2053 Memorial Dr - Apartments FOR SALE


Chicopee, MA 01020
$2,750,000 USD
203-692-2420
2053 Memorial Dr, Chicopee, MA for Sale
$2,750,000 USD
Apartments - FOR SALE
1/12
null | 6.78% Cap Rate

2053 Memorial Dr
Chicopee, MA 01020


HIGHLIGHTS

  • Strong Demand Profile – One-bedroom units demonstrate consistent absorption and sustained demand within the local rental market.
  • Value-Add Potential – In-place rents are approximately 25% ($282 per unit) below demonstrated market comparables, providing upside through rent growth
  • Regional Connectivity – Convenient access to major transportation corridors, including I-91, I-391, and the Massachusetts Turnpike (I-90).
  • High Barriers to Entry – The market is characterized by limited new supply and minimal recent multifamily development, constraining competitive invent
  • Attractive Residential Location – Situated approximately 0.25 miles from the South Hadley/Chicopee town line within a primarily residential setting.
  • Portfolio Acquisition Opportunity – Court View Commons may be acquired individually or as part of a portfolio transaction alongside Alden Edge

OVERVIEW

Northeast is pleased to present Court View Commons, a 24-unit multifamily property located at 2053 Memorial Drive, Chicopee, Massachusetts. Court View Commons is comprised of 24 one-bedroom apartment units with tenant-paid electric heat and hot water. The asset has been owned and operated by current ownership for approximately 10 years and is professionally managed by a third-party management company. During the ownership period, the property has undergone in excess of $200,000 in capital improvements, including the replacement of the mansard roof in 2023, upgrades to the fire alarm and emergency lighting systems in 2024, and over $5,000 in new appliances in 2025. In advance of marketing, 10 units were turned over within the past year, with modest interior upgrades completed across all units. The property offers ample off-street parking for residents and visitors, as well as an on-site laundry facility that provides ancillary income. The property offers a clear value-add opportunity through the ability to increase rents to prevailing market levels. Current average rents of $1,118 per unit are approximately $282 below market, compared to comparable one-bedroom units in Chicopee achieving average rents of approximately $1,400. Court View Commons is located along Chicopee’s primary retail and commercial corridor, providing strong visibility and access to major transportation routes, including Interstates 91 and 391 and the Massachusetts Turnpike (I-90). The location also benefits from proximity to retail services, grocery stores, and regional employment centers, including Westover Air Reserve Base.

FOR SALE DETAILS

PRICE

$2,750,000 USD

PRICE/SF

$153 USD /SF

# OF UNITS

24

PRICE/UNIT

$114,583

CAP RATE

6.78%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Court View Commons

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1985

PARKING SPACES

40

LAND DETAILS

LAND ACRES

1.24 AC

LAND SF

54,014 SF

ZONING

111

APN/PARCEL ID

CHIC-000776-000000-000013

ASK ABOUT THIS PROPERTY

Taylor PerunNortheast Private Client GroupMore Info
203-692-2420

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Taylor PerunNortheast Private Client GroupMore Info
203-692-2420

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.