Fully Occupied Four-Unit
For Sale
$465,000
156 Orange Street, Waterbury, CT 06704
Four matching residential units with separate tenant-paid utilities, updated interiors, and convenient access to downtown and area amenities.
Property Size2,634 SF
Price / SF$176.54
Days on Market239
Property Features for 156 Orange Street
General Information
Standard status
Active
Size
2,634 SF
Property subtype
Multi-Family / 4 Family
Zoning
RM
Net Operating Income
$41,641
Taxes and HOA fees
Annual Taxes
$4,606
Amenities
No
Baseboard
16
Window Unit
Sidewalk, Porch, Gutters, Lighting
Not Applicable
Building Details
Year Built
1900
Listing Agency:
Oxford Realty
(203) 314-4219
Listed By:
Amanda R Faroni-Sheehan · License #REB.0793328
(203) 314-4219
Source:
Compass
Added: Jan 4
Changed: Aug 30
Last Checked: Aug 30 at 11:39PM
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 Oxford Realty
Investment Insights
Based on property information with market context.
This four-unit quadplex contains 2,634 square feet and was built in 1900. Each residence offers two bedrooms and one bathroom, with hardwood flooring, neutral paint, and kitchens and bathrooms that are mostly renovated. Baseboard heating and window units are present, while replacement windows and vinyl siding serve the exterior. Open front porches provide additional tenant-use space.
The property is fully occupied and carries RM zoning. Utilities are separately metered and paid by tenants. Exterior features include a detached one-car garage, gutters, lighting, sidewalks, and on-street parking only. The address is near downtown, shopping and mall facilities, highway access, and the hospital. A 9% CAP is reported in the property information.
The property is fully occupied and carries RM zoning. Utilities are separately metered and paid by tenants. Exterior features include a detached one-car garage, gutters, lighting, sidewalks, and on-street parking only. The address is near downtown, shopping and mall facilities, highway access, and the hospital. A 9% CAP is reported in the property information.
Key Highlights
- Four‑unit quadplex with 2,634 square feet, built in 1900
- All four units are 2 bed/1 bath and currently fully occupied
- 9% CAP reported in the property information
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
$29,676
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
6.38%
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%
$593,520
$593.5K
Cap Rate 7%
$423,943
$423.9K
Cap Rate 9%
$329,733
$329.7K
Market Conditions
NOI Build-Up for 2,634 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
$45.8K $17.40/SF
− Vacancy
−$3.4K −$1.31/SF
EGI
$42.4K $16.10/SF
− OpEx
−$12.7K −$4.83/SF
NOI
$29.7K $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%
$593,520
Cap Rate 7%
$423,943
Cap Rate 9%
$329,733
Alternative Uses
Best Use
Multifamily LT 5
$423.9K
$371.0K – $494.6K
NOI $29,676 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$381.9K
$334.2K – $445.6K
NOI $26,734 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$699.0K
$611.6K – $815.5K
NOI $48,929 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,120
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four matching residential units with separate tenant-paid utilities, updated interiors, and convenient access to downtown and area amenities.
Where is this quadplex located?
The property is located at 156 Orange Street Waterbury, CT.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,634 square feet, built in 1900; All four units are 2 bed/1 bath and currently fully occupied; 9% CAP reported in the property information
