3-Family Triplex with Two-Bedroom
For Sale
$499,000
23 Beacon Street, Waterbury, CT 06704
MULTI_FAMILY - Waterbury, CT
Property Size2,795 SF
Lot Size0.14 Acres
Price / SF$178.53
Days on Market163
Property Features for 23 Beacon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 1
Basement
Crawl Space
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly
Subdivision
Bunker Hill
Standard status
Active
Size
2,795 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
4548
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1903
Architectural style
Other
Listing Agency:
William Pitt Sotheby's Int'l · Sotheby's International Realty
(203) 245-6700
Listed By:
Melanie Scull · License #RES.0831146
(323) 314-0888
Added: Mar 13
Changed: Aug 16
Last Checked: Aug 22 at 12:06PM
MLS# 24155841
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex at 23 Beacon Street, Waterbury, CT 06704 offers three spacious two-bedroom units across three floors. The property has baseboard heating and window unit cooling, with public water and public sewer services. Off-street parking is available.
Current ownership has completed heavy lifting, and the three units are at different points in the leasing cycle: one floor is leased, one floor has been freshly renovated and is listed for rent, and one floor has a tenant lease-end with vacancy scheduled for the month’s end. Tenant-paid utilities and very low owner expenses are referenced as operating features.
The building is situated on a 0.14-acre lot and was built in 1903. Zoning is RM.
Current ownership has completed heavy lifting, and the three units are at different points in the leasing cycle: one floor is leased, one floor has been freshly renovated and is listed for rent, and one floor has a tenant lease-end with vacancy scheduled for the month’s end. Tenant-paid utilities and very low owner expenses are referenced as operating features.
The building is situated on a 0.14-acre lot and was built in 1903. Zoning is RM.
Key Highlights
- Zoned RM for multifamily use
- Three floors with spacious two‑bedroom units
- 0.14‑acre lot and off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,490
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$629,800
$629.8K
Cap Rate 7%
$449,857
$449.9K
Cap Rate 9%
$349,889
$349.9K
Market Conditions
NOI Build-Up for 2,795 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.6K $17.40/SF
− Vacancy
−$3.6K −$1.31/SF
EGI
$45.0K $16.10/SF
− OpEx
−$13.5K −$4.83/SF
NOI
$31.5K $11.27/SF
Area
Waterbury, CT
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$629,800
Cap Rate 7%
$449,857
Cap Rate 9%
$349,889
Alternative Uses
Best Use
Multifamily LT 5
$449.9K
$393.6K – $524.8K
NOI $31,490 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$405.3K
$354.6K – $472.8K
NOI $28,368 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$741.7K
$649.0K – $865.3K
NOI $51,920 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,708
Businesses Nearby
Explore this area
Business Placement
Demographics for 06704, CT
27,300
Population
12,987
Households
2.1
Avg Household Size
34
Median Age
14%
College-Educated
78%
High-School Grad
8.1 sq mi
ZIP Area
3,370
Density / Sq Mi
$47,848
Median Household Income
$33,090
Median Earnings
$1,202
Median Rent
$178,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Triplex property zoned RM with three spacious two-bedroom units, off-street parking, and tenant-paid utilities.
Where is this triplex located?
The property is located at 23 Beacon Street Waterbury, CT.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Zoned RM for multifamily use; Three floors with spacious two‑bedroom units; 0.14‑acre lot and off‑street parking
