Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    428 West Main St Waterbury, CT 06702

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,949,000

    Motel with expansion possibilities near I-84 and Route 8.

    Property size:
    14,990 SF
    Lot size:
    0.31 Acres

    Property Features for 428 West Main St

    General Information

    Standard status
    Active
    Size
    14,990 SF
    Lot size
    0.31 Acres

    Building Details

    Year built
    1925

    We can help!

    Listing Contact
    Carmelina Riccitelli
    Source: Corcoran

    Listing Agency: Coldwell Banker Realty Listing Agent: Carmelina Riccitelli

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    39-Room Motel with Development Potential

    The property for sale includes a 39-room motel at 428 West Main Street, along with three additional parcels on French Street: 30 French Street, 34 French Street, and another French Street lot. The rear parcels offer flexibility for additional parking, expansion, or future development, subject to approvals. The motel features a mix of single, double, and Jacuzzi suites, on-site laundry, and ample parking. Positioned along a high-visibility corridor with direct access to I-84 and Route 8, the property benefits from strong traffic counts and proximity to major retailers, restaurants, and entertainment venues, supporting consistent guest demand. The property is currently operating and presents a compelling value-add opportunity with multiple exit strategies, including repositioning, rebranding, extended-stay conversion, or boutique redevelopment. The inclusion of the French Street parcels enhances both operational efficiency and long-term redevelopment potential. The property size is 14990 square feet.
    Location Intelligence

    Current Use by Public Records

    Big Apple Motel Hotel & Motel FAI Services Chimney ... Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Winners Waterbury, Big Apple Motel, Chester, Courtyard Marriott, Barn on Grand

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0481334
    Latitude
    41.5583842

    Nearby Similar for Sale

    • New
      $499,900
      2,382 SF

      High-Visibility Commercial Property Opportunity

      Legacy property with high traffic, visibility, and potential.
      399 Wolcott Rd, Wolcott, CT 06716
      View Details
    • $450,000
      2,450 SF

      Mixed-Use Property in Waterbury, CT

      Four units: three residential, one commercial space in Waterbury.
      210 Bishop St, Waterbury, CT 06704
      View Details
    • New
      $320,000
      Pending

      Versatile Commercial Building in Waterbury

      Solid commercial building with endless potential for various businesses.
      1005 Baldwin St, Waterbury, CT 06706
      View Details
    • New
      $525,000
      3,900 SF

      Turnkey Restaurant & Bar Business

      Thriving restaurant/bar with high traffic location and excellent potential.
      1457 Meriden Rd, Wolcott, CT 06716
      View Details
    • New
      $575,000
      2,484 SF

      Turnkey Restaurant Business Opportunity

      Established restaurant with loyal customer base on busy Wolcott Road.
      524 Wolcott Rd, Wolcott, CT 06716
      View Details
    • $300,000
      5,751 SF

      Waterbury Commercial Opportunity For Sale

      Mixed-use property in Waterbury's Central Business District.
      18 Brown St, Waterbury, CT 06702
      View Details
    • $1,980,000
      13,878 SF

      Wolcott Retail Space For Sale

      Retail property in high-traffic Wolcott location with long-term tenants.
      1457 Meriden Rd, Wolcott, CT 06716
      View Details
    • $1,100,000
      6,560 SF

      Versatile Commercial Space Near I-84

      Adaptable commercial property with industrial and retail potential near I-84.
      649 Captain Neville Dr, Waterbury, CT 06705
      View Details
    • New
      $125,000
      880 SF

      Downtown Waterbury Commercial Space

      Versatile commercial space in high-traffic downtown Waterbury location.
      207 Bank St, Waterbury, CT 06702
      View Details
    • New
      $1,999,900
      Pending

      Waterbury Commercial Investment Opportunity

      Prime commercial property with income-generating potential in Waterbury, CT.
      510 Meriden Rd, Waterbury, CT 06705
      View Details
    • $56,500
      1,600 SF

      Medical Office with Exam Rooms

      Medical office space available for sale in Waterbury, Connecticut.
      60 Westwood Ave, Waterbury, CT 06708
      View Details
    • Contact for pricing
      772 SF

      Medical Office in Waterbury, CT

      Medical office with exam rooms, reception, and waiting area.
      60 Westwood Ave, Waterbury, CT 06708
      View Details

    FAQs

    What type of property is this?
    Motel - Motel with expansion possibilities near I-84 and Route 8.
    Where is this motel located?
    The property is located at 428 West Main St Waterbury, CT.
    What is the asking price?
    The asking price for this property is $1,949,000.
    What are key features of this property?
    This property features: - 39-room motel featuring a mix of room types, including Jacuzzi suites.; - Includes three additional parcels on French Street for expansion or development.; - High-visibility location with direct access to I-84 and Route 8.
    (203) 804-1877
    Request Owner's contact information
    428 West Main St Waterbury, CT 06702
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    428 West Main St
    Waterbury, CT 06702
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    428 West Main St Waterbury, CT 06702
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Carmelina Riccitelli
    Real Estate License ID: RES.0784103
    (203) 804-1877 (203) 736-2583 (203) 284-1208
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!