Two-Family Home Gut
For Sale
$199,000
Pending
924 Highland Ave, Waterbury, CT 06708
Two-family home in Waterbury’s Town Plot area, fully gutted to the studs and suited for cash or hard-money buyers.
Property Size1,592 SF
Days on Market66
Property Features for 924 Highland Ave
General Information
Standard status
Pending
Size
1,592 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Building Size
1,592 SF
Year Built
1950
Listing Agency:
(914) 278-4363
Listed By:
Dillon Cass
(914) 278-4363
Source:
Elliman
Added: Jun 18
Changed: Aug 15
Last Checked: Aug 21 at 10:55AM
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 Dillon Cass
Investment Insights
Based on property information with market context.
This two-family home has been fully gutted down to the studs, bringing the property back to a blank-slate condition for a complete renovation. The current condition supports buyers looking to oversee redevelopment from framing-level work onward.
Located in Waterbury’s Town Plot neighborhood, the area reflects a relatively walkable setting based on the provided walkScore of 72, with bikeScore of 37 and transitScore of 39. The offering is presented as an investor-focused opportunity.
The most practical fit for this property is an investor or buyer prepared for a gut-renovation scope and capable of closing with cash or hard money, as noted in the public remarks. If you’re looking for a two-unit residential income property and want to control improvements from the studs out, this could align with your renovation plan and financing structure.
Located in Waterbury’s Town Plot neighborhood, the area reflects a relatively walkable setting based on the provided walkScore of 72, with bikeScore of 37 and transitScore of 39. The offering is presented as an investor-focused opportunity.
The most practical fit for this property is an investor or buyer prepared for a gut-renovation scope and capable of closing with cash or hard money, as noted in the public remarks. If you’re looking for a two-unit residential income property and want to control improvements from the studs out, this could align with your renovation plan and financing structure.
Key Highlights
- Two‑family home in Waterbury’s Town Plot area
- Fully gutted down to the studs
- Year built: 1950
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
$17,936
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
9.01%
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%
$358,720
$358.7K
Cap Rate 7%
$256,229
$256.2K
Cap Rate 9%
$199,289
$199.3K
Market Conditions
NOI Build-Up for 1,592 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
$27.7K $17.40/SF
− Vacancy
−$2.1K −$1.31/SF
EGI
$25.6K $16.10/SF
− OpEx
−$7.7K −$4.83/SF
NOI
$17.9K $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%
$358,720
Cap Rate 7%
$256,229
Cap Rate 9%
$199,289
Alternative Uses
Best Use
Multifamily LT 5
$256.2K
$224.2K – $298.9K
NOI $17,936 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$230.8K
$202.0K – $269.3K
NOI $16,158 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$422.5K
$369.7K – $492.9K
NOI $29,573 @ 7.0% cap · market cap 14.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
400
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family home in Waterbury’s Town Plot area, fully gutted to the studs and suited for cash or hard-money buyers.
Where is this duplex located?
The property is located at 924 Highland Ave Waterbury, CT.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two‑family home in Waterbury’s Town Plot area; Fully gutted down to the studs; Year built: 1950
