Triplex Building with Separate
For Sale
$295,000
230 Bishop Street, Waterbury, CT 06704
MULTI_FAMILY - Waterbury, CT
Property Size2,145 SF
Lot Size0.22 Acres
Price / SF$137.53
Days on Market150
Property Features for 230 Bishop Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 6, Bathroom 4, Basement, Bedroom 2, Bedroom 1, Bedroom 4
Basement
Full, Unfinished, Partially Finished
Lot features
Level Lot
Elementary school
F.J. Kingsbury
High school
Wilby
Directions
GPS friendly
Subdivision
Crown Brook
Special listing conditions
Short Sale
Standard status
Active
Size
2,145 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4027
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1895
Listing Agency:
Brass Moon Realty
(203) 945-1000
Listed By:
Levi Judqin · License #REB.0792029
(203) 724-7127
Added: Mar 12
Changed: Aug 3
Last Checked: Aug 8 at 8:06PM
MLS# 24158844
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 three-family triplex at 230 Bishop Street offers separate utilities and off-street parking, along with a manageable yard space. The property contains 2,145 square feet and includes basement space and multiple bedrooms and bathrooms across the layout.
Built in 1895, the home is on a 0.22-acre lot and served by public water and public sewer. It is being sold as-is and is subject to short sale approval.
Zoned RM, the property is positioned within Waterbury, Connecticut for day-to-day convenience to schools, shopping, restaurants, and major highways for commuting.
Built in 1895, the home is on a 0.22-acre lot and served by public water and public sewer. It is being sold as-is and is subject to short sale approval.
Zoned RM, the property is positioned within Waterbury, Connecticut for day-to-day convenience to schools, shopping, restaurants, and major highways for commuting.
Key Highlights
- Three‑family triplex at 230 Bishop Street
- RM zoning with 0.22‑acre lot
- 2,145 SF total building area
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
$24,167
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
8.19%
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%
$483,340
$483.3K
Cap Rate 7%
$345,243
$345.2K
Cap Rate 9%
$268,522
$268.5K
Market Conditions
NOI Build-Up for 2,145 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
$37.3K $17.40/SF
− Vacancy
−$2.8K −$1.31/SF
EGI
$34.5K $16.10/SF
− OpEx
−$10.4K −$4.83/SF
NOI
$24.2K $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%
$483,340
Cap Rate 7%
$345,243
Cap Rate 9%
$268,522
Alternative Uses
Best Use
Multifamily LT 5
$345.2K
$302.1K – $402.8K
NOI $24,167 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$311.0K
$272.1K – $362.9K
NOI $21,771 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$569.2K
$498.1K – $664.1K
NOI $39,846 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
944
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family triplex zoned RM with separate utilities, off-street parking, public water, and public sewer.
Where is this triplex located?
The property is located at 230 Bishop Street Waterbury, CT.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Three‑family triplex at 230 Bishop Street; RM zoning with 0.22‑acre lot; 2,145 SF total building area
