Permitted Rooming House with
For Sale
$525,000
Pending
34 Mitchell Avenue, Waterbury, CT 06710
Fully occupied 14-unit rooming house with five-bay garage.
Property Size3,754 SF
Days on Market158
Property Features for 34 Mitchell Avenue
General Information
Standard status
Pending
Size
3,754 SF
Property subtype
Rooming House
Building Details
Year Built
1895
Listing Agency:
Coldwell Banker Calabro
Listed By:
Lucas Chaves
(203) 715-2772
Source:
Lockandkeyre
Added: Apr 2
Changed: Aug 8
Last Checked: Aug 5 at 5:05AM
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 Calabro
Investment Insights
Based on property information with market context.
This is a fully occupied 14-unit permitted rooming house with a 5-bay garage and 4 full bathrooms. The property features 12 single rooms, 1 double room, and a 1-bedroom apartment with a full kitchen and bathroom. There are 3 additional full bathrooms in common areas, one on each floor, all with tile. For safety and security, the property is equipped with 8 hard-wired ring cameras, pin code locks on the front door and common area bathrooms, and a hard-wired fire system. Common areas include 3 coin washers and 3 coin dryers. Each unit has a microwave and fridge, and the apartment also includes an electric stove. The entire building was insulated on all exterior walls and the attic in 2025 with USA Premium Foam R-5.1. The garage had new doors installed in 2024, and 4 bays are rented, while 1 bay is used for storage. A new 40-gallon gas water heater was installed in 2025. Heating is provided by electric baseboards in each unit, controlled by locked central thermostats. The owner is responsible for gas, water/sewer, electric, and internet, while trash removal is managed by the city. The property size is 3754 square feet.
Key Highlights
- Fully occupied 14‑unit permitted rooming house with strong cash flow potential.
- Includes a 5‑bay garage, with 4 bays currently rented for additional income.
- Enhanced security features: 8 hard‑wired Ring cameras, pin code locks, and hard‑wired fire system.
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
$38,101
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
7.26%
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%
$762,020
$762.0K
Cap Rate 7%
$544,300
$544.3K
Cap Rate 9%
$423,344
$423.3K
Market Conditions
NOI Build-Up for 3,754 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
$74.3K $19.80/SF
− Vacancy
−$5.1K −$1.35/SF
EGI
$69.3K $18.45/SF
− OpEx
−$31.2K −$8.30/SF
NOI
$38.1K $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%
$762,020
Cap Rate 7%
$544,300
Cap Rate 9%
$423,344
Alternative Uses
Best Use
Apartment 5plus
$544.3K
$476.3K – $635.0K
NOI $38,101 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$996.2K
$871.7K – $1.16M
NOI $69,734 @ 7.0% cap · market cap 13.28%
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?
Multifamily property - Fully occupied 14-unit rooming house with five-bay garage.
Where is this multifamily property located?
The property is located at 34 Mitchell Avenue Waterbury, CT.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Fully occupied 14‑unit permitted rooming house with strong cash flow potential.; Includes a 5‑bay garage, with 4 bays currently rented for additional income.; Enhanced security features: 8 hard‑wired Ring cameras, pin code locks, and hard‑wired fire system.
