Three-Family Residential Income
For Sale
$489,000
15 Matson Court, Waterbury, CT 06704
Fully occupied three-unit home with off-street parking and a backyard, with each unit featuring 2 bedrooms and 1 full bath.
Property Size4,003 SF
Price / SF$122.16
Days on Market53
Property Features for 15 Matson Court
General Information
Standard status
Active
Size
4,003 SF
Property subtype
3 Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Amenities
off-street parking
backyard
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Nellsen Realty Group
Listed By:
Vintia Mullen · License #RES.0809771
(203) 910-5039
Source:
Lockandkeyre
Added: Jul 23
Changed: Sep 13
Last Checked: Sep 12 at 5:41AM
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 Nellsen Realty Group
Investment Insights
Based on property information with market context.
This fully occupied three-family residential income property offers immediate rental revenue with all units currently leased. The building consists of three separate units, and each unit is laid out with two bedrooms, one full bathroom, a spacious living room, an eat-in kitchen, and a pantry.
The property includes off-street parking and a backyard. It is described as conveniently located near downtown Waterbury and within reach of schools, shopping, restaurants, parks, public transportation, hospitals, I-84, and Route 8.
For tenants and investors seeking a straightforward rental configuration, the consistent unit design across all three apartments supports clear leasing and ongoing operations.
The property includes off-street parking and a backyard. It is described as conveniently located near downtown Waterbury and within reach of schools, shopping, restaurants, parks, public transportation, hospitals, I-84, and Route 8.
For tenants and investors seeking a straightforward rental configuration, the consistent unit design across all three apartments supports clear leasing and ongoing operations.
Key Highlights
- Fully occupied three‑family home with all three units currently leased for immediate rental income
- 3 units total; each unit has 2 bedrooms and 1 full bathroom
- Each unit features a spacious living room, eat‑in kitchen, and pantry
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
$40,628
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
8.31%
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%
$812,560
$812.6K
Cap Rate 7%
$580,400
$580.4K
Cap Rate 9%
$451,422
$451.4K
Market Conditions
NOI Build-Up for 4,003 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
$79.3K $19.80/SF
− Vacancy
−$5.4K −$1.35/SF
EGI
$73.9K $18.45/SF
− OpEx
−$33.2K −$8.30/SF
NOI
$40.6K $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%
$812,560
Cap Rate 7%
$580,400
Cap Rate 9%
$451,422
Alternative Uses
Best Use
Multifamily LT 5
$644.3K
$563.8K – $751.7K
NOI $45,100 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$580.4K
$507.9K – $677.1K
NOI $40,628 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$1.06M
$929.5K – $1.24M
NOI $74,360 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
988
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
View Realmo Analytics
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?
Triplex - Fully occupied three-unit home with off-street parking and a backyard, with each unit featuring 2 bedrooms and 1 full bath.
Where is this triplex located?
The property is located at 15 Matson Court Waterbury, CT.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Fully occupied three‑family home with all three units currently leased for immediate rental income; 3 units total; each unit has 2 bedrooms and 1 full bathroom; Each unit features a spacious living room, eat‑in kitchen, and pantry
