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Brass City Portfolio 6 Multifamily Properties Offered at $4,268,000 in Waterbury, CT
INVESTMENT HIGHLIGHTS
- Heavy daytime foot traffic
- Open plans with exposed brick walls
- Lots of natural light
EXECUTIVE SUMMARY
USMF is pleased to exclusively present “The Brass City Portfolio”, a 44-unit, value-add multifamily portfolio in Waterbury, CT.
The portfolio consists of 6 properties. 248 Congress, 256 Congress, 307 Washington, 951 Bank, 971 Bank, & 985 Bank Street. Tenants are responsible for their electric, heat, and hot water expenses. Landlord pays gas in only 1 building. All properties have off-street parking. The portfolio consists of 5 Studios, 26 1-Bedrooms, 4 2-Bedrooms and 9 3-Bedroom units.
The portfolio is currently professionally managed. On average, current rents are over 25% below the market rents across the portfolio. A new owner can increase the gross rental income by over $140,000/year.
The properties are all within a .25-mile radius. All have easy access to both I-84 and Route-8. Located in southern Waterbury, tenants have access to the shopping and amenities of both downtown Waterbury and downtown Naugatuck. Located between two metro areas tenants are within minutes of several major retailers and grocery stores.
Waterbury continues to grow and is seen as a strong rental market in Connecticut. With constrained supply and increasing demand, rents have steadily risen, and vacancy remains low.
The portfolio consists of 6 properties. 248 Congress, 256 Congress, 307 Washington, 951 Bank, 971 Bank, & 985 Bank Street. Tenants are responsible for their electric, heat, and hot water expenses. Landlord pays gas in only 1 building. All properties have off-street parking. The portfolio consists of 5 Studios, 26 1-Bedrooms, 4 2-Bedrooms and 9 3-Bedroom units.
The portfolio is currently professionally managed. On average, current rents are over 25% below the market rents across the portfolio. A new owner can increase the gross rental income by over $140,000/year.
The properties are all within a .25-mile radius. All have easy access to both I-84 and Route-8. Located in southern Waterbury, tenants have access to the shopping and amenities of both downtown Waterbury and downtown Naugatuck. Located between two metro areas tenants are within minutes of several major retailers and grocery stores.
Waterbury continues to grow and is seen as a strong rental market in Connecticut. With constrained supply and increasing demand, rents have steadily risen, and vacancy remains low.
PROPERTY FACTS
| Price | $4,268,000 | Status | Active |
| Price / SF | $134.80 / SF | Number of Properties | 6 |
| Sale Condition | Bulk/Portfolio Sale | Individually For Sale | 0 |
| Cap Rate | 7.03% | Total Building Size | 31,661 SF |
| Sale Type | Investment | Total Land Area | 0.83 AC |
| Price | $4,268,000 |
| Price / SF | $134.80 / SF |
| Sale Condition | Bulk/Portfolio Sale |
| Cap Rate | 7.03% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 6 |
| Individually For Sale | 0 |
| Total Building Size | 31,661 SF |
| Total Land Area | 0.83 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 985-987 Bank St, Waterbury, CT 06708 | Multifamily | 14,308 SF | 1920 | - |
| 951-953 Bank St, Waterbury, CT 06708 | Multifamily | 7,204 SF | 1900 | - |
| 248 Congress Ave, Waterbury, CT 06708 | Multifamily | 5,261 SF | 1900 | - |
| 307 Washington Ave, Waterbury, CT 06708 | Multifamily | 2,510 SF | 1903 | - |
| 256 Congress Ave, Waterbury, CT 06708 | Multifamily | 2,378 SF | 1924 | - |
| 971 Bank St, Waterbury, CT 06708 | Multifamily | - | 1924 | - |
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Brass City Portfolio
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