Three-Unit Multifamily
New
For Sale
$460,000
59 Ward St, Waterbury, CT 06704
Separate utilities and private porches or balconies support distinct unit operations.
Property Size3,936 SF
Days on Market2
Property Features for 59 Ward St
General Information
Standard status
Active
Size
3,936 SF
Property subtype
Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3BR first floor, 3BR second floor, 4BR third floor
Multifamily Units
3
Amenities
off-street parking
private porch/balcony
Building Details
Building Size
3,936 SF
Year Built
1908
Buildings
1
Stories
3
Tenancy
Multi
Listed By:
Vincent Campbell
(475) 312-0144
Source:
Elliman
Added: Sep 10
Last Checked: Sep 10 at 3:07PM
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 Vincent Campbell
Investment Insights
Based on property information with market context.
Built in 1908, this three-unit multifamily property provides 10 bedrooms across a first-floor three-bedroom unit, a second-floor three-bedroom unit, and a four-bedroom third-floor unit. All three residences are currently leased. Each unit has separate utilities, with tenants responsible for heat and hot water, as well as a private porch or balcony.
The property includes off-street parking and additional private parking at the rear. Recent work includes two new water heaters. The third-floor residence has received a kitchen update with new appliances, a complete bathroom renovation, and refinished hardwood flooring.
Located at 59 Ward St in Waterbury, the property offers access to downtown, shopping, public transportation, and major highways. Walk Score is 50, Transit Score is 40, and Bike Score is 24.
The property includes off-street parking and additional private parking at the rear. Recent work includes two new water heaters. The third-floor residence has received a kitchen update with new appliances, a complete bathroom renovation, and refinished hardwood flooring.
Located at 59 Ward St in Waterbury, the property offers access to downtown, shopping, public transportation, and major highways. Walk Score is 50, Transit Score is 40, and Bike Score is 24.
Key Highlights
- Three‑unit multifamily property with 10 bedrooms
- All three units are currently leased
- Unit mix includes 3 bedrooms on the first floor, 3 on the second, and 4 on the third
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
$39,948
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
8.68%
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%
$798,960
$799.0K
Cap Rate 7%
$570,686
$570.7K
Cap Rate 9%
$443,867
$443.9K
Market Conditions
NOI Build-Up for 3,936 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
$77.9K $19.80/SF
− Vacancy
−$5.3K −$1.35/SF
EGI
$72.6K $18.45/SF
− OpEx
−$32.7K −$8.30/SF
NOI
$39.9K $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%
$798,960
Cap Rate 7%
$570,686
Cap Rate 9%
$443,867
Alternative Uses
Best Use
Multifamily LT 5
$633.5K
$554.3K – $739.1K
NOI $44,345 @ 7.0% cap · market cap 9.64%
Second Best
Apartment 5plus
$570.7K
$499.4K – $665.8K
NOI $39,948 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$1.04M
$913.9K – $1.22M
NOI $73,115 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,438
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate utilities and private porches or balconies support distinct unit operations.
Where is this triplex located?
The property is located at 59 Ward St Waterbury, CT.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 10 bedrooms; All three units are currently leased; Unit mix includes 3 bedrooms on the first floor, 3 on the second, and 4 on the third
