Two-Family Residential Income
For Sale
$349,900
Pending
398 Bucks Hill Road, Waterbury, CT 06704
Two separate 2-bedroom units with off-street parking offer rental income potential in Waterbury’s Bucks Hill area.
Property Size1,728 SF
Days on Market97
Property Features for 398 Bucks Hill Road
General Information
Standard status
Pending
Size
1,728 SF
Property subtype
2 Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
West View Properties, LLC
Listed By:
Kara Reynolds · License #RES.0821379
(203) 217-3711
Source:
Lockandkeyre
Added: May 29
Changed: Aug 8
Last Checked: Aug 3 at 7:17AM
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 West View Properties, LLC
Investment Insights
Based on property information with market context.
This two-family residential income property at 398 Bucks Hill Road features two separate living spaces, each with two bedrooms and one bathroom. The setup is well-suited for an owner-occupant who wants rental income, as well as for investors seeking a straightforward duplex-style layout. Additional outdoor space and a yard provide room for everyday enjoyment, and the home includes ample off-street parking.
Located in Waterbury’s Bucks Hill neighborhood, the property is described as conveniently positioned near schools, shopping, public transportation, and major commuter routes. That combination of daily amenities and access to commuter corridors can be important for both tenant stability and long-term livability.
From a practical investment standpoint, the property’s duplex configuration supports diversified household income within a single asset, with separate units designed for day-to-day privacy. For buyers looking to offset housing costs, this two-family plan offers the ability to live in one unit and rent the other, while investors can evaluate it as a turn-key income opportunity with upside potential.
Located in Waterbury’s Bucks Hill neighborhood, the property is described as conveniently positioned near schools, shopping, public transportation, and major commuter routes. That combination of daily amenities and access to commuter corridors can be important for both tenant stability and long-term livability.
From a practical investment standpoint, the property’s duplex configuration supports diversified household income within a single asset, with separate units designed for day-to-day privacy. For buyers looking to offset housing costs, this two-family plan offers the ability to live in one unit and rent the other, while investors can evaluate it as a turn-key income opportunity with upside potential.
Key Highlights
- Two‑family home in Waterbury’s Bucks Hill neighborhood
- Two separate units: each offers 2 bedrooms and 1 bath
- Approximately 1,728 SF of total living space
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
$19,469
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
5.56%
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%
$389,380
$389.4K
Cap Rate 7%
$278,129
$278.1K
Cap Rate 9%
$216,322
$216.3K
Market Conditions
NOI Build-Up for 1,728 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
$30.1K $17.40/SF
− Vacancy
−$2.3K −$1.31/SF
EGI
$27.8K $16.10/SF
− OpEx
−$8.3K −$4.83/SF
NOI
$19.5K $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%
$389,380
Cap Rate 7%
$278,129
Cap Rate 9%
$216,322
Alternative Uses
Best Use
Multifamily LT 5
$278.1K
$243.4K – $324.5K
NOI $19,469 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$250.5K
$219.2K – $292.3K
NOI $17,538 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$458.6K
$401.2K – $535.0K
NOI $32,099 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
79
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?
Duplex - Two separate 2-bedroom units with off-street parking offer rental income potential in Waterbury’s Bucks Hill area.
Where is this duplex located?
The property is located at 398 Bucks Hill Road Waterbury, CT.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑family home in Waterbury’s Bucks Hill neighborhood; Two separate units: each offers 2 bedrooms and 1 bath; Approximately 1,728 SF of total living space
