11-Unit Apartment Building with Separately Metered
For Sale
$1,125,000
Pending
133 Hillside Avenue, Waterbury, CT 06710
MULTI_FAMILY - Waterbury, CT
Property Size5,934 SF
Lot Size0.04 Acres
Days on Market128
Property Features for 133 Hillside Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
13
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 7, Bathroom 11, Bedroom 5, Bedroom 9, Bedroom 12, Bathroom 3, Bedroom 1, Bedroom 8, Bathroom 9, Bedroom 6, Bathroom 6, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 10, Bedroom 11, Bedroom 10, Basement, Bathroom 8, Bedroom 7, Bathroom 5, Bathroom 2, Bedroom 13
Basement
Full
Lot features
Level Lot
Elementary school
Driggs
High school
John F. Kennedy
Directions
Please call agent before scheduling a showing. Agent will meet to tour property.
Subdivision
Hillside
Standard status
Pending
Size
5,934 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13536
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Coldwell Banker Calabro · Coldwell Banker Real Estate
(860) 529-7007
Listed By:
Lucas Chaves
(203) 715-2772
Added: Apr 3
Changed: Aug 4
Last Checked: Aug 8 at 6:06PM
MLS# 24164287
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 11-unit apartment building offers a mix of two-bedroom and one-bedroom layouts. Two units include 2 bedrooms, a kitchen, a living room, and 1 full bathroom. Five units are large one-bedroom apartments with a living room, kitchen, and 1 full bathroom, and four units are smaller one-bedroom apartments with a kitchen and 1 full bathroom. Each unit is separately metered with electric, with electric baseboards for heat and a dedicated electric hot water heater. There are no furnaces and no gas in the building.
The owner pays for common area lights, cameras, and internet, which are on a separate owner meter. A pressure reducer valve was added on the main, and trash is handled by the city. The building has public water and public sewer service. Roof and siding are approximately 4 years old, and new locked mailboxes were installed about 1 year ago. Almost all units have been updated over the past year, and the interior of nearly the entire building has been painted. Eight Ring cameras were installed in 2025.
Two brand new canopies were built in 2026 for the back apartments, and all meters and apartments are labeled.
The owner pays for common area lights, cameras, and internet, which are on a separate owner meter. A pressure reducer valve was added on the main, and trash is handled by the city. The building has public water and public sewer service. Roof and siding are approximately 4 years old, and new locked mailboxes were installed about 1 year ago. Almost all units have been updated over the past year, and the interior of nearly the entire building has been painted. Eight Ring cameras were installed in 2025.
Two brand new canopies were built in 2026 for the back apartments, and all meters and apartments are labeled.
Key Highlights
- 11‑unit apartment building with separately metered electric, electric baseboard heat, and dedicated electric hot water heaters
- Unit mix: 2 two‑bedroom units plus 5 large 1‑bedroom units and 4 smaller 1‑bedroom units
- Owner pays common area lights, cameras, and internet on a separate owner meter; trash is done by the city
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
$60,227
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
5.35%
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%
$1,204,540
$1.2M
Cap Rate 7%
$860,386
$860.4K
Cap Rate 9%
$669,189
$669.2K
Market Conditions
NOI Build-Up for 5,934 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
$117.5K $19.80/SF
− Vacancy
−$8.0K −$1.35/SF
EGI
$109.5K $18.45/SF
− OpEx
−$49.3K −$8.30/SF
NOI
$60.2K $10.15/SF
Area
Waterbury, CT
Vacancy
6.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,204,540
Cap Rate 7%
$860,386
Cap Rate 9%
$669,189
Alternative Uses
Best Use
Apartment 5plus
$860.4K
$752.8K – $1.00M
NOI $60,227 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.38M – $1.84M
NOI $110,230 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 06710, CT
11,056
Population
4,515
Households
2.4
Avg Household Size
32
Median Age
15%
College-Educated
71%
High-School Grad
1.0 sq mi
ZIP Area
11,056
Density / Sq Mi
$42,774
Median Household Income
$33,880
Median Earnings
$1,135
Median Rent
$219,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - RM-zoned 11-unit apartment building with separately metered electric, baseboard heat, and public water and sewer.
Where is this apartment building located?
The property is located at 133 Hillside Avenue Waterbury, CT.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 11‑unit apartment building with separately metered electric, electric baseboard heat, and dedicated electric hot water heaters; Unit mix: 2 two‑bedroom units plus 5 large 1‑bedroom units and 4 smaller 1‑bedroom units; Owner pays common area lights, cameras, and internet on a separate owner meter; trash is done by the city
