Current Use by Public Records
- Chestnut Street Townhomes / Student Housing Center / Townhouse Complex
Property Details for 62 Chestnut St
- Year built
- 2010
- Lot size
- 3.31 lot acres
- Property type
- Dormitories
- Property subtype
- Student housing
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Danbury
- County
- Fairfield
- State
- Connecticut
- Longitude
- -73.4366
- Latitude
- 41.3983
