Renovated Two-Unit
For Sale
$389,000
33 Congress Avenue, Waterbury, CT 06708
Multi-Family For Sale, Units on different Floors, Waterbury, CT
Property Size1,824 SF
Lot Size0.08 Acres
Price / SF$213.27
Days on Market76
Property Features for 33 Congress Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1
Parking
4
Basement
Full
Lot features
Level Lot
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
GPS Friendly
Standard status
Active
Size
1,824 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2027
Tax Annual Amount
8570
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1910
Architectural style
Other
Listing Agency:
RE/MAX Heritage · RE/MAX International
(203) 254-7555
Listed By:
Noor Ahmed
(203) 428-5962
Added: Jun 10
Changed: Aug 23
Last Checked: Aug 24 at 11:06AM
MLS# 24182495
Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,824-square-foot duplex contains two residential units arranged across separate floors. The property was built in 1910 and has received substantial updates, including new electrical and plumbing systems, refreshed kitchens, updated bathrooms, and new interior finishes. Each unit includes an open layout, bedrooms, and bathroom space, while the basement provides additional storage or future finish-out potential.
The property sits on a 0.08-acre lot and is served by public water and public sewer. Heating is provided through hot-water baseboard systems, with window-unit cooling. RH zoning applies to the parcel, and separate utility service supports independent operation of the two units.
The property sits on a 0.08-acre lot and is served by public water and public sewer. Heating is provided through hot-water baseboard systems, with window-unit cooling. RH zoning applies to the parcel, and separate utility service supports independent operation of the two units.
Key Highlights
- Two‑unit duplex with 1,824 square feet of building area
- 0.08‑acre lot with RH zoning
- New electrical and plumbing systems
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated interiors, separate utilities, and public water and sewer service.
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: Two‑unit duplex with 1,824 square feet of building area; 0.08‑acre lot with RH zoning; New electrical and plumbing systems
