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    Turn-Key Church with Open Layout Title is generated by Realmo AI

    185 Bishop Street, Waterbury, CT 06704

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    Bright, welcoming church ready for congregation or other uses.

    Type:Commercial
    Property size:
    4,470 SF
    Added:
    Apr 12, 2026
    Days on Market:
    58
    Last Refresh:
    Apr 20 at 2:04 pm

    Property Features for 185 Bishop Street

    General Information

    Standard status
    Active
    Size
    4,470 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1925

    We can help!

    Listing Contact
    Kenneth Viele, Jr.

    Listing agent Kenneth Viele, Jr. License #RES.0781176

    Listing office Coldwell Banker Realty

    Listing date Apr 12, 2026

    Source Iverty

    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 Coldwell Banker Realty

    HighLights

    • Fully functioning church ready for immediate use or potential for other uses (buyer to verify).
    • Spacious layout accommodating approximately 200 worshippers.
    • Includes essential equipment: 2 pianos, PA system, and microphones.
    • Features a large upper‑level sanctuary (66'x29') with vaulted ceiling and natural light.
    • Lower level includes secondary sanctuary, kitchen, restrooms, office/bedroom with full bath.
    • Wheelchair elevator provides accessibility.

    Overview

    This bright, welcoming church, originally built in 1925 and expanded in 1969, offers 4,470 square feet across two levels. The property is zoned RM (Multi-family residential), and potential buyers should perform their own due diligence regarding possible uses. The open layout can accommodate approximately 200 worshippers. A wheelchair elevator is located in the front entry. The lower level features a secondary sanctuary, a spacious kitchen with generous storage, separate male and female restrooms, an office/bedroom with a full bath, and a utility room. The upper-level sanctuary/chancel measures 66'x29' and is filled with natural light, featuring a vaulted ceiling, ceiling fans, and extensive chandelier lighting. Oak pews, a pulpit, and red carpeting are in good condition. The sale includes two pianos, a PA system, microphones, and other building contents. Heating and hot water are functioning properly, according to the seller. There is a back patio and lawn area, plus a storage garage with walk-in entry and overhead door. Rear entry from Pearl St leads into a parking lot, and there is typically plenty of street parking on Bishop St. The roof may need repair or replacement, and other repairs may be needed.
    Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0374362
    Latitude
    41.5636784

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    FAQs

    What type of property is this?
    Church & religious facility - Bright, welcoming church ready for congregation or other uses.
    Where is this church & religious facility located?
    The property is located at 185 Bishop Street Waterbury, CT.
    What are key features of this property?
    This property features: Fully functioning church ready for immediate use or potential for other uses (buyer to verify).; Spacious layout accommodating approximately 200 worshippers.; Includes essential equipment: 2 pianos, PA system, and microphones.
    (203) 605-4251
    We can help!
    Listing Contact
    Kenneth Viele, Jr.
    Real Estate License ID: RES.0781176
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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