35 William StWaterbury, CT 06702

Property Details for 35 William St

Year built

1924

Lot size

0.11 AC

Property size (Sq ft)

2,016 SF

Zone code

RM

Property type

Apartment buildings

APN

WBRY M:0296 B:0090 L:0481

APU

WBRYM0296B0090L0481

Description

This exceptional investment opportunity presents a five-unit apartment building situated in Waterbury, Connecticut, near the downtown area. The property, built in 1924 and renovated in 2020, boasts 2,016 square feet and sits on a 0.11-acre lot. The building is a three-story structure, classified as Class D, and features five one-bedroom, one-bathroom units, currently operating at 75% occupancy. Each unit has separate, tenant-paid utilities, including gas heat, hot water, and cooking. Two units utilize forced hot air, while three have baseboard heating. Electrical panels are located in the basement. A walk-up attic is accessible from the second floor. A significant advantage is the large detached garage in the rear, offering five bays with potential for additional income generation. Above the garage is unfinished space suitable for conversion into office space or additional storage. The property's current Net Operating Income (NOI) is $40,922, yielding a 9.63% capitalization rate. Pro-forma projections indicate a NOI of $52,835 and a 12.43% capitalization rate. The asking price is $425,000, translating to $85,000 per unit. The property is zoned RM and includes ten parking spaces. This value-add opportunity offers significant potential for increased returns.

• CAP approach

  CAP return

  Valuation

  6%

  $413,298

  6.5%

  $381,506

  7%

  $354,256

• Comparable approach

  Method

  Valuation

  Relative Method

  $408,286

  Geo Method

  $408,286

• Alternative Use

  Use

  Valuation

  Residential

  $381,506

  Hospitality

  $349,458

  Educational

  $290,745

  Medical

  $300,744

  Retail

  $452,269

Location Insight

City

Waterbury

County

New Haven

State

Connecticut

Latitude

41.5549

Longitude

-73.0296

CBSA code

35300

CBSA name

NEW HAVEN-MILFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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