Well-Maintained Three-Family
For Sale
$449,000
Pending
23 Summer St, Waterbury, CT 06704
Three-family home with upgrades and income potential.
Property Size3,080 SF
Lot Size0.09 Acres
Days on Market161
Property Features for 23 Summer St
General Information
Standard status
Pending
Size
3,080 SF
Lot size
0.09 Acres
Property subtype
Multi Family
Building Details
Building Size
3,080 SF
Year Built
1899
Listing Agency:
(203) 217-2352
Listed By:
Ryan Gannon
(203) 217-2352
Source:
Elliman
Added: Mar 24
Changed: Aug 24
Last Checked: Aug 30 at 7:28PM
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 Ryan Gannon
Investment Insights
Based on property information with market context.
This well-maintained three-family home, owned by the same family for nearly 100 years, reflects pride of ownership. The property has been upgraded over the years while retaining its original charm. The first-floor apartment features woodwork and high ceilings. All units have spacious layouts with large bedrooms. The roof is approximately 10 years old, and the mechanicals have been replaced within the last 5-7 years. The first-floor unit is leased through the end of October, the second-floor unit is leased through the end of April and will be going month to month, and the third-floor unit is currently not occupied, offering immediate opportunity for additional income or owner occupancy. Current rents are below market value, presenting upside potential for investors.
Key Highlights
- Three‑family home offering immediate income potential with two existing leases and a vacant unit ready to lease.
- Significant potential to increase rental income due to below‑market rents.
- Well‑maintained property showing pride of ownership, family‑owned for nearly 100 years.
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
$34,701
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
7.73%
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%
$694,020
$694.0K
Cap Rate 7%
$495,729
$495.7K
Cap Rate 9%
$385,567
$385.6K
Market Conditions
NOI Build-Up for 3,080 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
$53.6K $17.40/SF
− Vacancy
−$4.0K −$1.31/SF
EGI
$49.6K $16.10/SF
− OpEx
−$14.9K −$4.83/SF
NOI
$34.7K $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%
$694,020
Cap Rate 7%
$495,729
Cap Rate 9%
$385,567
Alternative Uses
Best Use
Multifamily LT 5
$495.7K
$433.8K – $578.4K
NOI $34,701 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$446.6K
$390.8K – $521.0K
NOI $31,260 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$817.3K
$715.2K – $953.6K
NOI $57,214 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,581
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-family home with upgrades and income potential.
Where is this triplex located?
The property is located at 23 Summer St Waterbury, CT.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑family home offering immediate income potential with two existing leases and a vacant unit ready to lease.; Significant potential to increase rental income due to below‑market rents.; Well‑maintained property showing pride of ownership, family‑owned for nearly 100 years.
