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25 Unit, Turn Key Portfolio w/Big Unit Mix 701-703 S Main St 25 Unit Apartment Building $2,700,000 ($108,000/Unit) 8.31% Cap Rate Waterbury, CT 06706
Investment Highlights
- Waterbury's South End Location
- 23 Apartment Units + 2 Retail
- 5/6 Buildings Separate & Tenant Paid Utilities
- 3 Adjacent Parcels | 6 Buildings
- 5/6 Buildings Lead Abated w/the City of Waterbury
- Ample Off-Street Parking
Executive Summary
Truly turn-key portfolio opportunity in Waterbury's South End, offering strong in-place cash flow with upside. The sale includes three adjacent parcels comprising six buildings with a total of 25 units: 23 residential apartments and two commercial spaces. The residential unit mix consists of (6) four-bed units, (11) three-bed units, and (6) two-bed units. Five of the six buildings feature separate, tenant-paid utilities, all electric heat, hot water, and cooking. Building 701 includes six apartments with owner-paid gas heat only, while electric and hot water remain tenant-paid. Five of the six buildings have completed the City of Waterbury de-leading program and have been extensively renovated, including new vinyl siding, replacement windows, updated interiors, upgraded electrical systems, rebuilt porches, and newer roofs (2017). Most apartments offer hardwood flooring, expansive layouts, and updated kitchens and baths. The portfolio has demonstrated historically low vacancy and a strong tenant base. A common coin-operated laundry room is in Building 691 and is available to all tenants. The two commercial units have separate utilities and present a value-add opportunity, as they require full renovation. The properties offer ample off-street parking, with over 20 combined parking spaces. Convenient location with easy access to I-84 and Route 8. Many rents remain below market, providing significant upside potential through continued stabilization and rent increases.
Property Facts
| Price | $2,700,000 | Building Class | C |
| Price Per Unit | $108,000 | Lot Size | 0.55 AC |
| Sale Type | Investment | Building Size | 14,720 SF |
| Cap Rate | 8.31% | Average Occupancy | 93% |
| No. Units | 25 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2017 |
| Property Subtype | Apartment | Parking Ratio | 1.7/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | CG | ||
| Price | $2,700,000 |
| Price Per Unit | $108,000 |
| Sale Type | Investment |
| Cap Rate | 8.31% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 14,720 SF |
| Average Occupancy | 93% |
| No. Stories | 4 |
| Year Built/Renovated | 1900/2017 |
| Parking Ratio | 1.7/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | CG |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Tile Floors
- Eat-in Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Handrails
- Porch
Site Amenities
- Laundry Facilities
- Trash Pickup - Curbside
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+1 | 6 | $1,800 | - |
| 3+1 | 11 | $1,500 | - |
| 2+1 | 6 | $1,300 | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | WATE-000369-000293-000006 | Improvements Assessment | $283,150 |
| Land Assessment | $37,940 | Total Assessment | $321,090 |
Property Taxes
Parcel Number
WATE-000369-000293-000006
Land Assessment
$37,940
Improvements Assessment
$283,150
Total Assessment
$321,090
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25 Unit, Turn Key Portfolio w/Big Unit Mix | 701-703 S Main St
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