Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Elm Shore Apartments located at 205 Elm Street, West Haven, Connecticut. Elm Shore Apartments is a 100% market-rate, 13-unit value-add multifamily building consisting of 12 one-bedroom units and one two-bedroom, one-bath apartment. Originally constructed in 1960, the building has been exceptionally maintained by current ownership and presents a terrific opportunity to capture compelling revenue upside through light apartment upgrades and reducing existing loss-to-lease. Elm Shore Apartments has been meticulously managed and maintained over the past 17+ years under current ownership and has minimal (if any) deferred maintenance. Each unit has been updated on an as-needed basis during turnover. These updates vary and include refinishing original hardwood floors in the living and bedrooms, new luxury vinyl plank or tile flooring in the wet areas, painted or updated white shaker cabinets, Formica countertops (granite in select units), new three-piece tub surrounds, and upgraded floating or wood base vanities. Review of the submarket strongly suggests that Elm Shore Apartments presents the opportunity to drive revenue through light updates to apartments and via harvesting loss-to-lease. Currently, there are multiple apartments with rents significantly below market. These modest upgrades can drive monthly rents by $150 to $500 above prior rents and achieving M&M’s Pro Forma rents across the property will result in 22% rent growth -- nearly $50,000 in additional revenue per year.