Three-Level Triplex with Finished Lower
For Sale
$499,999
23 James Street, Waterbury, CT 06708
Updated three-unit property with flexible lower-level space and baseboard heating in a residential setting.
Property Size4,004 SF
Price / SF$124.87
Days on Market162
Property Features for 23 James Street
General Information
Standard status
Active
Size
4,004 SF
Property subtype
Multi-Family / 3 Family
Zoning
RH
Taxes and HOA fees
Annual Taxes
$7,865
Amenities
No
Baseboard
14
Basement Hook-Up(s), Hook-Up In Unit 1
Not Applicable
Building Details
Year Built
1926
Stories
3
Listing Agency:
RE/MAX RISE
(203) 982-0141
Listed By:
Anna Rinaldi-Cuevas · License #RES.0829416
(203) 982-0141
Source:
Compass
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 8:11PM
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 RISE
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 4,004 square feet across three finished levels, with updated interiors and layouts organized around three bedrooms on the first floor, three bedrooms on the second floor, and two bedrooms on the third floor. A finished lower level provides additional usable space, while baseboard heating serves the property. The building was constructed in 1926 and includes basement hookups associated with Unit 1.
Located at 23 James Street in Waterbury, Connecticut, the property is positioned near amenities, transportation, and commuter routes. RH zoning supports its multifamily classification. The configuration may accommodate an owner-occupant seeking rental income or an investor adding a triplex to a residential income portfolio.
Located at 23 James Street in Waterbury, Connecticut, the property is positioned near amenities, transportation, and commuter routes. RH zoning supports its multifamily classification. The configuration may accommodate an owner-occupant seeking rental income or an investor adding a triplex to a residential income portfolio.
Key Highlights
- 4,004‑square‑foot triplex in Waterbury, CT
- Three finished levels with 3 bedrooms on the first floor, 3 on the second, and 2 on the third
- Finished lower level adds usable space
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
$45,111
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
9.02%
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%
$902,220
$902.2K
Cap Rate 7%
$644,443
$644.4K
Cap Rate 9%
$501,233
$501.2K
Market Conditions
NOI Build-Up for 4,004 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
$69.7K $17.40/SF
− Vacancy
−$5.2K −$1.31/SF
EGI
$64.4K $16.10/SF
− OpEx
−$19.3K −$4.83/SF
NOI
$45.1K $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%
$902,220
Cap Rate 7%
$644,443
Cap Rate 9%
$501,233
Alternative Uses
Best Use
Multifamily LT 5
$644.4K
$563.9K – $751.9K
NOI $45,111 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$580.6K
$508.0K – $677.3K
NOI $40,639 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$1.06M
$929.7K – $1.24M
NOI $74,378 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
Explore this area
Business Placement
Demographics for 06708, CT
30,345
Population
13,061
Households
2.3
Avg Household Size
38
Median Age
22%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
3,228
Density / Sq Mi
$63,705
Median Household Income
$40,515
Median Earnings
$1,275
Median Rent
$196,700
Median Home Value
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 - Updated three-unit property with flexible lower-level space and baseboard heating in a residential setting.
Where is this triplex located?
The property is located at 23 James Street Waterbury, CT.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 4,004‑square‑foot triplex in Waterbury, CT; Three finished levels with 3 bedrooms on the first floor, 3 on the second, and 2 on the third; Finished lower level adds usable space
