Renovated Triplex with
For Sale
$660,000
Pending
38 Young Street, Waterbury, CT 06704
Separate utilities and private entrances support straightforward management across the residential units.
Property Size3,461 SF
Days on Market124
Property Features for 38 Young Street
General Information
Standard status
Pending
Size
3,461 SF
Property subtype
3 Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Amenities
laundry areas
Building Details
Year Built
2024
Listing Agency:
Keller Williams Realty Partner
(914) 837-9447
Listed By:
Ana Bermeo
(914) 837-9447
Source:
Lockandkeyre
Added: May 1
Changed: Aug 30
Last Checked: Aug 30 at 7:15AM
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 Keller Williams Realty Partner
Investment Insights
Based on property information with market context.
This 3,461-square-foot triplex contains three matching residential units, each arranged with a living room, dining area, custom-cabinet kitchen, primary suite with double-sink bathroom, two additional bedrooms, and a second full bathroom. Every unit has its own entrance, separate utilities, and a designated laundry area. A new driveway provides ample off-street parking.
Major property improvements completed in 2024 include the roof, siding, electrical, plumbing, central air conditioning, and heating systems. Foam insulation has been installed throughout to improve energy efficiency and reduce sound transfer between units. The property is located near Brass Mill Center, UConn Waterbury, Waterbury Hospital, and I-84, providing access to nearby institutions, retail, and regional travel routes.
Major property improvements completed in 2024 include the roof, siding, electrical, plumbing, central air conditioning, and heating systems. Foam insulation has been installed throughout to improve energy efficiency and reduce sound transfer between units. The property is located near Brass Mill Center, UConn Waterbury, Waterbury Hospital, and I-84, providing access to nearby institutions, retail, and regional travel routes.
Key Highlights
- 3,461‑square‑foot triplex with three matching residential units
- Each unit offers three bedrooms, two full bathrooms, living and dining areas, and a modern kitchen
- Separate utilities, private entrances, and designated laundry areas for each unit
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
$38,993
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
5.91%
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%
$779,860
$779.9K
Cap Rate 7%
$557,043
$557.0K
Cap Rate 9%
$433,256
$433.3K
Market Conditions
NOI Build-Up for 3,461 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
$60.2K $17.40/SF
− Vacancy
−$4.5K −$1.31/SF
EGI
$55.7K $16.10/SF
− OpEx
−$16.7K −$4.83/SF
NOI
$39.0K $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%
$779,860
Cap Rate 7%
$557,043
Cap Rate 9%
$433,256
Alternative Uses
Best Use
Multifamily LT 5
$557.0K
$487.4K – $649.9K
NOI $38,993 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$501.8K
$439.1K – $585.5K
NOI $35,127 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$918.5K
$803.7K – $1.07M
NOI $64,292 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,521
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 - Separate utilities and private entrances support straightforward management across the residential units.
Where is this triplex located?
The property is located at 38 Young Street Waterbury, CT.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: 3,461‑square‑foot triplex with three matching residential units; Each unit offers three bedrooms, two full bathrooms, living and dining areas, and a modern kitchen; Separate utilities, private entrances, and designated laundry areas for each unit
