Wedding Venue With Event
For Sale
$750,000
355 Lakewood Rd, Waterbury, CT 06704
An unfinished main building complements a covered pavilion equipped for outdoor gatherings and special events.
Property Size4,304 SF
Price / SF$174.26
Days on Market30
Property Features for 355 Lakewood Rd
General Information
Standard status
Active
Size
4,304 SF
Amenities
lake views
heated flooring
covered outdoor event pavilion
Building Details
Year Built
2017
Listing Agency:
Clermont Real Estate
(203) 675-6902
Listed By:
Imtinan Alzaidi
Source:
Themialeteam
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 28 at 2:19PM
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 Clermont Real Estate
Investment Insights
Based on property information with market context.
This 2017 wedding venue property at 355 Lakewood Rd in Waterbury, Connecticut, encompasses nearly seven acres in a lake-view setting. The principal building remains unfinished, allowing completion of a layout originally intended for restaurant, bar, banquet, wedding, or special-event use. Heated flooring and multiple building components are already in place.
A covered outdoor pavilion adds functional event space and includes restrooms and a kitchen. The property measures 4,304 SF and offers a combination of enclosed and outdoor facilities for gatherings, celebrations, and venue operations. Its broad event-oriented configuration supports continued development around the existing improvements.
A covered outdoor pavilion adds functional event space and includes restrooms and a kitchen. The property measures 4,304 SF and offers a combination of enclosed and outdoor facilities for gatherings, celebrations, and venue operations. Its broad event-oriented configuration supports continued development around the existing improvements.
Key Highlights
- Nearly seven acres with lake views
- 4,304 SF property with a 2017 build year
- Unfinished main building with heated flooring
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
$41,428
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
5.52%
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%
$828,560
$828.6K
Cap Rate 7%
$591,829
$591.8K
Cap Rate 9%
$460,311
$460.3K
Market Conditions
NOI Build-Up for 4,304 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
$59.4K $13.80/SF
− Vacancy
−$4.2K −$0.97/SF
EGI
$55.2K $12.83/SF
− OpEx
−$13.8K −$3.21/SF
NOI
$41.4K $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%
$828,560
Cap Rate 7%
$591,829
Cap Rate 9%
$460,311
Alternative Uses
Best Use
Specialty Retail
$591.8K
$517.9K – $690.5K
NOI $41,428 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$999.4K – $1.33M
NOI $79,951 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
5,986 visits/mo
0.5 miles
Town Fair Tire
Shops & Services
3,905 visits/mo
0.2 miles
MyEyeDr.
Shops & Services
1,571 visits/mo
0.4 miles
Extra Space Storage
Shops & Services
607 visits/mo
0.2 miles
Demographics for 06704, CT
27,300
Population
12,987
Households
2.1
Avg Household Size
34
Median Age
14%
College-Educated
78%
High-School Grad
8.1 sq mi
ZIP Area
3,370
Density / Sq Mi
$47,848
Median Household Income
$33,090
Median Earnings
$1,202
Median Rent
$178,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - An unfinished main building complements a covered pavilion equipped for outdoor gatherings and special events.
Where is this wedding venue located?
The property is located at 355 Lakewood Rd Waterbury, CT.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Nearly seven acres with lake views; 4,304 SF property with a 2017 build year; Unfinished main building with heated flooring
