Eleven-Unit Apartment Building For
For Sale
$1,125,000
Pending
133 Hillside Avenue, Waterbury, CT 06710
Eleven-unit apartment building with recent updates and separately metered utilities.
Property Size5,934 SF
Days on Market152
Property Features for 133 Hillside Avenue
General Information
Standard status
Pending
Size
5,934 SF
Property subtype
5 Family+
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Calabro
(203) 715-2772
Listed By:
Lucas Chaves
(203) 715-2772
Source:
Lockandkeyre
Added: Apr 3
Changed: Aug 8
Last Checked: Aug 5 at 4:55AM
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 Coldwell Banker Calabro
Investment Insights
Based on property information with market context.
This is an eleven-unit apartment building featuring a mix of unit sizes. Two units offer two bedrooms, a kitchen, a living room, and one full bathroom. Five units are large one-bedroom apartments with a living room, kitchen, and one full bathroom. The remaining four units are smaller, with one bedroom, a kitchen, and one full bathroom. Each unit is separately metered for electricity and equipped with electric baseboard heating, individual sub panels, and its own electric hot water heater. The owner is responsible only for common area electricity expenses, including lights, cameras, and internet, which are on a separate owner's meter. A pressure reducer valve has been installed on the main water line. The city handles trash removal. The roof and siding were replaced four years ago, and new locked mailboxes were installed one year ago. Eight ring cameras were installed in 2025. All meters and apartments are labeled. Most units have been updated over the past year, and almost the entire interior of the building has been painted. Two new canopies were built in 2026 for two back apartments. The building size is 5934 square feet. The owner is selling due to relocation out of state.
Key Highlights
- Low‑Maintenance: simplifying upkeep and reducing potential issues.
- Updated Units: Most units have been updated in the past year, and the interior has been recently painted.
- Separately Metered Units: All units are separately metered for electric, allowing for easy billing.
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Eleven-unit apartment building with recent updates and separately metered utilities.
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: Low‑Maintenance: simplifying upkeep and reducing potential issues.; Updated Units: Most units have been updated in the past year, and the interior has been recently painted.; Separately Metered Units: All units are separately metered for electric, allowing for easy billing.
