Subdividable Flex
For Sale
$675,000
15 West Clay St, Waterbury, CT 06706
Warehouse improvements offer multiple service connections, two half baths, and dedicated parking areas.
Property Size7,000 SF
Price / SF$96.43
Days on Market80
Property Features for 15 West Clay St
General Information
Standard status
Active
Size
7,000 SF
Additional Details
Warehouse Space
7,000 SF
Building Details
Year Built
1950
Listing Agency:
Full Service Realty LLC
(203) 879-4900
Listed By:
Paul Roger
Source:
Themialeteam
Added: Jun 12
Changed: Aug 29
Last Checked: Aug 25 at 5:42AM
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 Full Service Realty LLC
Investment Insights
Based on property information with market context.
This flex property at 15 W Clay Street includes nearly 7,000 square feet of warehouse space within a building constructed in 1950. The layout can be divided into up to 5-6 spaces, and the electrical system is already separated into 5 services. The property was most recently used as a glass shop and includes 2 half baths.
A driveway and parking lot convey with the property, which is identified as a separate parcel. The site includes 10 parking spaces, providing dedicated on-site parking for the building’s configuration. Waterbury, CT 06706 is the stated property location.
A driveway and parking lot convey with the property, which is identified as a separate parcel. The site includes 10 parking spaces, providing dedicated on-site parking for the building’s configuration. Waterbury, CT 06706 is the stated property location.
Key Highlights
- Nearly 7,000 sq. ft. of warehouse space
- Can be divided into up to 5‑6 spaces
- Electrical service is separated into 5 connections
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
$54,167
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
8.02%
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%
$1,083,340
$1.1M
Cap Rate 7%
$773,814
$773.8K
Cap Rate 9%
$601,856
$601.9K
Market Conditions
NOI Build-Up for 7,000 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
$82.3K $11.76/SF
− Vacancy
−$4.9K −$0.71/SF
EGI
$77.4K $11.05/SF
− OpEx
−$23.2K −$3.32/SF
NOI
$54.2K $7.74/SF
Area
Waterbury, CT
Vacancy
6.00%
Lease Rate
$11.76 /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%
$1,083,340
Cap Rate 7%
$773,814
Cap Rate 9%
$601,856
Alternative Uses
Best Use
Flex RnD
$1.14M
$993.7K – $1.32M
NOI $79,498 @ 7.0% cap · market cap 11.78%
Second Best
Warehouse
$915.7K
$801.2K – $1.07M
NOI $64,099 @ 7.0% cap · market cap 9.50%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,032 @ 7.0% cap · market cap 19.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,228
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse improvements offer multiple service connections, two half baths, and dedicated parking areas.
Where is this flex space located?
The property is located at 15 West Clay St Waterbury, CT.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Nearly 7,000 sq. ft. of warehouse space; Can be divided into up to 5‑6 spaces; Electrical service is separated into 5 connections
