541 Pierpont RdWaterbury, CT 06705

Property Details for 541 Pierpont Rd

Year built

1987

Property size (Sq ft)

36,801 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of 37 income-producing condos situated across eleven well-maintained complexes in Waterbury, Connecticut. Located at 541 Pierpont Rd, 06705, this value-add property boasts a total of 36,801 square feet, built in 1987. Currently operating at an 89% occupancy rate, the portfolio offers a compelling 7.94% cap rate with a pro-forma cap rate of 12.44%, indicating significant potential for increased profitability. The asking price is $4,950,000, translating to $134.51 per square foot. Each condo unit is either a one or two-bedroom, many featuring updated interiors, attached garages, and in-unit laundry. The convenient locations offer residents access to numerous amenities. The property benefits from condo associations handling exterior maintenance, minimizing owner responsibilities. An existing management team effectively addresses tenant concerns, providing a hands-off approach to property management. Many units are currently rented below market value, presenting a substantial opportunity to increase revenue and maximize returns. This portfolio represents a rare chance to acquire a stable, high-yield multifamily investment with considerable upside potential. The durable construction and expertly selected complexes ensure long-term value and stability.

Location Insight

City

Waterbury

County

New Haven

State

Connecticut

Latitude

41.553

Longitude

-72.9699

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