701-703 S Main St - Apartments FOR SALE


Waterbury, CT 06706- Downtown Waterbury
$2,700,000 USD
203-314-4219
701-703 S Main St, Waterbury, CT for Sale
$2,700,000 USD
Apartments - FOR SALE
1/45
null | 8.31% Cap Rate

701-703 S Main St
Waterbury, CT 06706
Downtown Waterbury


HIGHLIGHTS

  • Waterbury's South End Location
  • 3 Adjacent Parcels | 6 Buildings
  • 23 Apartment Units + 2 Retail
  • 5/6 Buildings Lead Abated w/the City of Waterbury
  • 5/6 Buildings Separate & Tenant Paid Utilities
  • Ample Off-Street Parking

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,700,000 USD

PRICE/SF

$402 USD /SF

# OF UNITS

25

PRICE/UNIT

$108,000

CAP RATE

8.31%

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

25 Unit, Turn Key Portfolio w/Big Unit Mix

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1900

PARKING SPACES

25

LAND DETAILS

LAND ACRES

0.55 AC

LAND SF

23,958 SF

ZONING

CG

APN/PARCEL ID

WATE-000369-000293-000006

ASK ABOUT THIS PROPERTY

Amanda SheehanOxford RealtyMore Info
203-314-4219

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Amanda SheehanOxford RealtyMore Info
203-314-4219

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.