Two-Unit Residential Income
For Sale
$417,900
Pending
179 Rhode Island Ave, Waterbury, CT 06704
Refreshed two-unit building with updated kitchens and bathrooms, an attached first-floor garage, yard, and off-street parking.
Property Size1,745 SF
Days on Market131
Property Features for 179 Rhode Island Ave
General Information
Standard status
Pending
Size
1,745 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Amenities
new kitchens
new bathrooms
garage
yard
off street parking
rec room
Building Details
Building Size
1,745 SF
Year Built
1917
Tenancy
Multi
Listing Agency:
Mary Helen Levine Real Estate LLC
Listed By:
Mayer Behrend · License #RES.0802220
(203) 910-4823
Source:
Elliman
Added: Apr 28
Changed: Aug 25
Last Checked: Sep 5 at 8:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mary Helen Levine Real Estate LLC
Investment Insights
Based on property information with market context.
This renewed, two-unit residential income duplex has been refreshed and is ready for occupancy. The apartments feature new kitchens and bathrooms. The first-floor garage connects directly into the home, helping avoid rain and snow when entering. Outside, the property includes a usable, easy-maintenance yard with off-street parking.
A portion of the layout is highlighted by an expansive rec room that can be used as a game room, family room, exercise room, or playroom. The street is described as low density, and the property is positioned with convenient access to recreation, shopping, highways, and day-to-day conveniences.
Additional information provided includes bikeScore of 9 (somewhat bikeable), walkScore of 46 (car-dependent), and transitScore of 33 (some transit).
A portion of the layout is highlighted by an expansive rec room that can be used as a game room, family room, exercise room, or playroom. The street is described as low density, and the property is positioned with convenient access to recreation, shopping, highways, and day-to-day conveniences.
Additional information provided includes bikeScore of 9 (somewhat bikeable), walkScore of 46 (car-dependent), and transitScore of 33 (some transit).
Key Highlights
- Two‑unit building built in 1917 with updated, refreshed living spaces
- Apartments feature new kitchens and bathrooms
- Attached first‑floor garage provides direct entry into the home, avoiding rain and snow
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
$19,660
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
4.70%
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%
$393,200
$393.2K
Cap Rate 7%
$280,857
$280.9K
Cap Rate 9%
$218,444
$218.4K
Market Conditions
NOI Build-Up for 1,745 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
$30.4K $17.40/SF
− Vacancy
−$2.3K −$1.31/SF
EGI
$28.1K $16.10/SF
− OpEx
−$8.4K −$4.83/SF
NOI
$19.7K $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%
$393,200
Cap Rate 7%
$280,857
Cap Rate 9%
$218,444
Alternative Uses
Best Use
Multifamily LT 5
$280.9K
$245.8K – $327.7K
NOI $19,660 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$253.0K
$221.4K – $295.2K
NOI $17,711 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$463.1K
$405.2K – $540.3K
NOI $32,415 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
334
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?
Duplex - Refreshed two-unit building with updated kitchens and bathrooms, an attached first-floor garage, yard, and off-street parking.
Where is this duplex located?
The property is located at 179 Rhode Island Ave Waterbury, CT.
What is the asking price?
The asking price for this property is $417,900.
What are key features of this property?
This property features: Two‑unit building built in 1917 with updated, refreshed living spaces; Apartments feature new kitchens and bathrooms; Attached first‑floor garage provides direct entry into the home, avoiding rain and snow
