25-Unit Apartment
For Sale
$2,500,000
25-37 Piedmont Street, Waterbury, CT 06706
Three residential buildings share one parcel and a common parking area, with studios and one- and two-bedroom layouts.
Property Size7,068 SF
Price / SF$353.71
Days on Market190
Property Features for 25-37 Piedmont Street
General Information
Standard status
Active
Size
7,068 SF
Property subtype
Multi-Family / 5 Family+
Zoning
RL
Net Operating Income
$212,245
Additional Details
Multifamily Units
25
Taxes and HOA fees
Annual Taxes
$22,295
Amenities
4BA9D9CB7E61297AE063E201100A7F47
No
Hot Water
102
Window Unit
Not Applicable
Building Details
Year Built
1972
Buildings
3
Listing Agency:
Alpha Capital Realty, LLC
(203) 816-7926
Listed By:
Zachary T Pinto · License #RES.0827718
(203) 816-7926
Source:
Compass
Added: Feb 24
Changed: Aug 30
Last Checked: Aug 31 at 10:17PM
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 Alpha Capital Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily property at 25-37 Piedmont Street comprises 25 apartments across three buildings on a single parcel. The unit mix includes studios, one-bedroom apartments, and two-bedroom apartments, with many residences recently renovated. A shared parking lot serves the buildings, and interior features include hot water and window units.
Constructed in 1972, the property is zoned RL and contains 7,068 square feet. Stabilized performance is projected at an 8.50% cap rate, with estimated entry cash-on-cash return of 11.5%. The property is located in Waterbury, Connecticut.
Constructed in 1972, the property is zoned RL and contains 7,068 square feet. Stabilized performance is projected at an 8.50% cap rate, with estimated entry cash-on-cash return of 11.5%. The property is located in Waterbury, Connecticut.
Key Highlights
- 25‑unit multifamily property across three buildings
- Studios, 1‑bedroom, and 2‑bedroom apartments
- Many units recently renovated
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
$71,737
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
2.87%
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%
$1,434,740
$1.4M
Cap Rate 7%
$1,024,814
$1.0M
Cap Rate 9%
$797,078
$797.1K
Market Conditions
NOI Build-Up for 7,068 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
$139.9K $19.80/SF
− Vacancy
−$9.5K −$1.35/SF
EGI
$130.4K $18.45/SF
− OpEx
−$58.7K −$8.30/SF
NOI
$71.7K $10.15/SF
Area
Waterbury, CT
Vacancy
6.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,434,740
Cap Rate 7%
$1,024,814
Cap Rate 9%
$797,078
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$896.7K – $1.20M
NOI $71,737 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,295 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 06706, CT
14,699
Population
5,907
Households
2.5
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
3.8 sq mi
ZIP Area
3,868
Density / Sq Mi
$51,770
Median Household Income
$32,375
Median Earnings
$1,233
Median Rent
$171,400
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?
Apartment building - Three residential buildings share one parcel and a common parking area, with studios and one- and two-bedroom layouts.
Where is this apartment building located?
The property is located at 25-37 Piedmont Street Waterbury, CT.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 25‑unit multifamily property across three buildings; Studios, 1‑bedroom, and 2‑bedroom apartments; Many units recently renovated
