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    228 Meadow St Waterbury, CT 06702

    Sponsored
    For Lease
    $9 SF/Yr ($16,716 /Mo)

    Modern Office Suites, Prime Location

    Lot size:
    20,160 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional three-story, 20,160 square foot Class B office building, constructed in 2008, offers versatile spaces ideal for traditional, medical, or creative office uses. Located at 228 Meadow St., Waterbury, CT, this property boasts a highly visible location at the intersection of I-84 and RT-8, providing convenient access to major transportation routes. The Waterbury Train Station is directly across Grand St., and Library Park is nearby. The building features ample parking and is currently undergoing renovations, including new flooring and fresh paint. Two suites are available for lease: Suite 201 offers approximately 2,300 square feet, including a waiting/reception area, seven large private offices, a conference room, and a private bathroom. The asking rent is $14 per square foot gross, plus utilities, totaling approximately $2,683.33 per month. Suite A comprises approximately 1,600 square feet, featuring a reception area, six private offices, and a conference room. The asking rent for Suite A is $9.95 per square foot gross, plus utilities, totaling approximately $1,326.67 per month. The minimum divisible space is 1,600 square feet, with a maximum contiguous space of 2,300 square feet. The building sits on 0.21 acres and is zoned CBD. Ceiling height is 8 feet. This property presents a unique opportunity for businesses seeking a well-maintained, conveniently located office space in a vibrant urban setting. The building has a total of two suites. Currently, 3,900 square feet of space is vacant.

    Property Features for 228 Meadow St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    20,160 SF
    Class
    B
    Total Rate
    16716

    Building Details

    Year Built
    2008
    Buildings
    1
    Stories
    3

    Unit(s) available at that property

    Space
    Suite 201
    Size
    2,300 SF
    Rate per SF
    $14
    Space
    Suite A
    Size
    1,600 SF
    Rate per SF
    $9

    We can help!

    Listing Contact
    Gerry Matthews
    Gerry Matthews

    Learn more

    Property Insight Report

    HighLights

    • 20,160 square foot, three‑story Class B office building in Waterbury, CT.
    • Two suites available, ranging from 1,600 to 2,300 square feet.
    • Located at 228 Meadow St., near I‑84 and RT‑8, with ample parking and proximity to the Waterbury Train Station and Library Park.
    • Building features renovated interiors with new flooring and fresh paint, suitable for traditional, medical, or creative office uses.
    • Suite 201 (2,300 SF) offers a reception area, seven private offices, a conference room, and a private bathroom, leasing for $14 per square foot gross, plus utilities ($2,683.33/month).
    • Suite A (1,600 SF) includes a reception area, six private offices, and a conference room, leasing for $9.95 per square foot gross, plus utilities ($1,326.67/month).
    Property Profile Location Intelligence

    Current Use by Public Records

    Summa & Ryan Attorney Deeper View Counseling, ... Counselor JEWISH HYPNOSIS Alternative Medicine Practitioner Mr. Akiva Schmookler Social Worker Brian Pervis Nurse Practitioner

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0446007
    Latitude
    41.5528941

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    FAQs

    What type of property is this?
    Office space - Modern Office Suites, Prime Location
    Where is this office space located?
    The property is located at 228 Meadow St Waterbury, CT.
    What is the lease rate?
    The lease rate is $9-$14 SF/Yr.
    What are key features of this property?
    This property features: 20,160 square foot, three-story Class B office building in Waterbury, CT.; Two suites available, ranging from 1,600 to 2,300 square feet.; Located at 228 Meadow St., near I-84 and RT-8, with ample parking and proximity to the Waterbury Train Station and Library Park.
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    228 Meadow St Waterbury, CT 06702
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    228 Meadow St Waterbury, CT 06702
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    We can help!
    Listing Contact
    Gerry Matthews
    Gerry Matthews
    Real Estate License ID: CT REB.0754503
    Learn more
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