Renovated Three-Unit Multifamily
For Sale
$475,000
65 Drake St, Waterbury, CT 06704
Updated kitchens, baths, flooring, and neutral interiors provide refreshed living spaces across all three residences.
Property Size4,179 SF
Days on Market11
Property Features for 65 Drake St
General Information
Standard status
Active
Size
4,179 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 4BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Building Size
4,179 SF
Year Built
1930
Stories
3
Listing Agency:
OXFORD REALTY
(203) 314-4219
Listed By:
Amanda R. Faroni-Sheehan · License #REB.0793328CT
(203) 314-4219
Source:
Elliman
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 30 at 10:59PM
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 OXFORD REALTY
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built in 1930 and includes approximately 1,390 square feet per residence. Each floor-through unit offers four bedrooms and one bathroom, with renovated kitchens and baths, newer vinyl flooring, fresh neutral paint, and additional improvements. Separate tenant-paid utilities serve the units, while energy-efficient tankless COMBI boilers provide individual heat and hot water.
The property is located at 65 Drake St in Waterbury’s North End, near the Waterbury PAL, shopping, schools, public transportation, and other area amenities. Walk Score is 0, Bike Score is 26, and Transit Score is 43.
The property is located at 65 Drake St in Waterbury’s North End, near the Waterbury PAL, shopping, schools, public transportation, and other area amenities. Walk Score is 0, Bike Score is 26, and Transit Score is 43.
Key Highlights
- Three‑family property with approximately 1,390 SF per unit
- Each residence offers a 4‑bedroom/1‑bath layout
- Renovated kitchens and bathrooms with newer vinyl flooring
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
$42,415
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
8.93%
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%
$848,300
$848.3K
Cap Rate 7%
$605,929
$605.9K
Cap Rate 9%
$471,278
$471.3K
Market Conditions
NOI Build-Up for 4,179 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
$82.7K $19.80/SF
− Vacancy
−$5.6K −$1.35/SF
EGI
$77.1K $18.45/SF
− OpEx
−$34.7K −$8.30/SF
NOI
$42.4K $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%
$848,300
Cap Rate 7%
$605,929
Cap Rate 9%
$471,278
Alternative Uses
Best Use
Multifamily LT 5
$672.6K
$588.5K – $784.7K
NOI $47,083 @ 7.0% cap · market cap 9.91%
Second Best
Apartment 5plus
$605.9K
$530.2K – $706.9K
NOI $42,415 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$1.11M
$970.4K – $1.29M
NOI $77,629 @ 7.0% cap · market cap 16.34%
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
605
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 - Updated kitchens, baths, flooring, and neutral interiors provide refreshed living spaces across all three residences.
Where is this triplex located?
The property is located at 65 Drake St Waterbury, CT.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Three‑family property with approximately 1,390 SF per unit; Each residence offers a 4‑bedroom/1‑bath layout; Renovated kitchens and bathrooms with newer vinyl flooring
