Three-Unit Triplex with
For Sale
$295,000
230 Bishop St, Waterbury, CT 06704
Three residential units feature separate utilities, off-street parking, and individual living areas.
Property Size2,145 SF
Price / SF$137.53
Days on Market52
Property Features for 230 Bishop St
General Information
Standard status
Active
Size
2,145 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Amenities
off-street parking
yard space
Building Details
Year Built
1895
Listing Agency:
Brass Moon Realty
(203) 724-7127
Listed By:
Levi Judqin · License #REB.0791859
Source:
Themialeteam
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 1:58PM
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 Brass Moon Realty
Investment Insights
Based on property information with market context.
This three-unit triplex offers a residential income configuration with separate utilities, distinct living areas, and multiple-bedroom layouts. The property also includes off-street parking and a yard, providing useful exterior space for occupants. Built in 1895, the building is being sold as-is.
The property is located on Bishop Street in Waterbury, Connecticut, near schools, shopping, restaurants, and major highways. Its three-family setup supports an arrangement with separate residential units, while the surrounding amenities and highway access add convenience for residents.
The property is located on Bishop Street in Waterbury, Connecticut, near schools, shopping, restaurants, and major highways. Its three-family setup supports an arrangement with separate residential units, while the surrounding amenities and highway access add convenience for residents.
Key Highlights
- Three‑family property with three residential units
- Separate utilities for each unit
- Off‑street parking included
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
$24,167
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
8.19%
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%
$483,340
$483.3K
Cap Rate 7%
$345,243
$345.2K
Cap Rate 9%
$268,522
$268.5K
Market Conditions
NOI Build-Up for 2,145 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
$37.3K $17.40/SF
− Vacancy
−$2.8K −$1.31/SF
EGI
$34.5K $16.10/SF
− OpEx
−$10.4K −$4.83/SF
NOI
$24.2K $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%
$483,340
Cap Rate 7%
$345,243
Cap Rate 9%
$268,522
Alternative Uses
Best Use
Multifamily LT 5
$345.2K
$302.1K – $402.8K
NOI $24,167 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$311.0K
$272.1K – $362.9K
NOI $21,771 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$569.2K
$498.1K – $664.1K
NOI $39,846 @ 7.0% cap · market cap 13.51%
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
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature separate utilities, off-street parking, and individual living areas.
Where is this triplex located?
The property is located at 230 Bishop St 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‑family property with three residential units; Separate utilities for each unit; Off‑street parking included
