Broker: 12-apartment building sold for $925,000 highlights investment potential in Waterbury
CoStar
197 East Main St., Waterbury
A Hamden investor couple recently paid $925,000 for a 12-unit apartment building with two first-floor retail spaces in downtown Waterbury.
Moe Kyaw and Melissa Thein, who share a Hamden residence, are the principals of a limited liability company that bought the 9,828-square-foot, four-story brick building on one-third of an acre at 197 East Main St. The sale was recorded May 7.
The principal of the selling LLC is Tan Kam Cheuk, of Hamden.
The roughly 90-year-old brick building sits across from Waterbury police headquarters and a short distance from both St. Mary’s Hospital and the University of Connecticut downtown campus.
Westly Klockner, Eric Pentore and Ross Friedel, of Marcus & Millichap, represented the seller. Alban Dedvukaj. of Brookfield-based Lakeshore Realty, represented the buyer.
Dedvukaj said the buyer has a quickly growing portfolio of rental properties in the area and came with a cash offer. Significant upgrades are underway to the building’s apartment units and mechanical systems, Dedvukaj said.
Dedvukaj said the buy is a good example of the investment potential in Waterbury, where there are buildings ripe for added value at a time available properties are scarce.
“It needed some work, but the unit mix and location are very strong,” Dedvukaj said. “I felt like it was a tremendous deal for my client based on the location and the mix of units there.”
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