Three-Unit Residential
For Sale
$664,200
84 Wheeler Street, Waterbury, CT 06704
Classic 3-unit home with separate utilities and upgraded kitchens and bathrooms, featuring hardwood floors on upper levels.
Property Size3,383 SF
Price / SF$196.33
Days on Market94
Property Features for 84 Wheeler Street
General Information
Standard status
Active
Size
3,383 SF
Property subtype
3 Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1894
Tenancy
Multi
Listing Agency:
Mary Helen Levine Real Estate LLC
Listed By:
Mayer Behrend · License #RES.0802220
(203) 910-4823
Source:
Lockandkeyre
Added: Jun 4
Changed: Sep 4
Last Checked: Sep 5 at 7:43AM
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 Mary Helen Levine Real Estate LLC
Investment Insights
Based on property information with market context.
This classic three-unit residential property is laid out for separate living with separate utilities. The home features many upgrades throughout, with large rooms that provide comfortable space within each unit.
The second and third floors include upgraded bathrooms and kitchens, along with hardwood floors. The property is described as being on a quiet yet convenient street, with walkability and transit ratings provided in the remarks.
Offered for sale as a three-family, the configuration supports a variety of occupancy approaches, whether for owner occupation with rental income or for investors seeking a multi-unit asset.
The second and third floors include upgraded bathrooms and kitchens, along with hardwood floors. The property is described as being on a quiet yet convenient street, with walkability and transit ratings provided in the remarks.
Offered for sale as a three-family, the configuration supports a variety of occupancy approaches, whether for owner occupation with rental income or for investors seeking a multi-unit asset.
Key Highlights
- Classic 3‑family home built in 1894 with separate utilities
- Upgraded kitchens and bathrooms on the 2nd and 3rd floors
- Hardwood floors on the upper levels
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
$38,115
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
5.74%
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%
$762,300
$762.3K
Cap Rate 7%
$544,500
$544.5K
Cap Rate 9%
$423,500
$423.5K
Market Conditions
NOI Build-Up for 3,383 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
$58.9K $17.40/SF
− Vacancy
−$4.4K −$1.31/SF
EGI
$54.4K $16.10/SF
− OpEx
−$16.3K −$4.83/SF
NOI
$38.1K $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%
$762,300
Cap Rate 7%
$544,500
Cap Rate 9%
$423,500
Alternative Uses
Best Use
Multifamily LT 5
$544.5K
$476.4K – $635.3K
NOI $38,115 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$490.5K
$429.2K – $572.3K
NOI $34,336 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$897.8K
$785.5K – $1.05M
NOI $62,843 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
488
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Classic 3-unit home with separate utilities and upgraded kitchens and bathrooms, featuring hardwood floors on upper levels.
Where is this triplex located?
The property is located at 84 Wheeler Street Waterbury, CT.
What is the asking price?
The asking price for this property is $664,200.
What are key features of this property?
This property features: Classic 3‑family home built in 1894 with separate utilities; Upgraded kitchens and bathrooms on the 2nd and 3rd floors; Hardwood floors on the upper levels
