Renovated 3-Unit
For Sale
$474,000
Pending
23 Wall St, Waterbury, CT 06705
Turnkey renovated 3-family with each unit offering four bedrooms and 1.5 baths plus tenant-paid utilities.
Property Size3,840 SF
Days on Market39
Property Features for 23 Wall St
General Information
Standard status
Pending
Size
3,840 SF
Property subtype
Multi Family
Building Details
Building Size
3,840 SF
Year Built
1900
Listing Agency:
OXFORD REALTY
(203) 314-4219
Listed By:
Amanda R. Faroni-Sheehan · License #REB.0793328CT
(203) 314-4219
Source:
Elliman
Added: Jul 24
Changed: Aug 10
Last Checked: Aug 30 at 10:20PM
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 OXFORD REALTY
Investment Insights
Based on property information with market context.
Located at 23 Wall St in Waterbury, this beautifully renovated 3-family property features vinyl siding, painted porches, and a roof reported in good condition. The interiors have been updated throughout, including new flooring, fresh paint, updated fixtures, renovated kitchens, and renovated bathrooms.
The building offers three spacious 1,280 SF units, each with a layout of four bedrooms and 1.5 baths. Separate and tenant-paid utilities add convenience for day-to-day operations.
BikeScore is listed as 31 (Somewhat Bikeable), walkScore as 65 (Somewhat Walkable), and transitScore as 44 (Some Transit), with the property described as conveniently located near shopping, restaurants, schools, parks, and major highways.
The building offers three spacious 1,280 SF units, each with a layout of four bedrooms and 1.5 baths. Separate and tenant-paid utilities add convenience for day-to-day operations.
BikeScore is listed as 31 (Somewhat Bikeable), walkScore as 65 (Somewhat Walkable), and transitScore as 44 (Some Transit), with the property described as conveniently located near shopping, restaurants, schools, parks, and major highways.
Key Highlights
- Renovated 3‑family in Waterbury’s WOW neighborhood offering 3,840 SF total living space
- Each unit is 1,280 SF with 4 bedrooms and 1.5 baths
- Renovations include new flooring, fresh paint, updated fixtures, and renovated kitchens and bathrooms in all three units
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
$43,263
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
9.13%
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%
$865,260
$865.3K
Cap Rate 7%
$618,043
$618.0K
Cap Rate 9%
$480,700
$480.7K
Market Conditions
NOI Build-Up for 3,840 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
$66.8K $17.40/SF
− Vacancy
−$5.0K −$1.31/SF
EGI
$61.8K $16.10/SF
− OpEx
−$18.5K −$4.83/SF
NOI
$43.3K $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%
$865,260
Cap Rate 7%
$618,043
Cap Rate 9%
$480,700
Alternative Uses
Best Use
Multifamily LT 5
$618.0K
$540.8K – $721.1K
NOI $43,263 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$556.8K
$487.2K – $649.6K
NOI $38,974 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$1.02M
$891.7K – $1.19M
NOI $71,332 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,762
Businesses Nearby
Explore this area
Business Placement
Demographics for 06705, CT
27,197
Population
12,222
Households
2.2
Avg Household Size
38
Median Age
18%
College-Educated
86%
High-School Grad
5.6 sq mi
ZIP Area
4,857
Density / Sq Mi
$53,169
Median Household Income
$41,327
Median Earnings
$1,165
Median Rent
$177,700
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 - Turnkey renovated 3-family with each unit offering four bedrooms and 1.5 baths plus tenant-paid utilities.
Where is this triplex located?
The property is located at 23 Wall St Waterbury, CT.
What is the asking price?
The asking price for this property is $474,000.
What are key features of this property?
This property features: Renovated 3‑family in Waterbury’s WOW neighborhood offering 3,840 SF total living space; Each unit is 1,280 SF with 4 bedrooms and 1.5 baths; Renovations include new flooring, fresh paint, updated fixtures, and renovated kitchens and bathrooms in all three units
