Two-Family Corner
For Sale
$425,000
Pending
31 Hillcrest Avenue, Waterbury, CT 06705
Two-family home with an upper residence and a lower garden apartment featuring a private entrance and laundry hookup.
Property Size1,876 SF
Days on Market110
Property Features for 31 Hillcrest Avenue
General Information
Standard status
Pending
Size
1,876 SF
Property subtype
2 Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
Drakeley Real Estate, Inc.
Listed By:
Jeffrey Boucher · License #RES.0802561
(203) 709-1423
Source:
Lockandkeyre
Added: May 19
Changed: Aug 8
Last Checked: Jul 23 at 5:22AM
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 Drakeley Real Estate, Inc.
Investment Insights
Based on property information with market context.
This well-maintained two-family home sits on a corner lot and offers two distinct living areas. The upper level is the main residence with an open living-dining layout, an updated kitchen, and a home office space. Upstairs includes a primary bedroom with vaulted ceilings, a second full bath, and an additional 11-by-17 bonus room currently used as a walk-in closet.
Below, the three-room garden apartment has its own private entrance and includes a laundry hookup. Exterior amenities include a private backyard and a partially covered deck that extends outdoor entertaining space. A detached outbuilding provides additional storage or conversion potential.
The property is described as fully renovated and conveniently located near shopping, parks, I-84, and the bus line, supporting both owner-occupant and investor use.
Below, the three-room garden apartment has its own private entrance and includes a laundry hookup. Exterior amenities include a private backyard and a partially covered deck that extends outdoor entertaining space. A detached outbuilding provides additional storage or conversion potential.
The property is described as fully renovated and conveniently located near shopping, parks, I-84, and the bus line, supporting both owner-occupant and investor use.
Key Highlights
- Two‑family home on a corner lot, built in 1925, with an upper residence and a lower garden apartment.
- Upper level includes a fully renovated 1,300+ SF main residence with an open living‑dining area and updated kitchen.
- Garden apartment has a private entrance and a laundry hookup.
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
$21,136
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
4.97%
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%
$422,720
$422.7K
Cap Rate 7%
$301,943
$301.9K
Cap Rate 9%
$234,844
$234.8K
Market Conditions
NOI Build-Up for 1,876 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
$32.6K $17.40/SF
− Vacancy
−$2.4K −$1.31/SF
EGI
$30.2K $16.10/SF
− OpEx
−$9.1K −$4.83/SF
NOI
$21.1K $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%
$422,720
Cap Rate 7%
$301,943
Cap Rate 9%
$234,844
Alternative Uses
Best Use
Multifamily LT 5
$301.9K
$264.2K – $352.3K
NOI $21,136 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$272.0K
$238.0K – $317.3K
NOI $19,040 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$497.8K
$435.6K – $580.8K
NOI $34,849 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family home with an upper residence and a lower garden apartment featuring a private entrance and laundry hookup.
Where is this duplex located?
The property is located at 31 Hillcrest Avenue Waterbury, CT.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑family home on a corner lot, built in 1925, with an upper residence and a lower garden apartment.; Upper level includes a fully renovated 1,300+ SF main residence with an open living‑dining area and updated kitchen.; Garden apartment has a private entrance and a laundry hookup.
