Flats at 390 390 Bee St 103 Unit Apartment Building For Sale Meriden, CT 06450

Northeast Private Client Group is pleased to present Flats at 390, a 106-unit multifamily community at 390 Bee Street in Meriden, Connecticut, offered unpriced on behalf of the ownership.
The property comprises wood-frame buildings on 3.6 acres along the Meriden/Wallingford line, built in 1991. The unit mix is 80 one bedroom/one-bath (550 SF) and 26 two-bedroom/two-bath (700SF). 89 of 106 units have been renovated, with the remaining 17 classic units representing an identifiable value-add runway on turnover. All utilities are included in tenant rents, a meaningful differentiator in a submarket where new construction requires tenants to pay gas and electric directly, plus mandatory fees of $77–$150/month for water, sewer, trash, and amenities.
Meriden's October 2025 revaluation and proposed mill rate reduction from 37.91 to 30.36 reduce forward property taxes from $282,000 to approximately $204,000, a $78,000 NOI improvement accruing immediately to a buyer and locked in through 2030. In-place rents have grown approximately 20% over three years, and Meriden Place, 107 units delivering immediately adjacent, is leasing at effective all-in costs exceeding $2,100/month for a one-bedroom. The Arlo at 211 Pomeroy Avenue, a 2005 vintage renovated property, is achieving $2,168 on 1BR units with no concession – with tenants paying gas and electric separately, that is $2,300+ all-in, defining a clear runway for continued rent growth on rollover. The property additionally absorbs approximately $181,000 in annual electric expense; RUBS or sub-metering recovery translates to $130,000+ of additional NOI and $2 million+ of value creation at current cap rates.
The property draws from Greater New Haven to the south (Yale, Yale New Haven Health, life sciences) and Greater Hartford to the north, meaningful employment adjacent to the property along Research Parkway including an Amazon facility 9 minutes away in Wallingford, with the Route 8 corridor adding Shelton, Stratford, Milford, and Sikorsky Aircraft within easy commuting range. The Meriden Amtrak station is three miles away.