Renovated Three-Unit
New
For Sale
$489,900
23 Robinson St, Waterbury, CT 06704
Three two-bedroom apartments with separate gas and electric utilities, off-street parking, and a rear yard.
Property Size2,133 SF
Days on Market4
Property Features for 23 Robinson St
General Information
Standard status
Active
Size
2,133 SF
Property subtype
Multi Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
off-street parking
small rear yard
Building Details
Building Size
2,133 SF
Year Built
1880
Buildings
1
Listing Agency:
OXFORD REALTY
(203) 314-4219
Listed By:
Amanda R. Faroni-Sheehan · License #REB.0793328CT
(203) 314-4219
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 4:51AM
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 OXFORD REALTY
Investment Insights
Based on property information with market context.
This three-unit residential income property includes one two-bedroom, one-bath apartment on each floor. The second- and third-floor units have been recently renovated with updated finishes. Exterior improvements include new vinyl siding, a newer roof, and replacement windows. Each apartment has separate gas and electric utilities, with tenants responsible for heat, hot water, cooking gas, and electricity.
The property is located at 23 Robinson St in Waterbury’s North End, directly across from a park. Schools, shopping, public transportation, and the Waterbury PAL are within walking distance. Additional site features include some off-street parking and a small rear yard. The building was constructed in 1880.
The property is located at 23 Robinson St in Waterbury’s North End, directly across from a park. Schools, shopping, public transportation, and the Waterbury PAL are within walking distance. Additional site features include some off-street parking and a small rear yard. The building was constructed in 1880.
Key Highlights
- Three apartments, each with 2 bedrooms and 1 full bath
- Second- and third‑floor units recently renovated
- New vinyl siding, newer roof, and replacement windows
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
$24,031
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
4.91%
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%
$480,620
$480.6K
Cap Rate 7%
$343,300
$343.3K
Cap Rate 9%
$267,011
$267.0K
Market Conditions
NOI Build-Up for 2,133 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
$37.1K $17.40/SF
− Vacancy
−$2.8K −$1.31/SF
EGI
$34.3K $16.10/SF
− OpEx
−$10.3K −$4.83/SF
NOI
$24.0K $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%
$480,620
Cap Rate 7%
$343,300
Cap Rate 9%
$267,011
Alternative Uses
Best Use
Multifamily LT 5
$343.3K
$300.4K – $400.5K
NOI $24,031 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$309.3K
$270.6K – $360.8K
NOI $21,649 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$566.0K
$495.3K – $660.4K
NOI $39,623 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
578
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
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 two-bedroom apartments with separate gas and electric utilities, off-street parking, and a rear yard.
Where is this triplex located?
The property is located at 23 Robinson St Waterbury, CT.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Three apartments, each with 2 bedrooms and 1 full bath; Second- and third‑floor units recently renovated; New vinyl siding, newer roof, and replacement windows
