975 Meriden Rd Waterbury, CT 06705
- Residential income homes
Current Use by Public Records
- 975 Chelsea Square Condominiums / Condominium Complex
Property Details for 975 Meriden Rd
- Year built
- 1987
- Property type
- Residential income homes
Description
This exceptional 13-unit multifamily investment property, located at 975 Meriden Rd, Waterbury, CT 06705, presents a compelling value-add opportunity. The portfolio, totaling 11,476 square feet of net rentable space, consists of a mix of one- and two-bedroom condos within the well-maintained Chelsea Square Condo Complex. Built in 1987, the property boasts a current cap rate of 7.32%, with a pro-forma cap rate projected at 11.10%, indicating significant potential for increased profitability. The asking price is $2,000,000, translating to $153,846.15 per unit. Situated on a high-traffic, pedestrian-friendly retail corridor in a high-income area of Waterbury, this portfolio offers significant upside potential due to below-market rents and the potential for interior updates. Landlord responsibilities are minimized as the condo association handles the majority of property management. This acquisition presents the chance to become the largest owner within the complex. The property is located in New Haven County, Connecticut.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Waterbury
- County
- New Haven
- State
- Connecticut
- Longitude
- -72.9871
- Latitude
- 41.5522
