35 William St Waterbury, CT 06702-1735

This exceptional investment opportunity presents a five-unit apartment building situated in Waterbury, Connecticut, near the downtown area. The property, built in 1924 and renovated in 2020, boasts 2,016 square feet and sits on a 0.11-acre lot. The building is a three-story structure, classified as Class D, and features five one-bedroom, one-bathroom units, currently operating at 75% occupancy. Each unit has separate, tenant-paid utilities, including gas heat, hot water, and cooking. Two units utilize forced hot air, while three have baseboard heating. Electrical panels are located in the basement. A walk-up attic is accessible from the second floor. A significant advantage is the large detached garage in the rear, offering five bays with potential for additional income generation. Above the garage is unfinished space suitable for conversion into office space or additional storage. The property's current Net Operating Income (NOI) is $40,922, yielding a 9.63% capitalization rate. Pro-forma projections indicate a NOI of $52,835 and a 12.43% capitalization rate. The asking price is $425,000, translating to $85,000 per unit. The property is zoned RM and includes ten parking spaces. This value-add opportunity offers significant potential for increased returns.