25-Unit Apartment
For Sale
$2,600,000
701 S Main St, Waterbury, CT 06706
Renovated multifamily portfolio with commercial space, tenant-paid utilities, off-street parking, and access to major regional routes.
Property Size7,728 SF
Price / SF$336.44
Days on Market54
Property Features for 701 S Main St
General Information
Standard status
Active
Size
7,728 SF
Total Parking Spaces
25
Property subtype
Commercial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 4BR, 11 x 3BR, 6 x 2BR
Multifamily Units
23
Additional Details
Cap Rate
8%
Taxes and HOA fees
Annual Taxes
$13,916
Amenities
common coin-operated laundry room
Building Details
Year Built
1900
Buildings
6
Listing Agency:
Oxford Realty
(413) 333-7776
Listed By:
Amanda Faroni-Sheehan · License #REB.0793328
(203) 314-4219
Source:
Ma-cthomes
Added: Aug 4
Changed: Sep 21
Last Checked: Sep 26 at 3:27AM
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 multifamily portfolio at 701 S Main St comprises three adjacent parcels with six buildings, 25 total units, 23 residential apartments, and two commercial spaces. The residential mix includes six four-bedroom, 11 three-bedroom, and six two-bedroom apartments. Five buildings have completed Waterbury’s de-leading program and received extensive improvements, including vinyl siding, replacement windows, updated interiors, upgraded electrical systems, rebuilt porches, and roofs installed in 2017. Most apartments feature hardwood floors, generous layouts, and updated kitchens and baths.
Five buildings use separate tenant-paid utilities with electric heat, hot water, and cooking. Building 701 has owner-paid gas heat, while electricity and hot water remain tenant-paid. A shared coin-operated laundry room is located in Building 691. The two commercial spaces have separate utilities and require full renovation. More than 20 combined off-street parking spaces serve the properties, which are positioned near I-84 and Route 8 in Waterbury’s South End. The portfolio reports an 8% actual CAP rate and a 12% pro-forma CAP rate.
Five buildings use separate tenant-paid utilities with electric heat, hot water, and cooking. Building 701 has owner-paid gas heat, while electricity and hot water remain tenant-paid. A shared coin-operated laundry room is located in Building 691. The two commercial spaces have separate utilities and require full renovation. More than 20 combined off-street parking spaces serve the properties, which are positioned near I-84 and Route 8 in Waterbury’s South End. The portfolio reports an 8% actual CAP rate and a 12% pro-forma CAP rate.
Key Highlights
- 25 total units across six buildings: 23 residential apartments and two commercial spaces
- Residential mix includes 6 four‑bed, 11 three‑bed, and 6 two‑bed units
- Five buildings completed Waterbury’s de‑leading program and received extensive renovations
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
$93,895
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
3.61%
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%
$1,877,900
$1.9M
Cap Rate 7%
$1,341,357
$1.3M
Cap Rate 9%
$1,043,278
$1.0M
Market Conditions
NOI Build-Up for 7,728 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
$166.9K $21.60/SF
− Vacancy
−$16.7K −$2.16/SF
EGI
$150.2K $19.44/SF
− OpEx
−$56.3K −$7.29/SF
NOI
$93.9K $12.15/SF
Area
Waterbury, CT
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,877,900
Cap Rate 7%
$1,341,357
Cap Rate 9%
$1,043,278
Alternative Uses
Best Use
Mixed Use
$1.34M
$1.17M – $1.56M
NOI $93,895 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$1.12M
$980.4K – $1.31M
NOI $78,435 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,555 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
23
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
Explore this area
Business Placement
Demographics for 06706, CT
14,699
Population
5,907
Households
2.5
Avg Household Size
36
Median Age
16%
College-Educated
77%
High-School Grad
3.8 sq mi
ZIP Area
3,868
Density / Sq Mi
$51,770
Median Household Income
$32,375
Median Earnings
$1,233
Median Rent
$171,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily portfolio with commercial space, tenant-paid utilities, off-street parking, and access to major regional routes.
Where is this apartment building located?
The property is located at 701 S Main St Waterbury, CT.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 25 total units across six buildings: 23 residential apartments and two commercial spaces; Residential mix includes 6 four‑bed, 11 three‑bed, and 6 two‑bed units; Five buildings completed Waterbury’s de‑leading program and received extensive renovations
