Triplex with Two-Car
New
For Sale
$374,999
38 Ives St, Waterbury, CT 06704
Three residential units offer separate utilities, off-street parking, basement storage, and outdoor space.
Property Size3,042 SF
Days on Market3
Property Features for 38 Ives St
General Information
Standard status
Active
Size
3,042 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
private patio with garden area
additional storage in basement
Building Details
Building Size
3,042 SF
Year Built
1917
Listing Agency:
Century 21 Scala Group
(203) 736-6088
Listed By:
Martha Torres · License #RES.0813297
(203) 736-6088
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 10:51AM
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 Century 21 Scala Group
Investment Insights
Based on property information with market context.
This Waterbury triplex contains three residential units, each arranged with two bedrooms, a living room, kitchen, and bathroom. Separate utility services serve the apartments. The property also includes a garage for two vehicles, off-street parking, a private patio with garden area, and basement storage.
Located at 38 Ives St, the property is within one mile of Brass Mill Shopping Center, downtown Waterbury, and Waterbury Hospital. Built in 1917, the building offers a multi-unit configuration with amenities that support both residential occupancy and property management.
Located at 38 Ives St, the property is within one mile of Brass Mill Shopping Center, downtown Waterbury, and Waterbury Hospital. Built in 1917, the building offers a multi-unit configuration with amenities that support both residential occupancy and property management.
Key Highlights
- Three‑unit residential property with 2 bedrooms, living room, kitchen, and bath in each unit
- Separate utilities for each unit
- Garage for 2 cars plus ample off‑street parking
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
$34,273
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
9.14%
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%
$685,460
$685.5K
Cap Rate 7%
$489,614
$489.6K
Cap Rate 9%
$380,811
$380.8K
Market Conditions
NOI Build-Up for 3,042 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
$52.9K $17.40/SF
− Vacancy
−$4.0K −$1.31/SF
EGI
$49.0K $16.10/SF
− OpEx
−$14.7K −$4.83/SF
NOI
$34.3K $11.27/SF
Area
Waterbury, CT
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$685,460
Cap Rate 7%
$489,614
Cap Rate 9%
$380,811
Alternative Uses
Best Use
Multifamily LT 5
$489.6K
$428.4K – $571.2K
NOI $34,273 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$441.1K
$385.9K – $514.6K
NOI $30,875 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$807.3K
$706.4K – $941.8K
NOI $56,508 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,438
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer separate utilities, off-street parking, basement storage, and outdoor space.
Where is this triplex located?
The property is located at 38 Ives St Waterbury, CT.
What is the asking price?
The asking price for this property is $374,999.
What are key features of this property?
This property features: Three‑unit residential property with 2 bedrooms, living room, kitchen, and bath in each unit; Separate utilities for each unit; Garage for 2 cars plus ample off‑street parking
