Retail and Automotive Redevelopment
For Sale
Contact for pricing
24 Meriden Road, Waterbury, CT 06705
Assemblage of contiguous parcels totaling about 0.60 acres with two commercial buildings and roughly 200 feet of frontage on Route 322.
Property Size4,944 SF
Lot Size0.60 Acres
Price / SF$261.93
Days on Market17
Property Features for 24 Meriden Road
General Information
Standard status
Active
Size
4,944 SF
Lot size
0.60 Acres
Property subtype
Retail, Special Purpose
Zoning
CG
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1988
Listing Agency:
Matthews Commercial Properties LLC
(203) 753-5800
Listed By:
Gerry Matthews · License #CT REB.0754503
Source:
Crexi
Added: Jul 23
Changed: Jul 28
Last Checked: Aug 7 at 2:41AM
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 Matthews Commercial Properties LLC
Investment Insights
Based on property information with market context.
This offering includes three contiguous parcels totaling approximately 0.60 acres along Meriden Road (Route 322). The assemblage features an existing 3,600 SF commercial building and an additional 1,344 SF building, providing income-producing structure today and redevelopment flexibility for future improvements.
The property has approximately 200 feet of frontage on Route 322, supporting visibility and customer access for commercial uses. It is zoned CG (Commercial General).
The current configuration supports a range of commercial opportunities, including retail and quick-service restaurants (QSRs), as well as service and automotive uses, subject to municipal approvals.
The property has approximately 200 feet of frontage on Route 322, supporting visibility and customer access for commercial uses. It is zoned CG (Commercial General).
The current configuration supports a range of commercial opportunities, including retail and quick-service restaurants (QSRs), as well as service and automotive uses, subject to municipal approvals.
Key Highlights
- Three contiguous commercial parcels totaling about 0.60 acres
- Two commercial buildings totaling about 14,944 SF (13,600 SF and 1,344 SF)
- Approximately 200 feet of frontage on Meriden Road (Route 322)
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
$41,800
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
3.23%
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%
$836,000
$836.0K
Cap Rate 7%
$597,143
$597.1K
Cap Rate 9%
$464,444
$464.4K
Market Conditions
NOI Build-Up for 4,944 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
$65.3K $13.20/SF
− Vacancy
−$5.5K −$1.12/SF
EGI
$59.7K $12.08/SF
− OpEx
−$17.9K −$3.62/SF
NOI
$41.8K $8.45/SF
Area
Waterbury, CT
Vacancy
8.50%
Lease Rate
$13.20 /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%
$836,000
Cap Rate 7%
$597,143
Cap Rate 9%
$464,444
Alternative Uses
Best Use
Retail
$597.1K
$522.5K – $696.7K
NOI $41,800 @ 7.0% cap · market cap 3.23%
Second Best
Industrial
$546.5K
$478.2K – $637.6K
NOI $38,257 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,840 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
84k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Apparel 27%
Dining 19%
JCPenney
Apparel
22,426 visits/mo
0.4 miles
Mobil
Shops & Services
13,720 visits/mo
0.4 miles
Dunkin' Donuts
Dining
10,651 visits/mo
0.5 miles
Gulf Oil
Shops & Services
10,226 visits/mo
0.3 miles
Citgo
Shops & Services
9,840 visits/mo
0.1 miles
Demographics for 06705, CT
27,197
Population
12,222
Households
2.2
Avg Household Size
38
Median Age
18%
College-Educated
86%
High-School Grad
5.6 sq mi
ZIP Area
4,857
Density / Sq Mi
$53,169
Median Household Income
$41,327
Median Earnings
$1,165
Median Rent
$177,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Assemblage of contiguous parcels totaling about 0.60 acres with two commercial buildings and roughly 200 feet of frontage on Route 322.
Where is this retail space located?
The property is located at 24 Meriden Road Waterbury, CT.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Three contiguous commercial parcels totaling about 0.60 acres; Two commercial buildings totaling about 14,944 SF (13,600 SF and 1,344 SF); Approximately 200 feet of frontage on Meriden Road (Route 322)
