford (35-40 minutes)
  • Value-Add Opportunity with an Attractive Renter Demographic: Renters by choice, young professionals, and empty nesters/downsizers. Upgrades can result in increases of $150 to $200 per month, or more
  • Picturesque Suburban Setting: Both 59-65 Maple Street and 132-138 West Main Street offer tenants unique, scenic residences within the quaint and historic town of Chester
  • Chester Town Center: Located in the heart of the town and within one mile of both subject properties, Chester's Town Center offers its residents over 50 local, high-quality restaurants, niche shopping, farmers markets, and community events.
  • Ease of Access to Transportation: Connecticut Route 9 is directly adjacent to 132-138 West Main Street and just minutes from 59-65 Maple Street. Route 9 provides connections to both Interstates 91 and 95, offering residents at both properties access to New Haven, New London, Old Saybrook, and Middletown. Old Saybrook Northeast Regional Rail (20 minutes away) provides Acela express service to both NY and Boston in just over 2 hours.

Exclusively Listed By

  • Wes Klockner

    Licensed Real Estate Salesperson

    (203) 672-3326

    Email Wes

    License(s): NY: 10401263791, CT: RES, 0799478

    New Haven

  • Eric Pentore

    Senior Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

Multifamily

59-65 Maple & 132-138 West Main

Listing Price: $2,880,000

Cap Rate
5.61%
Number of Units
18
GRM
10.71
Price/Unit
$160,000

Investment Highlights

  • Quality Suburban Real Estate in an Underserved Market: Lower Middlesex County, is primarily comprised of single-family homes and charming New England town centers with limited rental options
  • Equidistant to Major Employment Hubs: New London/Groton (20-25 minutes), Middletown (15 minutes), New Haven (35-40 minutes), Hartford (35-40 minutes)
  • Value-Add Opportunity with an Attractive Renter Demographic: Renters by choice, young professionals, and empty nesters/downsizers. Upgrades can result in increases of $150 to $200 per month, or more
  • Picturesque Suburban Setting: Both 59-65 Maple Street and 132-138 West Main Street offer tenants unique, scenic residences within the quaint and historic town of Chester
  • Chester Town Center: Located in the heart of the town and within one mile of both subject properties, Chester's Town Center offers its residents over 50 local, high-quality restaurants, niche shopping, farmers markets, and community events.
  • Ease of Access to Transportation: Connecticut Route 9 is directly adjacent to 132-138 West Main Street and just minutes from 59-65 Maple Street. Route 9 provides connections to both Interstates 91 and 95, offering residents at both properties access to New Haven, New London, Old Saybrook, and Middletown. Old Saybrook Northeast Regional Rail (20 minutes away) provides Acela express service to both NY and Boston in just over 2 hours.

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 59-65 Maple Street and 132-138 West Main Street in Chester, Connecticut – a two-property, 100% market rate portfolio consisting of 17 one-bedroom apartments and a +/- 1,500 square foot warehouse (currently leased). These properties feature high-quality suburban rental housing with a value-add opportunity through modest renovations in a market that’s ideally triangulated between the major employment hubs of Groton/New London, Middletown, and New Haven. 59-65 Maple Street consists of two buildings: a +/- 1,500 square foot warehouse, used as a workshop, situated at the entry of the property. Additionally, the seven one-bedroom/one-bathroom apartments are in a two-story, wood-frame building that was constructed in 1975, and both are set on just over 2.5 acres of serene, wooded landscape merely a half-mile (10-minute walk) from Chester’s town center. Residential tenants at 59-65 Maple are responsible for individually metered electricity providing baseboard or radiant heat and hot water. The warehouse is heated by propane, which is also the tenant’s responsibility. Water and sewer is serviced by a private well and septic system. Select units have washers and dryers, which can be expanded to all apartments. 132-138 West Main Street is comprised of four total buildings on just over 1 acre of land. Originally built in the 1920s as individual residences, the subject property offers unique floorplans across the ten one-bedroom/one-bathroom apartments, including two standalone units that each take up an entire building on the property. The apartment at 136 West Main Street has in-unit laundry, and the remaining tenants take advantage of a coin-operated laundry room on-site. 132 West Main Street (4 units) is central oil, which provides the hot water for all four units as well as the heating for two of the four apartments (units A and B). The remaining apartments are individually metered for electricity providing heat and hot water. Units at 136 and 138 West Main Street (5 units) have ductless heat pump units providing both heating and cooling. Located in Middlesex County along the Connecticut River, Chester is a picturesque New England town with a vibrant town center filled with boutique shops, highly regarded restaurants, historic buildings, and abundant opportunities for outdoor recreation. Both subject properties are well-located within the town of Chester, less than a mile from the town’s center, while also providing ease of access to Route 9, which funnels to both Interstates 91 and 95. The triangle from Northern New Haven to Southeast Hartford County to New London-Groton is significantly underserved in the multifamily housing space, putting these properties in a very strong position for stable long-term performance and future rent growth.

Exclusively Listed By

  • Wes Klockner

    Licensed Real Estate Salesperson

    (203) 672-3326

    Email Wes

    License(s): NY: 10401263791, CT: RES, 0799478

    New Haven

  • Eric Pentore

    Senior Vice President Investments

    (203) 672-3336

    Email Eric

    License(s): CT: RES. 0787525

    New Haven

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