Renovated Multifamily
For Sale
$575,000
601 Washington Ave, Waterbury, CT 06708
Renovated units in a walkable setting near transportation, shopping, restaurants, and highways.
Property Size3,192 SF
Days on Market19
Property Features for 601 Washington Ave
General Information
Standard status
Active
Size
3,192 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Building Details
Building Size
3,192 SF
Year Built
1916
Listing Agency:
Larracuente & Johnson Realty, LLC
(203) 243-0598
Listed By:
Michael Nembhard
(203) 243-0598
Source:
Elliman
Added: Aug 11
Changed: Aug 27
Last Checked: Aug 26 at 12:36PM
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 Larracuente & Johnson Realty, LLC
Investment Insights
Based on property information with market context.
Located at 601 Washington Ave in Waterbury, Connecticut, this multifamily property was built in 1916 and includes renovated units throughout. The updates provide a refreshed residential offering within an established neighborhood setting.
The property is positioned near transportation, shopping, restaurants, and highway access. Walk Score is 72, indicating a very walkable location, while Transit Score is 39 and Bike Score is 37.
The property is positioned near transportation, shopping, restaurants, and highway access. Walk Score is 72, indicating a very walkable location, while Transit Score is 39 and Bike Score is 37.
Key Highlights
- All units have been renovated
- Built in 1916
- Walk Score: 72
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
$32,397
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
5.63%
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%
$647,940
$647.9K
Cap Rate 7%
$462,814
$462.8K
Cap Rate 9%
$359,967
$360.0K
Market Conditions
NOI Build-Up for 3,192 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
$63.2K $19.80/SF
− Vacancy
−$4.3K −$1.35/SF
EGI
$58.9K $18.45/SF
− OpEx
−$26.5K −$8.30/SF
NOI
$32.4K $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%
$647,940
Cap Rate 7%
$462,814
Cap Rate 9%
$359,967
Alternative Uses
Best Use
Apartment 5plus
$462.8K
$405.0K – $540.0K
NOI $32,397 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$847.1K
$741.2K – $988.3K
NOI $59,295 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
525
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Renovated units in a walkable setting near transportation, shopping, restaurants, and highways.
Where is this multifamily property located?
The property is located at 601 Washington Ave Waterbury, CT.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: All units have been renovated; Built in 1916; Walk Score: 72
