18 Gilbert St, Waterbury, CT 06702

Property Details for 18 Gilbert St

Year built

1900

Lot size

0.05 lot acres

Property type

Commercial real estate

Description

Investor/owner-user opportunity in Waterbury, CT's Central Business District (CBD). This turnkey, two-unit apartment building, situated on a 0.05-acre lot at 18 Gilbert St, offers a compelling investment prospect. Built in 1900 and extensively renovated in 2023, the property boasts approximately 1,744 square feet, with each unit featuring roughly 870 square feet of living space. Each unit includes two bedrooms, one bathroom, a living room, and an eat-in kitchen, complete with in-unit laundry facilities. Recent upgrades encompass new roofs, windows, two boilers, and two hot water heaters, all within the last five years. The kitchens and bathrooms have also been updated, featuring hardwood floors throughout the units, with vinyl flooring in the kitchens. The electrical system has been modernized to circuit breakers. Heating, hot water, and cooking are gas-powered and tenant-paid, minimizing owner expenses. While a private driveway exists, parking is primarily on-street. Currently operating at 50% occupancy, the property generates a Net Operating Income (NOI) of $14,871, with a projected NOI of $19,744. The asking price is $199,900, representing a price per square foot of $114.62 and a price per unit of $99,950. The current cap rate stands at 7.44%, with a pro-forma cap rate of 9.88%. This property presents a rare opportunity for immediate income generation and significant long-term appreciation potential in a vibrant, walkable downtown location. Zoning is designated as CBD.

Location Insight

City

Waterbury

County

New Haven

State

Connecticut

Longitude

-73.049002

Latitude

41.558656