Renovated Two-Building Apartment
For Sale
$695,500
38 Green Street, Waterbury, CT 06708
MULTI_FAMILY - Waterbury, CT
Property Size5,200 SF
Lot Size0.11 Acres
Price / SF$133.75
Days on Market98
Property Features for 38 Green Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 10, Bedroom 1, Bedroom 4, Bathroom 6, Bedroom 3, Basement, Bathroom 3, Bedroom 12, Bathroom 5, Bedroom 8, Bedroom 2, Bathroom 2, Bedroom 9, Bathroom 4, Bedroom 7, Bedroom 11
Parking
6
Basement
Full
Lot features
City Views
Elementary school
Per Board of Ed
High school
Per Board of Ed
Directions
gps
Subdivision
Brooklyn Center
Standard status
Active
Size
5,200 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13366
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1900
Listing Agency:
Brass Moon Realty
(203) 945-1000
Listed By:
Ben Weinberg · License #RES.0813934
(917) 974-6356
Added: May 3
Changed: Aug 8
Last Checked: Aug 8 at 4:06PM
MLS# 24172389
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 apartment property comprises two buildings with six residential units totaling 5,200 square feet. Each building contains three apartments, and every unit is configured with two bedrooms and one full bathroom. Renovated interiors include refreshed kitchens, updated bathrooms, contemporary finishes, and practical layouts. Baseboard heating serves the buildings, which were constructed in 1900.
The 0.11-acre parcel includes off-street parking for residents. The property is served by public water and public sewer and is zoned RH. Its address is 38 Green Street in Waterbury, Connecticut, within New Haven County.
The 0.11-acre parcel includes off-street parking for residents. The property is served by public water and public sewer and is zoned RH. Its address is 38 Green Street in Waterbury, Connecticut, within New Haven County.
Key Highlights
- Six residential units across two buildings
- Each apartment includes 2 bedrooms and 1 full bathroom
- 5,200 square feet of total property size
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
$52,777
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
7.59%
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%
$1,055,540
$1.1M
Cap Rate 7%
$753,957
$754.0K
Cap Rate 9%
$586,411
$586.4K
Market Conditions
NOI Build-Up for 5,200 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
$103.0K $19.80/SF
− Vacancy
−$7.0K −$1.35/SF
EGI
$96.0K $18.45/SF
− OpEx
−$43.2K −$8.30/SF
NOI
$52.8K $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%
$1,055,540
Cap Rate 7%
$753,957
Cap Rate 9%
$586,411
Alternative Uses
Best Use
Apartment 5plus
$754.0K
$659.7K – $879.6K
NOI $52,777 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,595 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 06708, CT
30,345
Population
13,061
Households
2.3
Avg Household Size
38
Median Age
22%
College-Educated
84%
High-School Grad
9.4 sq mi
ZIP Area
3,228
Density / Sq Mi
$63,705
Median Household Income
$40,515
Median Earnings
$1,275
Median Rent
$196,700
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 - Six renovated apartments offer consistent two-bedroom layouts, off-street parking, and public water and sewer service.
Where is this apartment building located?
The property is located at 38 Green Street Waterbury, CT.
What is the asking price?
The asking price for this property is $695,500.
What are key features of this property?
This property features: Six residential units across two buildings; Each apartment includes 2 bedrooms and 1 full bathroom; 5,200 square feet of total property size
