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11 Units | 1 Building w/BIG UPSIDE 995 Bank St 11 Unit Apartment Building $900,000 ($81,818/Unit) 5.26% Cap Rate Waterbury, CT 06708
INVESTMENT HIGHLIGHTS
- Brooklyn Neighborhood
- 11 Units: All 1 Bed/1 Bath Units
- Separate & Tenant Paid Electric
- Low Rents = BIG UPSIDE!
- Owner Pays Heat & Hot Water
- Some Off-Street Parking
EXECUTIVE SUMMARY
Great opportunity for a value add property in Waterbury's Brooklyn neighborhood. One building with 11 units, all 1 bed/1 bath w/LR. Aluminum siding, asphalt shingle roof and rear porches. Owner pays heat and hot water (central gas; included in rents). Electric is separate and tenant paid. There is parking for 5 cars in back. Rents are way below market offering great upside potential with 9% pro-forma CAP rate. Property is located across from Duggan school and is a desirable location for tenants with easy highway access + close proximity to shopping and downtown. This property can be purchased as part of a larger portfolio sale.
PROPERTY FACTS
| Price | $900,000 | Building Class | C |
| Price Per Unit | $81,818 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 7,302 SF |
| Cap Rate | 5.26% | Average Occupancy | 90% |
| Sale Condition | Bulk/Portfolio Sale | No. Stories | 3 |
| No. Units | 11 | Year Built/Renovated | 1964/2020 |
| Property Type | Multifamily | Parking Ratio | 8.21/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RH | ||
| Price | $900,000 |
| Price Per Unit | $81,818 |
| Sale Type | Investment |
| Cap Rate | 5.26% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,302 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built/Renovated | 1964/2020 |
| Parking Ratio | 8.21/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RH |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Heating
- Refrigerator
- Handrails
- Porch
SITE AMENITIES
- Trash Pickup - Curbside
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
| 1+1 | 10 | - | 625 |
1 1
Walk Score®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | WATE-000390-001030-000033 | Improvements Assessment | $294,770 |
| Land Assessment | $77,000 | Total Assessment | $371,770 |
PROPERTY TAXES
Parcel Number
WATE-000390-001030-000033
Land Assessment
$77,000
Improvements Assessment
$294,770
Total Assessment
$371,770
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11 Units | 1 Building w/BIG UPSIDE | 995 Bank St
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