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Alden Edge 510 Mckinstry Ave 24 Unit Apartment Building $2,995,000 ($124,792/Unit) 7% Cap Rate Chicopee, MA 01020
Investment Highlights
- Balanced Unit Composition – Diversified mix of one-bedroom and two-bedroom residences
- Portfolio Aggregation Opportunity – Optional acquisition of an additional 24-unit asset, Court View Commons (2053 Memorial Drive)
- Compelling Value-Add Profile – 20–25% rental upside achievable through systematic mark-to-market strategy
- Favorable Utility Structure – Tenant-paid, all-electric utilities minimize operating expenses and management complexity
- Material Capital Improvements – In excess of $250,000 deployed toward recent capital expenditure initiatives
- Conservative Tax Basis – Current assessed valuation of $2,790,100
Executive Summary
Northeast Private Client Group is proud to present Alden Edge Apartments, a well-maintained 24-unit multifamily community located in Chicopee, Massachusetts.
Alden Edge Apartments consists of 13 one-bedroom units and 11 two-bedroom units. All apartments are separately metered, with tenants responsible for their own heat and hot water, provided through all-electric systems. The property has been under the same ownership for the past 10 years and has benefited from professional third-party management over the last two years. A new owner will inherit an asset that has been meticulously maintained, with many major capital improvements already completed. Recent upgrades include a parking lot renovation (2017), mansard roof replacement (2023), fire alarm and emergency lighting system upgrades (2024), new gutters (2024), a top roof replacement (2025), and over $6,000 in new appliances installed in 2025. Additionally, six units have been renovated within the past year.
Alden Edge presents a compelling value-add opportunity for new ownership. Current average rents for one-bedroom units are $1,122, approximately $275 (25%) below market rents of $1,400. Two bedroom units average $1,306, which is roughly $294 (23%) below market rents of $1,600. This rent gap provides a clear and achievable path to increasing rental income through unit upgrades and improved operational efficiency.
The property is ideally situated with convenient access to both I-391 and the Massachusetts Turnpike (I-90), located just one mile away. Alden Edge Apartments is also minutes from the Memorial Drive commercial corridor, Chicopee’s primary retail and service hub, offering tenants close proximity to shopping, dining, grocery stores, and national retailers.
Alden Edge Apartments consists of 13 one-bedroom units and 11 two-bedroom units. All apartments are separately metered, with tenants responsible for their own heat and hot water, provided through all-electric systems. The property has been under the same ownership for the past 10 years and has benefited from professional third-party management over the last two years. A new owner will inherit an asset that has been meticulously maintained, with many major capital improvements already completed. Recent upgrades include a parking lot renovation (2017), mansard roof replacement (2023), fire alarm and emergency lighting system upgrades (2024), new gutters (2024), a top roof replacement (2025), and over $6,000 in new appliances installed in 2025. Additionally, six units have been renovated within the past year.
Alden Edge presents a compelling value-add opportunity for new ownership. Current average rents for one-bedroom units are $1,122, approximately $275 (25%) below market rents of $1,400. Two bedroom units average $1,306, which is roughly $294 (23%) below market rents of $1,600. This rent gap provides a clear and achievable path to increasing rental income through unit upgrades and improved operational efficiency.
The property is ideally situated with convenient access to both I-391 and the Massachusetts Turnpike (I-90), located just one mile away. Alden Edge Apartments is also minutes from the Memorial Drive commercial corridor, Chicopee’s primary retail and service hub, offering tenants close proximity to shopping, dining, grocery stores, and national retailers.
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Property Facts
| Price | $2,995,000 | Apartment Style | Low-Rise |
| Price Per Unit | $124,792 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.30 AC |
| Cap Rate | 7% | Building Size | 14,300 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1985 |
| Property Subtype | Apartment | Parking Ratio | 3.36/1,000 SF |
| Zoning | 106 | ||
| Price | $2,995,000 |
| Price Per Unit | $124,792 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.30 AC |
| Building Size | 14,300 SF |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 3.36/1,000 SF |
| Zoning | 106 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
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Property Taxes
| Parcel Number | CHIC-000390-000000-000003 | Improvements Assessment | $1,894,100 |
| Land Assessment | $240,000 | Total Assessment | $2,134,100 |
Property Taxes
Parcel Number
CHIC-000390-000000-000003
Land Assessment
$240,000
Improvements Assessment
$1,894,100
Total Assessment
$2,134,100
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Alden Edge | 510 Mckinstry Ave
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