28 Hill St Waterbury, CT 06704

Property Details for 28 Hill St

Year built

1900

Property type

Commercial real estate

Description

This exceptional 7-unit apartment building, located at 28 Hill St in Waterbury, Connecticut, presents a compelling investment opportunity. Built in 1900, the property boasts six spacious 3-bedroom units and one 2-bedroom unit, offering a diverse rental mix. Currently generating a Net Operating Income (NOI) of $52,926, resulting in a 7.60% capitalization rate, this property offers significant upside potential. A pro-forma analysis projects a NOI of $92,940, translating to a 13.30% capitalization rate, indicating substantial room for rental income growth. The asking price is $700,000, or $100,000 per unit. All utilities are separately metered and paid by tenants, minimizing landlord expenses. The property also features convenient off-street parking, a highly desirable amenity in this rental market. This building is situated in a high-demand rental area of Waterbury, within New Haven County, zip code 06704. The current below-market rents provide immediate opportunities to increase profitability. This multifamily property is an ideal investment for those seeking strong cash flow and significant appreciation potential. The property's location, unit mix, and potential for value-add improvements make it a truly attractive investment prospect. This is a rare chance to acquire a well-located, income-producing asset with considerable upside.