Four-Unit Multifamily Property with
For Sale
$699,900
10 Old Waterbury Road, Middlebury, CT 06762
Multi-Family For Sale, Units are Side-by-Side, Middlebury, CT
Property Size2,345 SF
Lot Size0.41 Acres
Price / SF$298.46
Days on Market10
Property Features for 10 Old Waterbury Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R40
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 2, Basement, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 3
Patio and Porch features
Porch
Exterior features
Sidewalk,Porch,Deck,Gutters,Garden Area,Lighting
Fireplace
1
Basement
Partial
Lot features
Lightly Wooded, Sloping Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS friendly (SIGN) AT TOP OF ROAD-LAST PROPERTY AT END ON LEFT
Standard status
Active
Size
2,345 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7675
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
in-ground swimming pool
Building Details
Year built
1930
Architectural style
Other
Listing Agency:
Advantage Realty Group, Inc.
(203) 755-4015
Listed By:
Judith Caputo · License #REB.0751026
(203) 509-1151
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 24 at 9:06AM
MLS# 24207437
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 four-unit multifamily property includes two buildings on a 0.41-acre parcel. The primary structure is a side-by-side triplex with garages beneath the building, fireplaces in the living rooms, and baseboard heat. A detached ranch-style residence adds three rooms, one bedroom, an oversized fireplace, and oil heat. The property totals 2,345 square feet and includes an in-ground swimming pool and detached two-car garage.
Separate heat and utility systems serve the buildings, with public water and public sewer. Exterior improvements include a porch, deck, sidewalks, gutters, lighting, and a garden area. The property is zoned R40 and is located near Route 8, I-84, Post University, and NVCC. Greenway trails and Hop Brook Lake are within walking distance.
Separate heat and utility systems serve the buildings, with public water and public sewer. Exterior improvements include a porch, deck, sidewalks, gutters, lighting, and a garden area. The property is zoned R40 and is located near Route 8, I-84, Post University, and NVCC. Greenway trails and Hop Brook Lake are within walking distance.
Key Highlights
- Four units across two buildings on a 0.41‑acre parcel
- 2,345 square feet with a side‑by‑side triplex and detached ranch residence
- Detached two‑car garage and in‑ground swimming pool
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
$26,420
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
3.77%
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%
$528,400
$528.4K
Cap Rate 7%
$377,429
$377.4K
Cap Rate 9%
$293,556
$293.6K
Market Conditions
NOI Build-Up for 2,345 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
$40.8K $17.40/SF
− Vacancy
−$3.1K −$1.31/SF
EGI
$37.7K $16.10/SF
− OpEx
−$11.3K −$4.83/SF
NOI
$26.4K $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%
$528,400
Cap Rate 7%
$377,429
Cap Rate 9%
$293,556
Alternative Uses
Best Use
Multifamily LT 5
$377.4K
$330.3K – $440.3K
NOI $26,420 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$340.0K
$297.5K – $396.7K
NOI $23,801 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$622.3K
$544.5K – $726.0K
NOI $43,561 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
Demographics for 06762, CT
7,574
Population
3,071
Households
2.5
Avg Household Size
46
Median Age
53%
College-Educated
96%
High-School Grad
17.8 sq mi
ZIP Area
426
Density / Sq Mi
$142,750
Median Household Income
$66,184
Median Earnings
$452,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two-building residential income property with separate utilities, public services, and recreational amenities.
Where is this multifamily property located?
The property is located at 10 Old Waterbury Road Middlebury, CT.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four units across two buildings on a 0.41‑acre parcel; 2,345 square feet with a side‑by‑side triplex and detached ranch residence; Detached two‑car garage and in‑ground swimming pool
