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People's Bank Bldg 255 Bank St 43,306 SF 92% Leased Office Building Waterbury, CT 06702 $3,995,000 ($92.25/SF) 8.06% Cap Rate
Investment Highlights
- 92% occupied investment opportunity
- 8.06% cap rate
- 3,871 SF value-add vacancy
- ±44,454 SF office building
Executive Summary
Matthews Commercial Properties is pleased to offer 255 Bank Street, a ±44,454 SF multi-tenant office investment located in downtown Waterbury, Connecticut. The four-story elevator-served office building is situated on ±0.62 acres and is currently 92% occupied with approximately 3,871 SF available for lease. The property generates a current NOI of $321,842 and is offered at an 8.06% capitalization rate. Tenancy includes a diverse mix of professional, legal, insurance, and healthcare users with several tenants having exercised renewal options. The building features underground and surface parking for approximately 46 vehicles, central HVAC, wet sprinkler system, and immediate access to I-84 and downtown amenities. The existing vacancy provides an opportunity to increase cash flow through lease-up while benefiting from stable in-place income.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Building Size
43,306 SF
Building Class
C
Year Built
1986
Price
$3,995,000
Price Per SF
$92.25
Cap Rate
8.06%
NOI
$321,842
Percent Leased
92%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
11,114 SF
Slab To Slab
12’
Building FAR
1.60
Lot Size
0.62 AC
Opportunity Zone
Yes
Zoning
CBD - Central Business District
Parking
46 Spaces (1.03 Spaces per 1,000 SF Leased)
Amenities
- Banking
- Bus Line
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Acrisure
- Finance and Insurance
- 6,432 SF
- $15.21
- Plus Utilities
- Jun 2027
- Connecticut Legal Services
- Administrative and Support Services
- 7,244 SF
- $18.50
- Plus Utilities
- Feb 2036
- Connecticut Mental Health Associates
- Health Care and Social Assistance
- 11,283 SF
- $16.00
- Plus Utilities
- Dec 2030
- Defronzo & Petrosky
- Professional, Scientific, and Technical Services
- 2,110 SF
- $15.30
- Plus Utilities
- Jun 2029
- JCS Advisors
- Administrative and Support Services
- 1,710 SF
- $14.04
- Plus Utilities
- Jul 2027
- Manafort Brothers
- Construction
- 3,446 SF
- $16.72
- Plus Utilities
- Jan 2028
- Robert S. Kolesnik
- Professional, Scientific, and Technical Services
- 3,790 SF
- $15.83
- Plus Utilities
- Dec 2031
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Acrisure | Finance and Insurance | 6,432 SF | $15.21 | Plus Utilities | Jun 2027 | |
| Connecticut Legal Services | Administrative and Support Services | 7,244 SF | $18.50 | Plus Utilities | Feb 2036 | |
| Connecticut Mental Health Associates | Health Care and Social Assistance | 11,283 SF | $16.00 | Plus Utilities | Dec 2030 | |
| Defronzo & Petrosky | Professional, Scientific, and Technical Services | 2,110 SF | $15.30 | Plus Utilities | Jun 2029 | |
| JCS Advisors | Administrative and Support Services | 1,710 SF | $14.04 | Plus Utilities | Jul 2027 | |
| Manafort Brothers | Construction | 3,446 SF | $16.72 | Plus Utilities | Jan 2028 | |
| Robert S. Kolesnik | Professional, Scientific, and Technical Services | 3,790 SF | $15.83 | Plus Utilities | Dec 2031 |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
- 3rd Fl-Ste B
- 3,871 SF
- Office/Medical
- Full Build-Out
- Now
| Space | Size | Space Use | Build-Out | Available |
| 3rd Fl-Ste B | 3,871 SF | Office/Medical | Full Build-Out | Now |
3rd Fl-Ste B
| Size |
| 3,871 SF |
| Space Use |
| Office/Medical |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
Moderately walkable
60/100
Exceptionally drivable
100/100
Strong public transit
80/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | WATE-000319-000274-000601 | Improvements Assessment | $1,715,350 |
| Land Assessment | $219,590 | Total Assessment | $1,934,940 |
Property Taxes
Parcel Number
WATE-000319-000274-000601
Land Assessment
$219,590
Improvements Assessment
$1,715,350
Total Assessment
$1,934,940
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People's Bank Bldg | 255 Bank St
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