8-Unit Apartment
For Sale
$895,000
135 Prospect Street, Waterbury, CT 06710
Renovated units, separately metered utilities, and on-site tenant parking support practical multifamily operations.
Property Size4,729 SF
Days on Market86
Property Features for 135 Prospect Street
General Information
Standard status
Active
Size
4,729 SF
Total Parking Spaces
10
Property subtype
Multi Family Home
Zoning
RM
Net Operating Income
$71,548
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
5 x 1BR, 1 x 2BR, 2 x 3BR
Multifamily Units
8
Additional Details
Cap Rate
8%
Taxes and HOA fees
Annual Taxes
$13,670
Amenities
wooden decks
on-site parking
Building Details
Building Size
4,729 SF
Year Built
1900
Units
8
Listing Agency:
Sky Realty Group
(203) 707-7259
Listed By:
Vianeliz Henriquez
(203) 707-7259
Source:
Westshorerealty
Added: May 27
Changed: Aug 19
Last Checked: Aug 20 at 2:50PM
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 Sky Realty Group
Investment Insights
Based on property information with market context.
This 8-unit apartment property, built in 1900, includes five 1-bedroom apartments, one 2-bedroom apartment, and two 3-bedroom apartments. Several units have received interior updates, including refreshed kitchens and bathrooms, vinyl plank and hardwood flooring, wooden decks, and large windows that bring natural light into many residences. Mechanical systems are described as well maintained, while on-site parking is available for tenants.
Utilities are separately metered and paid by tenants. The property is currently operating at an 8.0 CAP. Its setting is near Downtown Waterbury, St. Mary's Hospital, grocery stores, shopping, public transportation, and major highways, providing access to a range of nearby services and transportation options.
Utilities are separately metered and paid by tenants. The property is currently operating at an 8.0 CAP. Its setting is near Downtown Waterbury, St. Mary's Hospital, grocery stores, shopping, public transportation, and major highways, providing access to a range of nearby services and transportation options.
Key Highlights
- 8‑unit apartment property with five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments
- Many units recently renovated with updated kitchens, bathrooms, and flooring
- Separate utility meters with tenant‑paid utilities
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
$47,997
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
5.36%
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%
$959,940
$959.9K
Cap Rate 7%
$685,671
$685.7K
Cap Rate 9%
$533,300
$533.3K
Market Conditions
NOI Build-Up for 4,729 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
$93.6K $19.80/SF
− Vacancy
−$6.4K −$1.35/SF
EGI
$87.3K $18.45/SF
− OpEx
−$39.3K −$8.30/SF
NOI
$48.0K $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%
$959,940
Cap Rate 7%
$685,671
Cap Rate 9%
$533,300
Alternative Uses
Best Use
Apartment 5plus
$685.7K
$600.0K – $800.0K
NOI $47,997 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,846 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,662
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 - Renovated units, separately metered utilities, and on-site tenant parking support practical multifamily operations.
Where is this apartment building located?
The property is located at 135 Prospect Street Waterbury, CT.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 8‑unit apartment property with five 1‑bedroom, one 2‑bedroom, and two 3‑bedroom apartments; Many units recently renovated with updated kitchens, bathrooms, and flooring; Separate utility meters with tenant‑paid utilities
