Under-Performing Asset w/Big Upside! 174 Willow St 35 Unit Apartment Building $2,400,000 ($68,571/Unit) 10.97% Cap Rate Waterbury, CT 06710
INVESTMENT HIGHLIGHTS
- Large, Corner Building
- 4-Story, Elevator Building
- On-Street Parking
- Mixed Use: 4 Retail + 31 Apartments
- Roughly 60% of Units Renovated
- Huge Value Add
EXECUTIVE SUMMARY
Underperforming asset with great upside. Large, corner mixed-use building with 35 total Units consisting of: (4) retail units and (31) apartments. 3/4 retail units are occupied by the supermarket (2 spaces) and smoke shop. The 31 apartments unit mix is (1) 2 bed, (9) 1 beds and 21 studios. Many rents are below market = with a lot of room to increase the income. The heat and hot water are gas and owner paid. The electric is separate and tenant paid (but included in some of the program rents). 4-story elevator building. Roughly 60% of the units were renovated in the last 1-2 years. Security system installed. On-Street parking only and no yard = low/inexpensive exterior maintenance. Great opportunity for value add asset with good ARV.
PROPERTY FACTS
| Price | $2,400,000 |
| Price Per Unit | $68,571 |
| Sale Type | Investment |
| Cap Rate | 10.97% |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 22,374 SF |
| Average Occupancy | 75% |
| No. Stories | 4 |
| Year Built/Renovated | 1910/2020 |
| Zoning | RM |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Security System
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 21 | $900.00 | 600 |
| 1+1 | 9 | $1,000 | 650 |
| 2+1 | 1 | $1,150 | 800 - 850 |
1 of 1
Walk Score®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | WATE-000234-000540-000043 | Improvements Assessment | $1,076,740 |
| Land Assessment | $201,950 | Total Assessment | $1,278,690 |
