Three-Family Income
For Sale
$499,000
23 Beacon St, Waterbury, CT 06704
Three spacious two-bedroom units with tenant-paid utilities and off-street parking.
Property Size2,795 SF
Days on Market117
Property Features for 23 Beacon St
General Information
Standard status
Active
Size
2,795 SF
Property subtype
Multi Family
Additional Details
Cap Rate
8%
Multifamily Units
3
Building Details
Building Size
2,795 SF
Year Built
1903
Stories
3
Tenancy
Multi
Listing Agency:
William Pitt Sotheby's International Realty
(323) 314-0888
Listed By:
Melanie Scull · License #RES.0831146
(323) 314-0888
Source:
Elliman
Added: Apr 28
Changed: Aug 13
Last Checked: Aug 22 at 7:09AM
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 William Pitt Sotheby's International Realty
Investment Insights
Based on property information with market context.
This three-family income property offers three spacious two-bedroom units across multiple floors. Ownership has addressed major items already, with tenant-paid utilities helping keep owner expenses relatively low. Off-street parking is available for residents.
Current leasing status is in place with one unit leased at a determined market value, one floor freshly renovated and listed for rent, and one floor with a tenant lease-end and vacancy scheduled for the month’s end. Seller indicates they are willing to work with leasing preferences prior to closing.
The building is positioned for investors and owner-occupants seeking an income-producing multifamily asset with a straightforward unit mix of three two-bedroom apartments.
Current leasing status is in place with one unit leased at a determined market value, one floor freshly renovated and listed for rent, and one floor with a tenant lease-end and vacancy scheduled for the month’s end. Seller indicates they are willing to work with leasing preferences prior to closing.
The building is positioned for investors and owner-occupants seeking an income-producing multifamily asset with a straightforward unit mix of three two-bedroom apartments.
Key Highlights
- 1903‑built 3‑family with three spacious 2‑bedroom units
- Pro forma rent roll of $4,200–$4,800/month with potential 7–8% CAP (per seller pro forma)
- Tenant‑paid utilities with very low owner expenses
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
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three spacious two-bedroom units with tenant-paid utilities and off-street parking.
Where is this triplex located?
The property is located at 23 Beacon St 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: 1903‑built 3‑family with three spacious 2‑bedroom units; Pro forma rent roll of $4,200–$4,800/month with potential 7–8% CAP (per seller pro forma); Tenant‑paid utilities with very low owner expenses
