14-Unit Rooming House with 5-Bay
For Sale
$525,000
Pending
34 Mitchell Avenue, Waterbury, CT 06710
MULTI_FAMILY - Waterbury, CT
Property Size3,754 SF
Lot Size0.12 Acres
Days on Market129
Property Features for 34 Mitchell Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RO
Bedrooms
14
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 14, Bedroom 13, Bathroom 2, Bedroom 12, Basement, Bedroom 4, Bedroom 7, Bedroom 5, Bedroom 6, Bedroom 3, Bedroom 9, Bathroom 3, Bedroom 11, Bathroom 1, Bathroom 4, Bedroom 10, Bedroom 1, Bedroom 2
Parking
7
Basement
Full
Lot features
Level Lot
Elementary school
Driggs
High school
Crosby
Directions
Meet at front door.
Subdivision
Hillside
Standard status
Pending
Size
3,754 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9502
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Amenities
hard wired ring cameras
pin code locks
hard wired fire system
coin laundry
microwave and fridge in each unit
electric stove in apartment
Building Details
Year built
1895
Architectural style
Other
Listing Agency:
Coldwell Banker Calabro · Coldwell Banker Real Estate
(860) 529-7007
Listed By:
Lucas Chaves
(203) 715-2772
Added: Apr 2
Changed: Aug 4
Last Checked: Aug 8 at 10:06AM
MLS# 24163790
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 fully occupied apartment building is a permitted 14-unit rooming house. The unit mix includes 12 single-room units, 1 double room unit, and 1 1-bedroom apartment with a full kitchen and bathroom. In addition to in-unit baths, there are 3 full bathrooms in common areas, one on each floor, all with tile. Security features include 8 hard-wired ring cameras, pin code locks on the front door and common area bathroom doors, and a hard-wired fire system. Laundry is available in the common areas with 3 coin washers and 3 coin dryers.
The property sits on a 0.12-acre lot and has 3,754 square feet. Built in 1895, it is heated by electric baseboards in each unit controlled by locked central thermostats. A 5-bay garage is included, with 4 bays rented and 1 bay used for storage.
Recent improvements include exterior wall and attic insulation completed in 2025 with USA Premium Foam R-5.1, new garage doors installed in 2024, and a new 40-gallon gas water heater in 2025. The owner pays gas, water/sewer, electric, and internet, while trash is handled by the city.
The property sits on a 0.12-acre lot and has 3,754 square feet. Built in 1895, it is heated by electric baseboards in each unit controlled by locked central thermostats. A 5-bay garage is included, with 4 bays rented and 1 bay used for storage.
Recent improvements include exterior wall and attic insulation completed in 2025 with USA Premium Foam R-5.1, new garage doors installed in 2024, and a new 40-gallon gas water heater in 2025. The owner pays gas, water/sewer, electric, and internet, while trash is handled by the city.
Key Highlights
- Permitted, fully occupied 14‑unit rooming house in RO zoning
- Unit mix: 12 single rooms, 1 double room, and 1 1‑bedroom apartment with kitchen and bathroom
- 5‑bay garage with 4 bays rented and 1 bay used for storage
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
Lease Details
14
Residential units
100%
Occupancy
Yes
Utilities to site
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?
Apartment building - Fully occupied 14-unit permitted rooming house (RO zoning) with 5-bay garage and security features.
Where is this apartment building 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: Permitted, fully occupied 14‑unit rooming house in RO zoning; Unit mix: 12 single rooms, 1 double room, and 1 1‑bedroom apartment with kitchen and bathroom; 5‑bay garage with 4 bays rented and 1 bay used for storage
