493 Meadow St, Waterbury, CT 06702

Property Description

Exceptional opportunity to acquire a 27-unit mixed-use investment consisting of 21 apartments and 6 retail spaces across two well-maintained brick buildings and one dedicated parking lot. Offered at a solid 8.0 Cap with additional upside rent potential. The unit count, unit mix, and financial information have been recently verified and updated to reflect the current operating performance. The portfolio includes 343 West Main Street, a four-story, 20,428 SF building with 17 apartments (1 one-bedroom, 14 two-bedroom, and 2 three-bedroom units) and 4 fully leased retail spaces, and 493 Meadow Street, a three-story, 6,520 SF building with 4 apartments (2 two-bedroom and 2 three-bedroom units) and 2 fully leased retail spaces. The residential units participate in the Mod Rehab Housing Assistance Program, providing stable occupancy and consistent rental income. The commercial component is occupied by established long-term tenants, including an appliance retailer, tax and insurance agency, bar & grill, salon, and convenience stores. Recent capital improvements include partial roof replacements (2022) and 15 recently replaced high-efficiency heating systems. All residential and commercial units are separately metered, with tenants responsible for their own utilities, helping to minimize landlord operating expenses. A well-maintained, cash-flowing property with a diversified income stream - ready for a new owner to realize the potential!