Duplex with Off-Street
For Sale
$275,000
248 North Walnut Street, Waterbury, CT 06704
The available second-floor unit is paired with ample off-street parking and convenient access to Route 8 and I-84.
Property Size1,662 SF
Price / SF$165.46
Days on Market232
Property Features for 248 North Walnut Street
General Information
Standard status
Active
Size
1,662 SF
Property subtype
Multi-Family / 2 Family
Zoning
RL
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,351
Amenities
No
Hot Water
8
Window Unit
Not Applicable
Building Details
Year Built
1919
Listing Agency:
Ethos Rlty, LLC
(475) 233-7642
Listed By:
Neilinda Martins · License #RES.0817281
(475) 233-7642
Source:
Compass
Added: Jan 10
Changed: Aug 29
Last Checked: Aug 29 at 4:30PM
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 Ethos Rlty, LLC
Investment Insights
Based on property information with market context.
This duplex, built in 1919, includes a currently available second-floor unit and ample off-street parking. The property is identified with RL zoning and includes hot water and a window unit among its interior features.
Located in Waterbury, the property offers access to Route 8 and I-84, with a walkable setting noted in the surrounding area. Its duplex configuration supports residential income use while allowing an owner-occupant arrangement with a separate unit.
Located in Waterbury, the property offers access to Route 8 and I-84, with a walkable setting noted in the surrounding area. Its duplex configuration supports residential income use while allowing an owner-occupant arrangement with a separate unit.
Key Highlights
- Duplex property built in 1919
- Second‑floor unit currently available
- Ample off‑street parking
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
$18,725
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
6.81%
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%
$374,500
$374.5K
Cap Rate 7%
$267,500
$267.5K
Cap Rate 9%
$208,056
$208.1K
Market Conditions
NOI Build-Up for 1,662 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
$28.9K $17.40/SF
− Vacancy
−$2.2K −$1.31/SF
EGI
$26.7K $16.10/SF
− OpEx
−$8.0K −$4.83/SF
NOI
$18.7K $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%
$374,500
Cap Rate 7%
$267,500
Cap Rate 9%
$208,056
Alternative Uses
Best Use
Multifamily LT 5
$267.5K
$234.1K – $312.1K
NOI $18,725 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$241.0K
$210.9K – $281.1K
NOI $16,868 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$441.0K
$385.9K – $514.6K
NOI $30,873 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
481
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?
Duplex - The available second-floor unit is paired with ample off-street parking and convenient access to Route 8 and I-84.
Where is this duplex located?
The property is located at 248 North Walnut Street Waterbury, CT.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Duplex property built in 1919; Second‑floor unit currently available; Ample off‑street parking
