63 & 68-70 Bank Street

63 & 68-70 Bank Street | Waterbury | CT | 06702 Back to Properties


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Overview

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Property Details

  • Price: $ 3,200,000
  • Cap Rate: 6.62%
  • Units: 32
  • Price/Unit: $ 100,000
  • Rentable SF: 29,060 SF
  • Price/Square Foot: $ 110
  • Site Size: .14 AC
  • Parking: Off-Street
  • Year Built: 1890
  • Exterior: Brick

Property Description

The mixed-use properties located at 63 & 68-70 Bank Street, Waterbury CT are comprised of 32 units (30 apartments and 2 retail) in two elevatored buildings totaling 29,060 rentable square feet gut rehabbed in 2010 and 2008 respectively. The properties are fully occupied with the exception of a retail unit at 68-70 Bank Street which has a value of $0 rent/month in the current analysis on the financials.  Both properties are fully sprinklered with full upgrades to the HVAC systems when the renovations were completed.

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Financial Summary

63 & 68-70 Bank Street

Investment Highlights

Price $ 3,200,000.00
Units 32
Year Built 1890
Rentable SF 29060
Parking Off-Street
Heat Gas-Landlord Pays
Hot Water Gas-Landlord Pays
Roof Flat-Rubber
Exterior Brick
Site Size .14 Acres

Metrics

Price / Unit $ 100,000.00
Price / SF $ 110.12
Gross Rent Multiplier 7.30

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 495,132.00 $ 438,480.00
Less: Vacancy $ 24,756.60 $ 21,924.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 470,375.40 $ 416,556.00
Plus: Other Income $ 7,000.00 $ 7,000.00
Total Operating Income $ 477,375.40 $ 423,556.00

 

Expense
Potential
Current
Real Estate Taxes $ 79,251.42 $ 79,251.42
Insurance $ 24,000.00 $ 24,000.00
Heat/Hot Water $ 19,960.46 $ 19,960.46
Electric (Common) $ 9,307.34 $ 9,307.34
Water & Sewer $ 18,209.05 $ 18,209.05
Trash Collection $ 4,200.00 $ 4,200.00
Management Fees $ 19,095.02 $ 16,942.24
Based On: 4% est. 4% est.
On-site Supervisor $ 15,000.00 $ 15,000.00
Elevator $ 10,000.00 $ 10,000.00
Maintenance/Repairs $ 14,321.26 $ 12,706.68
Based On: 3% est. 3% est.
Fire Alarm Monitoring $ 2,100.00 $ 2,100.00
Total Expenses $ 215,444.55 $ 211,677.19
Net Operating Income $ 261,930.85 $ 211,878.81
Cap Rate 8.19 % est. 6.62 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
68-70-Retail0/1$0$3,000Vacant
68-70-2A1/1$1,250$1,250Vacant
68-70-2B2/1$1,325$1,400Leased5/31/23
68-70-2C0/1$895$925Leased5/31/23
68-70-2D0/1$895$925Leased5/31/23
68-70-2E1/1$1,150$1,250Leased4/30/23
68-70-2F0/1$925$925Leased7/31/23
68-70-3A1/1$1,200$1,250Leased6/30/23
68-70-3B2/1$1,385$1,400Leased9/30/23
68-70-3C0/1$925$925Leased5/31/23
68-70-3D0/1$925$925Leased6/30/23
68-70-3E1/1$1,200$1,250Leased7/31/23
68-70-3F0/1$895$925Leased5/31/23
68-70-4A2/1$1,315$1,400Leased5/31/24
68-70-4B3/1$1,625$1,650Leased6/30/23
68-70-4C1/1$1,235$1,250Leased8/31/23
68-70-4D1/1$1,125$1,250Leased9/30/22
68-70-4E1/1$1,250$1,250Super
68-70-4F0/1$925$925Vacant
63-Retail0/1$1,200$1,236Leased5/31/26
63-2A2/1$1,325$1,400Leased6/30/23
63-2B1/1$1,000$1,150Leased6/30/23
63-3A2/1$1,350$1,400Leased3/31/23
63-3B1/1$1,150$1,200Leased6/30/23
63-4A2/1$1,325$1,400Leased6/30/24
63-4B2/1$1,085$1,300Leased1/31/23
63-5A2/1$1,350$1,400Leased6/30/24
63-5B2/1$1,200$1,300Leased1/31/23
63-6A2/1$1,395$1,400Leased12/31/22
63-6B2/1$1,100$1,300Leased11/30/22
63-7A2/1$1,365$1,400Leased12/31/22
63-7B2/1$1,250$1,300Leased11/30/22

Totals

$ 36,540.00

$ 41,261.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.