Mixed-Use Quadplex with
For Sale
$715,000
49 Hill Street, Waterbury, CT 06704
Two-building property with renovated apartments and a street-level retail space, including two rent-ready units.
Property Size2,022 SF
Lot Size0.15 Acres
Price / SF$177.68
Days on Market65
Property Features for 49 Hill Street
General Information
Standard status
Active
Size
2,022 SF
Lot size
0.15 Acres
Property subtype
Commercial
Occupancy
60%
Lease Term
Business Included YNN: No
Additional Details
Multifamily Units
4
Building Details
Building Size
2,022 SF
Year Built
2022
Tenancy
Multi
Listing Agency:
Ghent Realty Advisors
(203) 543-2847
Listed By:
Robert Ghent · License #REB.0790043
(203) 543-2847
Source:
Iverty
Added: Jun 5
Changed: Aug 8
Last Checked: Jul 16 at 10:56AM
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 Ghent Realty Advisors
Investment Insights
Based on property information with market context.
This mixed-use asset consists of two buildings totaling four compact 3-bedroom apartments and one street-level retail space. Building 1 includes 2–3 bedroom apartments over one commercial space, and building 2 includes additional 2–3 bedroom apartments. Both buildings have undergone full interior and exterior renovations, including new mechanical systems and new appliances. Unoccupied spaces are in rent-ready condition, supporting immediate occupancy opportunities.
The property is situated on a 0.15-acre lot at 49 Hill Street in Waterbury, CT. It features a compact, two-building layout that separates residential units from the street-level commercial space.
For buyers seeking a diversified income approach, this configuration offers both residential rental income and street-level retail alongside four apartment units. With two unoccupied units ready for leasing, the property supports near-term placement of additional tenants while maintaining a combined residential and retail operational footprint.
The property is situated on a 0.15-acre lot at 49 Hill Street in Waterbury, CT. It features a compact, two-building layout that separates residential units from the street-level commercial space.
For buyers seeking a diversified income approach, this configuration offers both residential rental income and street-level retail alongside four apartment units. With two unoccupied units ready for leasing, the property supports near-term placement of additional tenants while maintaining a combined residential and retail operational footprint.
Key Highlights
- Two‑building mixed‑use property built in 2022 with four 3‑bedroom apartments and one street‑level retail space
- Building 1: 2,400 SF with 2 residential units (3‑bedroom apartments) over 1 commercial space
- Building 2: 1,624 SF with 2 residential units (3‑bedroom apartments)
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
$45,336
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
6.34%
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%
$906,720
$906.7K
Cap Rate 7%
$647,657
$647.7K
Cap Rate 9%
$503,733
$503.7K
Market Conditions
NOI Build-Up for 4,024 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
$70.0K $17.40/SF
− Vacancy
−$5.3K −$1.31/SF
EGI
$64.8K $16.10/SF
− OpEx
−$19.4K −$4.83/SF
NOI
$45.3K $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%
$906,720
Cap Rate 7%
$647,657
Cap Rate 9%
$503,733
Alternative Uses
Best Use
Multifamily LT 5
$647.7K
$566.7K – $755.6K
NOI $45,336 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$583.5K
$510.5K – $680.7K
NOI $40,842 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$1.07M
$934.4K – $1.25M
NOI $74,750 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,581
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?
Quadplex - Two-building property with renovated apartments and a street-level retail space, including two rent-ready units.
Where is this quadplex located?
The property is located at 49 Hill Street Waterbury, CT.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Two‑building mixed‑use property built in 2022 with four 3‑bedroom apartments and one street‑level retail space; Building 1: 2,400 SF with 2 residential units (3‑bedroom apartments) over 1 commercial space; Building 2: 1,624 SF with 2 residential units (3‑bedroom apartments)
