Turn-Key Historic
For Sale
Contact for pricing
21 Leavenworth St, Waterbury, CT 06702
Historic landmark restaurant offered fully equipped and turn-key in the central business district.
Property Size4,259 SF
Price / SF$111.53
Days on Market183
Property Features for 21 Leavenworth St
General Information
Standard status
Active
Size
4,259 SF
Property subtype
Retail
Zoning
CBD
Building Details
Year Built
1868
Year Renovated
2024
Listing Agency:
Giglio Commercial Real Estate
Listed By:
Dom Giglio · License #CT REB0788299
(203) 755-0030
Source:
Crexi
Added: Mar 9
Changed: Sep 5
Last Checked: Sep 6 at 8:46AM
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 Giglio Commercial Real Estate
Investment Insights
Based on property information with market context.
This for-sale restaurant opportunity is a historic landmark and is offered fully equipped and turn-key. The property is set up as an operating restaurant, providing an immediate start for a qualified buyer.
The restaurant is located at 21 Leavenworth St in Waterbury’s central business district, positioned for visibility and convenience within the area’s core.
With a total size of 4,259 square feet, this offering is designed for continuity of operations as a restaurant asset.
The restaurant is located at 21 Leavenworth St in Waterbury’s central business district, positioned for visibility and convenience within the area’s core.
With a total size of 4,259 square feet, this offering is designed for continuity of operations as a restaurant asset.
Key Highlights
- Historic landmark restaurant
- Year built: 1868
- Offered fully equipped and turn‑key
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
$40,995
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
8.63%
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%
$819,900
$819.9K
Cap Rate 7%
$585,643
$585.6K
Cap Rate 9%
$455,500
$455.5K
Market Conditions
NOI Build-Up for 4,259 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
$58.8K $13.80/SF
− Vacancy
−$4.1K −$0.97/SF
EGI
$54.7K $12.83/SF
− OpEx
−$13.7K −$3.21/SF
NOI
$41.0K $9.63/SF
Area
Waterbury, CT
Vacancy
7.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$819,900
Cap Rate 7%
$585,643
Cap Rate 9%
$455,500
Alternative Uses
Best Use
Specialty Retail
$585.6K
$512.4K – $683.3K
NOI $40,995 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$988.9K – $1.32M
NOI $79,115 @ 7.0% cap · market cap 16.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,717
Businesses Nearby
173k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 25%
Apparel 17%
Hotels & Casinos 6%
Five Below
Shops & Services
31,326 visits/mo
0.5 miles
DICK'S Sporting Goods
Apparel
30,074 visits/mo
0.5 miles
Dunkin' Donuts
Dining
23,411 visits/mo
0.2 miles
Chili's Grill & Bar
Dining
20,070 visits/mo
0.5 miles
Barnes & Noble
Shops & Services
13,355 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic landmark restaurant offered fully equipped and turn-key in the central business district.
Where is this conventional restaurant located?
The property is located at 21 Leavenworth St Waterbury, CT.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Historic landmark restaurant; Year built: 1868; Offered fully equipped and turn‑key
