Renovated Triplex with Two-Car
New
For Sale
$349,999
98 Wolcott Street, Waterbury, CT 06705
RM-zoned residential income property with updated units, a detached garage, and driveway parking.
Property Size1,200 SF
Days on Market7
Property Features for 98 Wolcott Street
General Information
Standard status
Active
Size
1,200 SF
Total Parking Spaces
2
Elevators
No
Property subtype
Multi Family Home
Zoning
RM
Site & Location
Highway Access
No
Road Access
No
Public Transit
No
Utilities to Site
No
Units
Unit Mix
2 x studio, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Taxes and HOA fees
Annual Taxes
$4,899
Amenities
kitchenette
full bathroom
full-size kitchen
dining area
bathroom
newer appliances
newly renovated units
newer windows
furnace
detached two-car garage
driveway parking
Building Details
Building Size
1,200 SF
Year Built
1900
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Weichert Realtors Mrg
(347) 362-5049
Listed By:
Sadiki Thames · License #RES.0810665
(347) 362-5049
Source:
Westshorerealty
Added: Aug 5
Changed: Aug 7
Last Checked: Aug 11 at 2:36PM
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 Weichert Realtors Mrg
Investment Insights
Based on property information with market context.
This three-unit residential property includes two studio-style apartments and a larger third-floor unit. The front and rear apartments each have a sleeping area, kitchenette, and full bathroom. The upper unit includes a full-size kitchen, dining area, and bathroom, with prior use as a one-bedroom residence. The units have been renovated and feature newer appliances, windows, and a furnace.
Exterior amenities include a detached two-car garage and driveway parking. Built in 1900 and zoned RM, the property is being sold strictly AS IS.
Exterior amenities include a detached two-car garage and driveway parking. Built in 1900 and zoned RM, the property is being sold strictly AS IS.
Key Highlights
- Three‑unit property with two studio‑style apartments and a larger third‑floor residence
- Front and rear units include sleeping areas, kitchenettes, and full bathrooms
- Third‑floor unit has a full‑size kitchen, dining area, and bathroom
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
$13,520
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
3.86%
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%
$270,400
$270.4K
Cap Rate 7%
$193,143
$193.1K
Cap Rate 9%
$150,222
$150.2K
Market Conditions
NOI Build-Up for 1,200 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
$20.9K $17.40/SF
− Vacancy
−$1.6K −$1.31/SF
EGI
$19.3K $16.10/SF
− OpEx
−$5.8K −$4.83/SF
NOI
$13.5K $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%
$270,400
Cap Rate 7%
$193,143
Cap Rate 9%
$150,222
Alternative Uses
Best Use
Multifamily LT 5
$193.1K
$169.0K – $225.3K
NOI $13,520 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$174.0K
$152.2K – $203.0K
NOI $12,179 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$318.4K
$278.6K – $371.5K
NOI $22,291 @ 7.0% cap · market cap 6.37%
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
1,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 06705, CT
27,197
Population
12,222
Households
2.2
Avg Household Size
38
Median Age
18%
College-Educated
86%
High-School Grad
5.6 sq mi
ZIP Area
4,857
Density / Sq Mi
$53,169
Median Household Income
$41,327
Median Earnings
$1,165
Median Rent
$177,700
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?
Triplex - RM-zoned residential income property with updated units, a detached garage, and driveway parking.
Where is this triplex located?
The property is located at 98 Wolcott Street Waterbury, CT.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: Three‑unit property with two studio‑style apartments and a larger third‑floor residence; Front and rear units include sleeping areas, kitchenettes, and full bathrooms; Third‑floor unit has a full‑size kitchen, dining area, and bathroom
