Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Brooklyn Multifamily Portfolio Opportunity Title is generated by Realmo AI

    985 Bank Street, Waterbury, CT 06708

    View on Map
    Claim this Listing
    For Sale
    $4,250,000

    44 units in six buildings, renovated with upside potential.

    Type:Commercial
    Property size:
    32,049 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $132/SF
    Added:
    Jan 21, 2026
    Days on Market:
    134
    Last Refresh:
    Apr 5 at 8:20 pm

    Property Features for 985 Bank Street

    General Information

    Standard status
    Active
    Size
    32,049 SF
    Lot size
    0.17 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    AMANDA FARONI-SHEEHAN
    AMANDA FARONI-SHEEHAN

    Listing agent AMANDA FARONI-SHEEHAN License #REB.0793328

    Listing office Oxford Realty

    Listing date Jan 21, 2026

    Source Corcoran

    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

    HighLights

    • Portfolio of 44 units offers significant scale in Waterbury's Brooklyn neighborhood.
    • Two locations less than 0.25 miles apart provide management efficiency.
    • Diverse unit mix from studios to three‑bedroom apartments caters to a wide range of tenants.
    • Nicely renovated units with updated kitchens, bathrooms, and modern flooring enhance tenant appeal.
    • Strong current cash flow combined with potential for rental increases provides investment upside.
    • Coin‑operated laundry and off‑street parking offer valuable tenant amenities.

    Overview

    This Brooklyn neighborhood portfolio features 44 units across six buildings in two locations less than 0.25 miles apart. The portfolio includes four contiguous properties at the corner of Bank St and Washington Ave, totaling 32 units, and two adjacent buildings on Congress Ave with 12 units. The unit mix consists of five studios, 26 one-bedroom, four two-bedroom, and nine three-bedroom apartments. The properties feature renovated units with updated kitchens and bathrooms, modern flooring, and other in-unit improvements throughout most apartments. Many units have been turned, providing a combination of current cash flow and continued upside through ongoing rental increases. Each location offers coin-operated laundry and off-street parking. The total property size is 32049 square feet. This portfolio of well-maintained assets is located in Waterbury's Brooklyn neighborhood.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $634.6k $19.80
    − Vacancy −$43.2k −$1.35
    EGI $591.4k $18.45
    − OpEx −$266.1k −$8.30
    NOI $325.3k $10.15
    32,049 SF · lease $19.80/SF/yr · vacancy 6.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $4.65M
    $4.07M – $5.42M (±1% cap)
    NOI $325,281 @ 7.0% cap · market cap 7.65%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $8.50M
    $7.44M – $9.92M (±1% cap)
    NOI $595,342 @ 7.0% cap · market cap 14.01%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.046
    Latitude
    41.5435

    Nearby Similar for Sale

    • $599,500
      3,027 SF

      Corner-Lot Multifamily with Garage

      Three-unit residential income property with enclosed porches, walk-out basement potential, and a detached three-car garage.
      160 Edson Avenue, Waterbury, CT 06705
      View Details
    • $1,100,000
      15,974 SF

      Retail Shopping Center Strip Mall

      Retail strip mall with stores and rentable lower level.
      1014 Meriden Road, Waterbury, CT 06705
      View Details
    • $599,990
      1,668 SF

      Renovated Multifamily Property in Waterbury

      Completely renovated multifamily property with updated systems and finishes.
      849 Frost Road, Waterbury, CT 06705
      View Details
    • $749,900
      5,200 SF

      Waterbury Multifamily Investment Opportunity

      Six renovated units in two buildings with off-street parking.
      38 Green Street, Waterbury, CT 06708
      View Details
    • $1,149,900
      5,934 SF

      Eleven-Unit Apartment Building For Sale

      Eleven-unit apartment building with recent updates and separately metered utilities.
      133 Hillside Avenue, Waterbury, CT 06710
      View Details
    • $549,900
      3,754 SF

      Permitted Rooming House with Garage

      Fully occupied 14-unit rooming house with a five-bay garage.
      34 Mitchell Avenue, Waterbury, CT 06710
      View Details
    • $299,900
      3,909 SF

      Spacious Two-Family Corner Lot

      Restoration opportunity on a spacious corner lot.
      76 Chapman Avenue, Waterbury, CT 06710
      View Details
    • $750,000
      6,836 SF

      Waterbury Multi-Unit Investment Opportunity

      Well-maintained multi-unit property with income potential in a strong rental market.
      121 Lounsbury Street, Waterbury, CT 06706
      View Details
    • $525,000
      2,938 SF

      Well-Maintained Multifamily Property

      Income-generating three-family home near highway, shopping, and schools.
      41 Diane Terrace, Waterbury, CT 06705
      View Details
    • $375,000
      2,755 SF

      Three-Unit Multifamily Property

      Three fully occupied units with off-street parking and an unfinished basement on a corner lot in Waterbury.
      10 Wood Street, Waterbury, CT 06704
      View Details
    • $350,000
      3,088 SF

      Waterbury Multi-Family Investment Opportunity

      Three-family property with significant upside potential and recent upgrades.
      35 Frederick Street, Waterbury, CT 06710
      View Details
    • $455,000
      2,860 SF

      Well-Maintained Multifamily Home

      Excellent investment opportunity in a sought-after location.
      2784 E Main Street, Waterbury, CT 06705
      View Details

    FAQs

    What type of property is this?
    Apartment building - 44 units in six buildings, renovated with upside potential.
    Where is this apartment building located?
    The property is located at 985 Bank Street Waterbury, CT.
    What is the asking price?
    The asking price for this property is $4,250,000.
    What are key features of this property?
    This property features: Portfolio of 44 units offers significant scale in Waterbury's Brooklyn neighborhood.; Two locations less than 0.25 miles apart provide management efficiency.; Diverse unit mix from studios to three‑bedroom apartments caters to a wide range of tenants.
    (203) 314-4219
    We can help!
    Listing Contact
    AMANDA FARONI-SHEEHAN
    AMANDA FARONI-SHEEHAN
    Real Estate License ID: REB.0793328
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    985 Bank Street, Waterbury, CT 06708
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!