Six-Unit Condominium Apartment
For Sale
$780,000
Pending
379 Perkins Ave, Waterbury, CT 06704
Fully leased condominium package with uniform one-bedroom layouts, private garages, and tenants retained at closing.
Property Size3,648 SF
Days on Market8
Property Features for 379 Perkins Ave
General Information
Standard status
Pending
Size
3,648 SF
Total Parking Spaces
6
Property subtype
Multi Family
Occupancy
100%
Net Operating Income
$51,675
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$87,660
Public Transit
Yes
Building Details
Building Size
3,648 SF
Year Built
1985
Tenancy
Multi
Listing Agency:
Carbutti & Co., Realtors
Listed By:
Storm Steinberg
(508) 648-8848
Source:
Elliman
Added: Sep 19
Last Checked: Sep 24 at 12:42PM
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 Carbutti & Co., Realtors
Investment Insights
Based on property information with market context.
This six-unit apartment portfolio comprises Units 4, 5, 6, 7, 8, and 11 at 379 Perkins Ave in Waterbury. The units are offered together and share a consistent configuration: one bedroom, one full bathroom, approximately 608 square feet of living area, electric heat, and a one-car garage. The property was built in 1985, and a recently replaced roof adds a notable capital improvement.
All six units are occupied by existing tenants, with current rents in place at delivery. Garage space also produces rental income. Condominium ownership and HOA fees support a shared-maintenance structure, while the similar condition across the units may provide operational consistency. The property has a Walk Score of 30, a Bike Score of 29, and a Transit Score of 29.
All six units are occupied by existing tenants, with current rents in place at delivery. Garage space also produces rental income. Condominium ownership and HOA fees support a shared-maintenance structure, while the similar condition across the units may provide operational consistency. The property has a Walk Score of 30, a Bike Score of 29, and a Transit Score of 29.
Key Highlights
- Six condominium apartment units sold together: Units 4, 5, 6, 7, 8, and 11
- All 6 units are occupied with current tenants in place
- Each unit includes 1 bedroom, 1 full bathroom, and approximately 608 square feet
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
$37,025
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
4.75%
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%
$740,500
$740.5K
Cap Rate 7%
$528,929
$528.9K
Cap Rate 9%
$411,389
$411.4K
Market Conditions
NOI Build-Up for 3,648 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
$72.2K $19.80/SF
− Vacancy
−$4.9K −$1.35/SF
EGI
$67.3K $18.45/SF
− OpEx
−$30.3K −$8.30/SF
NOI
$37.0K $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%
$740,500
Cap Rate 7%
$528,929
Cap Rate 9%
$411,389
Alternative Uses
Best Use
Apartment 5plus
$528.9K
$462.8K – $617.1K
NOI $37,025 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$968.1K
$847.1K – $1.13M
NOI $67,765 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased condominium package with uniform one-bedroom layouts, private garages, and tenants retained at closing.
Where is this apartment building located?
The property is located at 379 Perkins Ave Waterbury, CT.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Six condominium apartment units sold together: Units 4, 5, 6, 7, 8, and 11; All 6 units are occupied with current tenants in place; Each unit includes 1 bedroom, 1 full bathroom, and approximately 608 square feet
