Chestnut Street Townhomes

Perched on Connecticut’s western border, Danbury enjoys two geographical assets: size and location. The city has an area of 44 square miles, more than twice the size of Hartford, New Haven or Bridgeport. In addition to size, its proximity to New York is a strategic asset. Danbury is in northern Fairfield County, accessible to the Gold Coast - southern Fairfield County - and New York’s Westchester and Putnam counties. With comparatively affordable housing, Danbury draws residents from these pricey regions.Northeast Private Client Group is pleased to exclusively present “The Chestnut Street Townhomes”, a 144-bed student housing opportunity serving Western Connecticut State University in Danbury, CT. The property consists of thirty-six townhome units. (32) 2-bedroom townhomes with double garages and four (4) 3-bedroom townhomes without garages.. Each unit has occupancy for four (4) beds. The units come furnished with a living room set, twin bed frames, dressers, etc. The property was built in 2010. There is an on-site leasing/management office. All units have individual electric heat and hot water. Each unit has a double garage with an additional space outside the garage. There is also a newly built overflow parking lot at the rear of the property. All units have an in-unit washer/dryer. The property is currently operated as student housing for Western Connecticut State University. The property is located 0.4 miles from the main campus. The property has very few true competitors, as it is one of the only off-campus student housing complexes in Danbury that specifically provides housing for Western Connecticut State students. Current rents are $774/bed, while the highest achieved rent is $850/bedroom. Overall, there is a clear path to raising gross income by over $300,000 annually. While it currently operates as student housing, this property is also a great “market-rate” conversion opportunity. Danbury is home to a number of large employers, including Danbury Hospital, Praxair, Ethan Allen and Cartus. The city is located at the intersection of I-84 and Route 7 and is 15 minutes to I-684., allowing easy commuter access to New York City, Fairfield County, Hartford and Upstate New York. The property is 0.9 Miles to the Danbury Metro North Railroad Station.