Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    228 Meadow St Waterbury, CT 06702

    • Investment properties
    • 20,160 SF
    • 0.21 lot acres
    For Lease
    View listing
    $9 SF/Yr
    Last Sale
    Jan 27, 2021
    $1,450,000
    Value Estimations
    $1,255,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US15-1026695
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

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

    Property Details for 228 Meadow St

    Year built
    2008
    Lot size
    0.21 lot acres
    Property size
    20,160 SF
    Zone code
    CBD
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    WBRY M:0293 B:0272 L:0004
    APU
    WBRYM0293B0272L0004

    Description

    This exceptional four-story executive office building, located at 228 Meadow Street in Waterbury, Connecticut, offers a prime opportunity for businesses seeking sophisticated and functional workspace. Built in 2008, the building boasts a total of 20,858 square feet, with 3,065 square feet currently available for lease. The available space comprises one contiguous suite of 2,365 square feet, ideal for a variety of professional uses. The building features a desirable CBD zoning designation within New Haven County, ensuring convenient access to amenities and transportation. The property sits on a 0.21-acre lot and offers impressive 9-foot ceilings throughout. Each suite benefits from robust 200-amp power, making it suitable for businesses with significant technological needs. The building's multiple tenancy structure provides a dynamic and collaborative environment. This is a rare opportunity to secure high-quality office space in a thriving Connecticut city. The address is 228 Meadow Street, Waterbury, CT 06702. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,195,000
      ML approach
      $1,435,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,430,000
      Market price range: $385k - $1.77M
      AI Estimate
      $1,459,000
      Market price range: $541k - $1.90M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,090,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,990,000
      Change: +83% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,830,000
      Change: +68% Conversion: Difficult
      OFFICE BUILDING
      $1,640,000
      Change: +51% Conversion: Easy
      RETAIL STORES
      $1,635,000
      Change: +50% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,185,000
      Change: +9% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waterbury
    County
    New Haven
    State
    Connecticut
    Longitude
    -73.0446
    Latitude
    41.5528
    CBSA code
    35300
    CBSA name
    NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $55,356
    $197,540
    $823,970
    $1,021,510
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $750,000
      10,008 SF

      234 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 10,008 SF
      234 Main St, Waterbury, CT 06702-2332
      View Details
    • Value Estimation
      $2,120,000
      20,428 SF

      343 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 20,428 SF
      343 Main St, Waterbury, CT 06702
      View Details
    • Value Estimation
      $240,000
      7,284 SF

      734 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 7,284 SF
      734 Main St, Waterbury, CT 06702
      View Details
    • Value Estimation
      $390,000
      5,124 SF

      770 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,124 SF
      770 Main St, Waterbury, CT 06702-1742
      View Details
    • Value Estimation
      $670,000
      33,720 SF

      141 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 33,720 SF
      141 Main St, Waterbury, CT 06702-2310
      View Details
    • Value Estimation
      $495,000
      24,800 SF

      76 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 24,800 SF
      76 Main St, Waterbury, CT 06702-2331
      View Details

    Similar Nearby for Sale

    • $49,000
      3,637 SF

      Waterbury Executive Office Suite

      Prime CBD Location, $49K
      207 Bank St, Waterbury, CT 06702
      View Details
    • $495,000
      4.58 Acres

      Waterbury Commercial Land - 4.58 Acres

      Prime Commercial Land, High Visibility, $495,000
      431 Thomaston Ave, Waterbury, CT 06702
      View Details
    • $275,000

      Waterbury Multifamily Property For Sale

      Multifamily property available for purchase in Waterbury, Connecticut.
      9 Kenyon St, Waterbury, CT 06702
      View Details
    • $1,500,000
      25,432 SF

      Industrial Building Near I-84

      25,432 SF industrial building on 2.37 acres for sale.
      131 Freight St, Waterbury, CT 06702
      View Details
    • $125,000
      880 SF

      Versatile Downtown Commercial Space

      Bright, open commercial space in high-traffic downtown area.
      207 Bank St, Waterbury, CT 06702
      View Details
    • $195,000
      1,009 SF

      Prime Waterbury Executive Office Space

      Historic building, flexible layout, great location.
      207 Bank St, Waterbury, CT 06702
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      20,858 SF

      Waterbury Executive Office Space

      Modern Office Suites Available Now
      228 Meadow St, Waterbury, CT 06702
      View Details
    • $12 SF/Yr
      3,637 SF

      Waterbury Executive Office Suite

      1,118 SF Office, Ready to Customize
      207 Bank St, Waterbury, CT 06702
      View Details
    • $800 /Mo
      20,657 SF

      Basement Level Vanilla Box Space

      Versatile 800 sqft basement space suitable for office or storage.
      137 West Main St, Waterbury, CT 06702
      View Details
    • $12 SF/Yr
      11,983 SF

      Downtown Retail Space Available

      Prominent retail location with easy access to public transportation.
      20 E Main St, Waterbury, CT 06702
      View Details
    • $12 SF/Yr

      Prime Commercial Space Available

      Commercial spaces for lease, suitable for medical, flex, office, retail.
      167 Thomaston Ave, Waterbury, CT 06702
      View Details
    • $12 SF/Yr
      4,711 SF

      Waterbury Executive Office Suites

      Prime Waterbury Office Space Available
      207 Bank St, Waterbury, CT 06702
      View Details
    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.
    228 Meadow St
    Waterbury, CT 06702
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.