Renovated Two-Family Turn-Key
For Sale
$389,000
33 Congress Avenue, Waterbury, CT 06708
Completely renovated two-unit residence with separate utilities for flexible owner-occupant or investment use.
Property Size1,824 SF
Price / SF$213.27
Days on Market77
Property Features for 33 Congress Avenue
General Information
Standard status
Active
Size
1,824 SF
Property subtype
2 Family
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
RE/MAX Heritage
(203) 428-5962
Listed By:
Noor Ahmed
(203) 428-5962
Source:
Lockandkeyre
Added: Jun 10
Changed: Aug 25
Last Checked: Aug 25 at 6:40AM
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 RE/MAX Heritage
Investment Insights
Based on property information with market context.
This completely renovated, turn-key 2-family home presents like new construction and is ready for immediate occupancy. Both units offer bright, open layouts with brand-new finishes, including modern kitchens and updated bathrooms. Each unit is served by separate utilities, supporting resident-level control and simplifying day-to-day operations for an owner.
The property is located at 33 Congress Avenue in Waterbury, Connecticut. With its two distinct residential units, the home is suited to buyers looking for a straightforward structure that can accommodate either shared ownership in one unit and rental income in the other, or a hands-on-leaning investment approach where units can be managed independently.
For owner-occupants, the arrangement allows you to live in one unit while the second helps offset housing costs. For investors, the updated interior finishes, separate utilities, and move-in-ready condition reduce near-term renovation concerns and support a more predictable transition to new tenants. If you’re looking for a renovated two-family home with practical separation between units, this one is designed for both living and renting from day one.
The property is located at 33 Congress Avenue in Waterbury, Connecticut. With its two distinct residential units, the home is suited to buyers looking for a straightforward structure that can accommodate either shared ownership in one unit and rental income in the other, or a hands-on-leaning investment approach where units can be managed independently.
For owner-occupants, the arrangement allows you to live in one unit while the second helps offset housing costs. For investors, the updated interior finishes, separate utilities, and move-in-ready condition reduce near-term renovation concerns and support a more predictable transition to new tenants. If you’re looking for a renovated two-family home with practical separation between units, this one is designed for both living and renting from day one.
Key Highlights
- Completely renovated 2‑family residence (built 1910) at 33 Congress Ave
- Each unit features a bright, open layout with brand‑new finishes throughout
- Modern kitchens and updated bathrooms in both units
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
$20,550
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
5.28%
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%
$411,000
$411.0K
Cap Rate 7%
$293,571
$293.6K
Cap Rate 9%
$228,333
$228.3K
Market Conditions
NOI Build-Up for 1,824 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
$31.7K $17.40/SF
− Vacancy
−$2.4K −$1.31/SF
EGI
$29.4K $16.10/SF
− OpEx
−$8.8K −$4.83/SF
NOI
$20.6K $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%
$411,000
Cap Rate 7%
$293,571
Cap Rate 9%
$228,333
Alternative Uses
Best Use
Multifamily LT 5
$293.6K
$256.9K – $342.5K
NOI $20,550 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$264.5K
$231.4K – $308.6K
NOI $18,513 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$484.0K
$423.5K – $564.7K
NOI $33,883 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 06708, CT
30,345
Population
13,061
Households
2.3
Avg Household Size
38
Median Age
22%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
3,228
Density / Sq Mi
$63,705
Median Household Income
$40,515
Median Earnings
$1,275
Median Rent
$196,700
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 - Completely renovated two-unit residence with separate utilities for flexible owner-occupant or investment use.
Where is this duplex located?
The property is located at 33 Congress Avenue Waterbury, CT.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Completely renovated 2‑family residence (built 1910) at 33 Congress Ave; Each unit features a bright, open layout with brand‑new finishes throughout; Modern kitchens and updated bathrooms in both units
