Three-Unit Triplex with New
For Sale
$450,000
Pending
23 Plaza Avenue, Waterbury, CT 06710
Multi-Family For Sale, 3updown - Unit(s) per Floor, Waterbury, CT
Property Size3,245 SF
Lot Size0.10 Acres
Days on Market72
Property Features for 23 Plaza Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 9, Bathroom 3, Bedroom 8, Bedroom 3, Bedroom 4, Basement, Bedroom 7, Bathroom 2
Parking
3
Patio and Porch features
Porch
Exterior features
Porch
Basement
Full
Lot features
City Views, Sloping Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
West Main to Willow to Plaza Ave
Standard status
Pending
Size
3,245 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
4678
Utilities
Sewer type
Public Sewer
Cooling system
None (Cooling), Window Unit(s)
Water source
Public
Building Details
Year built
1900
Architectural style
Other
Listing Agency:
Ghent Realty Advisors
(203) 597-1077
Listed By:
Robert Ghent · License #REB.0790043
(203) 543-2847
Added: Jun 12
Changed: Aug 20
Last Checked: Aug 22 at 2:06AM
MLS# 24183604
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 3,245-square-foot triplex contains three apartments, each configured with 3 bedrooms and 1 bathroom. The property was built in 1900 and has a porch, a basement, public water, and public sewer. A roof replacement was completed in 2021. Utilities are separately metered, with tenants responsible for gas heat, hot water, and electricity. Cooling is provided by window units where installed.
The property is at 23 Plaza Avenue in Waterbury’s Willow Plaza neighborhood, near Downtown Waterbury, Waterbury Hospital, shopping, restaurants, public transportation, and major highways. On-street parking serves the property. RM zoning applies to the 0.1-acre parcel.
The property is at 23 Plaza Avenue in Waterbury’s Willow Plaza neighborhood, near Downtown Waterbury, Waterbury Hospital, shopping, restaurants, public transportation, and major highways. On-street parking serves the property. RM zoning applies to the 0.1-acre parcel.
Key Highlights
- Three 3‑bedroom, 1‑bath apartments in a 3,245‑square‑foot triplex
- New roof installed in 2021
- Separate metering for gas heat, hot water, and electricity
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
$36,560
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
8.12%
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%
$731,200
$731.2K
Cap Rate 7%
$522,286
$522.3K
Cap Rate 9%
$406,222
$406.2K
Market Conditions
NOI Build-Up for 3,245 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
$56.5K $17.40/SF
− Vacancy
−$4.2K −$1.31/SF
EGI
$52.2K $16.10/SF
− OpEx
−$15.7K −$4.83/SF
NOI
$36.6K $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%
$731,200
Cap Rate 7%
$522,286
Cap Rate 9%
$406,222
Alternative Uses
Best Use
Multifamily LT 5
$522.3K
$457.0K – $609.3K
NOI $36,560 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$470.5K
$411.7K – $548.9K
NOI $32,935 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$861.1K
$753.5K – $1.00M
NOI $60,279 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,425
Businesses Nearby
Explore this area
Business Placement
Demographics for 06710, CT
11,056
Population
4,515
Households
2.4
Avg Household Size
32
Median Age
15%
College-Educated
71%
High-School Grad
1.0 sq mi
ZIP Area
11,056
Density / Sq Mi
$42,774
Median Household Income
$33,880
Median Earnings
$1,135
Median Rent
$219,600
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 - Three large apartments with separate utility metering and tenant-paid heat, hot water, and electricity.
Where is this triplex located?
The property is located at 23 Plaza Avenue Waterbury, CT.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three 3‑bedroom, 1‑bath apartments in a 3,245‑square‑foot triplex; New roof installed in 2021; Separate metering for gas heat, hot water, and electricity
