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Property profile & analytics
FOR LEASE
Office buildings
255 Bank St Waterbury, CT 06702
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US15-0537758
For Lease
$20 SF/Yr
255 Bank St, Waterbury, CT 06702
View Listing →
Property summary
AI-generated overview
This four-story, 44,454-square-foot Class A office building at 255 Bank Street in Waterbury, CT, offers executive office space in the Central Business District (CBD). Built in 1986, the free-standing building sits on a 0.62-acre lot and features 46 parking spaces (both underground and on-site), and elevators. Currently, 13,225 square feet of space is vacant, divisible into units as small as 11,115 square feet, with a maximum contiguous space of 11,115 square feet. One immediately available unit offers 3,871 square feet of beautifully built-out space, ideal for professionals such as attorneys or insurance agents, and is available October 2024. The building is zoned CBD. The asking rent is $19.00 per square foot gross, plus utilities.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1986
Total area
44,454 SF
Lot
0.62 ac (27,007 SF)
Zoning code
CBD
APN
WBRY M:0319 B:0274 L:0601
UPID
US15-0537758
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Renehan & Rossetti, LLP Law Firm
-
DeFronzo & Petroskey, P.C. Law Firm
-
Pullman & Comley, LLC Law Firm
-
Pliakas Stephen E Law Firm
-
Acrisure Waterbury, CT (Security First Ins Group) Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.78M
Blend (final)
Blend
$4.08M
Owner & transaction history
Ellenville Assoc LLC · 7 yrs held
Ellenville Assoc LLC
since 2019
4 recorded transactions
Zoning & alternative use
CBD · Waterbury, CT
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.5M
+79.5%
Apartment house (5+ units)
$4.4M
+21.1%
Auto repair, garage
$4.0M
+11.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waterbury submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waterbury submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,620,000
Current use
RESTAURANT
$6,500,000
Change: +80% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$4,385,000
Change: +21% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,030,000
Change: +11% · Conversion: Difficult
RETAIL STORES
$3,605,000
Change: 0% · Conversion: Moderate
Blend value · Realmo final
$4.08M
Range $3.67M – $4.49M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$92 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$104,854
Tax year 2023
Assessed value
$1,934,940
Assessed 2023
Previous assessed
$1,934,940
+0.0% YoY
Effective rate
5.42%
On assessed value
Assessed land
$219,590
Assessed improvement
$1,715,350
Applied tax rate
312.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1986
Heating
CENTRAL
Cooling
YES
Buildings
1
Stories
4
Total area
44,454 SF
Lot
0.62 ac (27,007 SF)
Zoning code
CBD
APN
WBRY M:0319 B:0274 L:0601
UPID
US15-0537758
Jurisdiction
WATERBURY
Zoning & alternative use
CBD · Waterbury, CT
Zoning CBD · permitted uses
CBD · Waterbury, CT
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Waterbury. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.6M
RESTAURANT
Est. value
$6.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.4M
AUTO REPAIR, GARAGE
Est. value
$4.0M
RETAIL STORES
Est. value
$3.6M
OFFICE BUILDING Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Heating
CENTRAL
Cooling
Yes
Stories
4
Buildings
1
Lot
0.62 ac
Current owner
From public records · entity-resolved
Ellenville Assoc LLC
Entity
Mailing address
PO BOX 28, WATERTOWN, CT 06795-0028
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 2, 2025
—
Ellenville Associates LLC
—
Deed
related
$365,980 · Thomaston Savings Bank
Mar 28, 2019
—
Ellenville Assoc LLC
255 Bank St Assoc LLC
Quit Claim Deed
related
$1,850,000 · Thomaston Savings Bank
Sep 10, 2002
$1,581,000
Ellenville Assoc LLC
255 Bank Street Assoc
Warranty Deed
$225,000 · Zions First National Bank
Oct 2, 1995
$3,100,000
255 Bank St Assoc
Jsd Ptnrs
Warranty Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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