Updated Three-Unit Multifamily
For Sale
$450,000
256 Hillside Avenue, Waterbury, CT 06710
Three-unit property with updated electrical service, fresh exterior paint, and a vacant second-floor apartment.
Property Size4,016 SF
Price / SF$112.05
Days on Market13
Property Features for 256 Hillside Avenue
General Information
Standard status
Active
Size
4,016 SF
Property subtype
3 Family
Additional Details
Highway Access
Yes
Building Details
Year Built
1904
Buildings
1
Stories
3
Tenancy
Multi
Abandoned
No
Listing Agency:
Century 21 Scala Group
(203) 233-7445
Listed By:
Thomas Payne
(203) 233-7445
Source:
Lockandkeyre
Added: Jul 30
Changed: Aug 11
Last Checked: Aug 11 at 5:55AM
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 Century 21 Scala Group
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built in 1904 and includes two matching 1,400-square-foot, three-bedroom apartments plus a 1,200-square-foot, one-bedroom apartment. The first-floor residence is occupied under a month-to-month lease, while the second-floor unit is vacant and available for showings. The building’s electrical service has been recently updated, and the siding has been freshly painted.
The property is located on Hillside Avenue in Waterbury, Connecticut, with access to I-84 and Route 8 described as minutes away. Individual tenants are responsible for their own utilities. The unit mix provides two larger three-bedroom layouts and one spacious one-bedroom apartment within the same building.
The property is located on Hillside Avenue in Waterbury, Connecticut, with access to I-84 and Route 8 described as minutes away. Individual tenants are responsible for their own utilities. The unit mix provides two larger three-bedroom layouts and one spacious one-bedroom apartment within the same building.
Key Highlights
- Three‑unit multifamily property built in 1904
- Two 1,400‑square‑foot, three‑bedroom apartments
- 1,200‑square‑foot, one‑bedroom third‑floor apartment
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
$40,760
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
9.06%
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%
$815,200
$815.2K
Cap Rate 7%
$582,286
$582.3K
Cap Rate 9%
$452,889
$452.9K
Market Conditions
NOI Build-Up for 4,016 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
$79.5K $19.80/SF
− Vacancy
−$5.4K −$1.35/SF
EGI
$74.1K $18.45/SF
− OpEx
−$33.3K −$8.30/SF
NOI
$40.8K $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%
$815,200
Cap Rate 7%
$582,286
Cap Rate 9%
$452,889
Alternative Uses
Best Use
Multifamily LT 5
$646.4K
$565.6K – $754.1K
NOI $45,246 @ 7.0% cap · market cap 10.05%
Second Best
Apartment 5plus
$582.3K
$509.5K – $679.3K
NOI $40,760 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$1.07M
$932.5K – $1.24M
NOI $74,601 @ 7.0% cap · market cap 16.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,031
Businesses Nearby
Explore this area
Business Placement
Demographics for 06710, CT
11,056
Population
4,515
Households
2.4
Avg Household Size
32
Median Age
15%
College-Educated
71%
High-School Grad
1.0 sq mi
ZIP Area
11,056
Density / Sq Mi
$42,774
Median Household Income
$33,880
Median Earnings
$1,135
Median Rent
$219,600
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-unit property with updated electrical service, fresh exterior paint, and a vacant second-floor apartment.
Where is this triplex located?
The property is located at 256 Hillside Avenue Waterbury, CT.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1904; Two 1,400‑square‑foot, three‑bedroom apartments; 1,200‑square‑foot, one‑bedroom third‑floor apartment
