Three-Unit Multifamily
For Sale
$295,000
225 Bishop Street, Waterbury, CT 06704
Multi-Family For Sale, Units on different Floors, Waterbury, CT
Property Size2,673 SF
Lot Size0.05 Acres
Price / SF$110.36
Days on Market183
Property Features for 225 Bishop Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Basement, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 1
Patio and Porch features
Porch
Exterior features
Porch-Enclosed,Porch
Basement
Full, Unfinished
Lot features
Level Lot
Elementary school
F.J. Kingsbury
High school
Wilby
Directions
GPS Friendly.
Subdivision
Crown Brook
Special listing conditions
Short Sale
Standard status
Active
Size
2,673 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
4287
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Brass Moon Realty
(203) 945-1000
Listed By:
Levi Judqin · License #REB.0791859
(203) 724-7127
Added: Mar 12
Changed: Sep 6
Last Checked: Sep 10 at 1:06PM
MLS# 24158834
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit multifamily property in Waterbury contains 2,673 square feet on a 0.05-acre lot. The units are arranged on different floors and include six bedrooms and three bathrooms, with separate utilities serving each residence. An enclosed porch and additional porch area contribute to the property’s exterior features, while hot-water heating supports the building. Constructed in 1900, the property is connected to public water and public sewer and is zoned RM.
The property includes off-street parking and is located near shopping, restaurants, schools, parks, and major highways in Waterbury. Its three-unit configuration provides a residential income property format with separate utility service and shared site improvements.
The property includes off-street parking and is located near shopping, restaurants, schools, parks, and major highways in Waterbury. Its three-unit configuration provides a residential income property format with separate utility service and shared site improvements.
Key Highlights
- Three‑unit multifamily property with 2,673 square feet
- 0.05‑acre lot with off‑street parking
- Six bedrooms and three bathrooms across units on different floors
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
$27,130
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
9.20%
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%
$542,600
$542.6K
Cap Rate 7%
$387,571
$387.6K
Cap Rate 9%
$301,444
$301.4K
Market Conditions
NOI Build-Up for 2,673 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
$52.9K $19.80/SF
− Vacancy
−$3.6K −$1.35/SF
EGI
$49.3K $18.45/SF
− OpEx
−$22.2K −$8.30/SF
NOI
$27.1K $10.15/SF
Area
Waterbury, CT
Vacancy
6.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$542,600
Cap Rate 7%
$387,571
Cap Rate 9%
$301,444
Alternative Uses
Best Use
Multifamily LT 5
$430.2K
$376.4K – $501.9K
NOI $30,115 @ 7.0% cap · market cap 10.21%
Second Best
Apartment 5plus
$387.6K
$339.1K – $452.2K
NOI $27,130 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$709.3K
$620.7K – $827.6K
NOI $49,654 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
944
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature separate utilities, enclosed porch space, and off-street parking.
Where is this triplex located?
The property is located at 225 Bishop Street Waterbury, CT.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,673 square feet; 0.05‑acre lot with off‑street parking; Six bedrooms and three bathrooms across units on different floors
