Two-Unit Duplex with
New
For Sale
$319,900
11 Martin St, Waterbury, CT 06706
One residence is occupied by a tenant, while the other is vacant for a new occupant or rental arrangement.
Property Size1,514 SF
Days on Market2
Property Features for 11 Martin St
General Information
Standard status
Active
Size
1,514 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
coin operated washer and dryer
garage
Building Details
Building Size
1,514 SF
Year Built
1900
Buildings
1
Listed By:
Willie Madera
(203) 901-3464
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:35PM
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 Willie Madera
Investment Insights
Based on property information with market context.
Built in 1900, this duplex has two residences, each arranged with three bedrooms and one full bathroom. One unit is rented; the other is vacant. A garage is also part of the property, and the lower level has coin-operated laundry on a separate electrical meter.
Roofing, windows, and exterior siding have been updated. The lower level may have potential for additional residential space, subject to zoning, building codes, permits, and approvals.
Roofing, windows, and exterior siding have been updated. The lower level may have potential for additional residential space, subject to zoning, building codes, permits, and approvals.
Key Highlights
- Two residences, each with 3 bedrooms and 1 full bathroom
- One unit rented; the second unit is vacant
- Garage included
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
$17,057
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
5.33%
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%
$341,140
$341.1K
Cap Rate 7%
$243,671
$243.7K
Cap Rate 9%
$189,522
$189.5K
Market Conditions
NOI Build-Up for 1,514 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
$26.3K $17.40/SF
− Vacancy
−$2.0K −$1.31/SF
EGI
$24.4K $16.10/SF
− OpEx
−$7.3K −$4.83/SF
NOI
$17.1K $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%
$341,140
Cap Rate 7%
$243,671
Cap Rate 9%
$189,522
Alternative Uses
Best Use
Multifamily LT 5
$243.7K
$213.2K – $284.3K
NOI $17,057 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$219.5K
$192.1K – $256.1K
NOI $15,366 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$401.8K
$351.6K – $468.7K
NOI $28,124 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,385
Businesses Nearby
Explore this area
Business Placement
Demographics for 06706, CT
14,699
Population
5,907
Households
2.5
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
3.8 sq mi
ZIP Area
3,868
Density / Sq Mi
$51,770
Median Household Income
$32,375
Median Earnings
$1,233
Median Rent
$171,400
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?
Duplex - One residence is occupied by a tenant, while the other is vacant for a new occupant or rental arrangement.
Where is this duplex located?
The property is located at 11 Martin St Waterbury, CT.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 1 full bathroom; One unit rented; the second unit is vacant; Garage included
