Updated Two-Family
For Sale
$299,900
20 Cherry St, Waterbury, CT 06702
Two-unit residential property with a refreshed upper residence and flexible bonus room.
Property Size1,832 SF
Price / SF$163.70
Days on Market19
Property Features for 20 Cherry St
General Information
Standard status
Active
Size
1,832 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,016
Listing Agency:
Coldwell Banker Realty
(203) 737-0676
Listed By:
Deborah Brown · License #RES.0791599
(203) 737-0676
Source:
Exprealty
Added: Aug 2
Changed: Aug 17
Last Checked: Aug 20 at 11:59AM
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
Investment Insights
Based on property information with market context.
This duplex contains two separate residences, each arranged with two bedrooms and one bathroom. The upper-level unit has been updated and includes an additional room that can serve as storage or a generously sized closet. The property contains 1,832 square feet overall, providing a straightforward two-family configuration for an owner-occupant or residential income buyer.
Located at 20 Cherry St in Waterbury, Connecticut, the property offers an established multifamily format with clearly defined unit layouts. The second-floor improvements and added room provide useful flexibility within the upper residence.
Located at 20 Cherry St in Waterbury, Connecticut, the property offers an established multifamily format with clearly defined unit layouts. The second-floor improvements and added room provide useful flexibility within the upper residence.
Key Highlights
- Two‑family duplex with two separate residential units
- Each unit includes 2 bedrooms and 1 bathroom
- Upper‑level unit has been updated
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
$20,640
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
6.88%
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%
$412,800
$412.8K
Cap Rate 7%
$294,857
$294.9K
Cap Rate 9%
$229,333
$229.3K
Market Conditions
NOI Build-Up for 1,832 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
$31.9K $17.40/SF
− Vacancy
−$2.4K −$1.31/SF
EGI
$29.5K $16.10/SF
− OpEx
−$8.8K −$4.83/SF
NOI
$20.6K $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%
$412,800
Cap Rate 7%
$294,857
Cap Rate 9%
$229,333
Alternative Uses
Best Use
Multifamily LT 5
$294.9K
$258.0K – $344.0K
NOI $20,640 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$265.6K
$232.4K – $309.9K
NOI $18,594 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$486.2K
$425.4K – $567.2K
NOI $34,031 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,789
Businesses Nearby
Explore this area
Business Placement
Demographics for 06702, CT
3,882
Population
1,910
Households
2
Avg Household Size
45
Median Age
8%
College-Educated
69%
High-School Grad
0.7 sq mi
ZIP Area
5,546
Density / Sq Mi
$16,198
Median Household Income
$15,833
Median Earnings
$720
Median Rent
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with a refreshed upper residence and flexible bonus room.
Where is this duplex located?
The property is located at 20 Cherry St Waterbury, CT.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑family duplex with two separate residential units; Each unit includes 2 bedrooms and 1 bathroom; Upper‑level unit has been updated
