Mixed-Use Investment Opportunity,
For Sale
$1,250,000
33 & 39 Willow Street, Waterbury, CT 06710
Mixed-use property with restaurant, retail, hall, and apartments for sale.
Property Size11,748 SF
Lot Size0.12 Acres
Price / SF$106.40
Days on Market160
Property Features for 33 & 39 Willow Street
General Information
Standard status
Active
Size
11,748 SF
Lot size
0.12 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,055
Amenities
Central air
Sidewalk
Awnings
Central Air Cooling
Door Sign
Dry
Flat Roof
Level Lot
Lighting
Storage Building
Window Unit Cooling
Zoned Cooling
Zoned Heating
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
(203) 239-2553
Listed By:
CARMELINA RICCITELLI · License #RES.0784103
Source:
Corcoran
Added: Mar 1
Changed: Aug 8
Last Checked: Aug 8 at 6:12AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 33 & 39 Willow Street in Waterbury, CT, this mixed-use property presents an investment opportunity with immediate income and long-term potential. The property includes a fully operational pizza restaurant, additional storefront space, a function hall, and nine residential apartments, providing multiple revenue streams. King Pizza, located at 33 Willow Street, is a neighborhood restaurant known for its diverse menu. The property benefits from a high-visibility location with steady foot traffic and convenient access to I-84 and Route 8, as well as public transportation. The property supports commercial exposure and consistent residential demand. Investors can enhance units, reposition commercial space, increase rents, or explore redevelopment potential to maximize returns. Onsite parking is available. Nearby attractions include the Palace Theater, Mattatuck Museum, Waterbury Green, Brass Mill Center, and Timexpo Museum. The property size is 11748 square feet. The property is being sold as a package.
Key Highlights
- Multiple Revenue Streams: Pizza restaurant, storefront, function hall, and nine apartments.
- High‑Visibility Location: Steady foot traffic with convenient access to I‑84, Route 8, and public transportation.
- Established Business: Includes a fully operational and popular pizza restaurant (King Pizza).
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
$113,080
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
9.05%
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%
$2,261,600
$2.3M
Cap Rate 7%
$1,615,429
$1.6M
Cap Rate 9%
$1,256,444
$1.3M
Market Conditions
NOI Build-Up for 11,748 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
$162.1K $13.80/SF
− Vacancy
−$11.3K −$0.97/SF
EGI
$150.8K $12.83/SF
− OpEx
−$37.7K −$3.21/SF
NOI
$113.1K $9.63/SF
Area
Waterbury, CT
Vacancy
7.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,261,600
Cap Rate 7%
$1,615,429
Cap Rate 9%
$1,256,444
Alternative Uses
Best Use
Mixed Use
$2.04M
$1.78M – $2.38M
NOI $142,738 @ 7.0% cap · market cap 11.42%
Second Best
Apartment 5plus
$1.70M
$1.49M – $1.99M
NOI $119,236 @ 7.0% cap · market cap 9.54%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,231 @ 7.0% cap · market cap 17.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,551
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?
Mixed-use property - Mixed-use property with restaurant, retail, hall, and apartments for sale.
Where is this mixed-use property located?
The property is located at 33 & 39 Willow Street Waterbury, CT.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Multiple Revenue Streams: Pizza restaurant, storefront, function hall, and nine apartments.; High‑Visibility Location: Steady foot traffic with convenient access to I‑84, Route 8, and public transportation.; Established Business: Includes a fully operational and popular pizza restaurant (King Pizza).
