Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Putnam Triplex: Income Potential Title is generated by Realmo AI

    203 School St, Putnam, CT 06260

    View on Map
    Claim this Listing
    For Sale
    $374,500

    Well-maintained Putnam triplex near amenities, offering immediate income potential.

    Type:Multi Family
    Added:
    Apr 3, 2026
    Days on Market:
    59
    Last Refresh:
    Apr 3 at 5:29 pm

    Property Features for 203 School St

    General Information

    Standard status
    Active
    Property subtype
    Multi Family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Michael Zompa

    Listing agent Michael Zompa

    Listing office RE/MAX PREFERRED

    Listing date Apr 3, 2026

    Source Elliman

    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 RE/MAX PREFERRED

    HighLights

    • Immediate income from two rented units.
    • Recently renovated interior with updated finishes.
    • Prime location in the heart of Putnam, close to amenities.
    • Strong rental potential to offset mortgage costs.
    • Ideal for owner‑occupant or investor.
    • Very Walkable location (Walk Score: 70).

    Overview

    This well-maintained three-family property is located in Putnam, Connecticut. The property is conveniently located near shopping, dining, schools, and other major amenities. The interior has been recently renovated and features updated finishes, presenting a move-in-ready condition. Two of the units are currently rented, providing immediate income. This setup is suitable for either an owner-occupant or an investor seeking value-add opportunities. The existing income offers the potential to substantially offset or fully cover the mortgage. The property has a walk score of 70, indicating it is very walkable, and a bike score of 40, indicating it is somewhat bikeable. This property represents an investment opportunity with flexibility, cash flow potential, and a prime location.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant 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
    Putnam
    County
    Windham
    State
    Connecticut
    Longitude
    -71.9034919
    Latitude
    41.9194127

    Nearby Similar for Sale

    • $374,900
      3,591 SF

      Turnkey Putnam Multifamily Investment

      Well-maintained 3-unit property with strong income potential.
      62-64 Chapman Street, Putnam, CT 06260
      View Details
    • $3,500,000
      55,651 SF

      Putnam Industrial Facility on 7.88 Acres

      52,000+ sqft industrial building suitable for manufacturing, warehousing, distribution.
      30 Harris, Putnam, CT 06260
      View Details
    • $849,900
      6,509 SF

      Putnam Multifamily Investment Opportunity

      Four units plus a three-family house on one property.
      129 Woodstock Avenue, Putnam, CT 06260
      View Details
    • $275,000
      2,074 SF

      Putnam Duplex: Investment Opportunity

      Two-family property near downtown Putnam, ideal for investors or owner-occupiers.
      236 Church Street, Putnam, CT 06260
      View Details
    • $250,000
      1,876 SF

      Two-Family Home: Investment Opportunity

      Two-family home in Putnam, CT, ideal for investment or owner-occupancy.
      15 Milton Street, Putnam, CT 06260
      View Details
    • $225,000
      2,803 SF

      Putnam Multi-Family Investment Opportunity

      Three-unit property near shopping and dining in Putnam, Connecticut.
      137-139 Woodstock Avenue, Putnam, CT 06260
      View Details
    • $374,500
      1,887 SF

      Updated Multi-Family Putnam Property

      Well-maintained, renovated 3-family property near amenities, ideal for investors.
      203 School Street, Putnam, CT 06260
      View Details
    • $349,900
      2,150 SF

      Turnkey Putnam Investment Opportunity

      Well-maintained two-family property in Putnam, ideal for investors.
      25-27 Farrows Street, Putnam, CT 06260
      View Details
    • $379,900
      1,892 SF

      Updated Duplex in Putnam, CT

      Well-maintained, updated duplex with solar panels near amenities and highways.
      29 Florence Street, Putnam, CT 06260
      View Details
    • $1,900,000
      17,448 SF

      Spacious Industrial Building on Acreage

      17,448 SF industrial building on 3.5 acres for sale.
      51 Ridge Road, Putnam, CT 06260
      View Details
    • $1,900,000
      17,248 SF

      Spacious Industrial Building on Acreage

      17,448 SF industrial building on 3.5+ acres for sale.
      51 Ridge Road, Putnam, CT, CT 06260
      View Details
    • $3,499,999

      Putnam Parkade Retail Center ForSale

      Retail center in Putnam, CT, near major retailers.
      62 Providence Pike, Putnam, CT 06260
      View Details

    FAQs

    What type of property is this?
    Triplex - Well-maintained Putnam triplex near amenities, offering immediate income potential.
    Where is this triplex located?
    The property is located at 203 School St Putnam, CT.
    What is the asking price?
    The asking price for this property is $374,500.
    What are key features of this property?
    This property features: Immediate income from two rented units.; Recently renovated interior with updated finishes.; Prime location in the heart of Putnam, close to amenities.
    (401) 677-6117
    We can help!
    Listing Contact
    Michael Zompa
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    203 School St, Putnam, CT 06260
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!