Vacant Triplex with Refreshed
For Sale
$1,200,000
Pending
22 Cypress St, Watertown, MA 02472
Residential Income, Watertown, MA
Property Size2,806 SF
Lot Size0.21 Acres
Days on Market29
Property Features for 22 Cypress St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
T
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 5
Parking
5
Elementary school
Hosmer, Check With School Dept
Directions
School or Walnut to Cypress
Subdivision
East Watertown
Standard status
Pending
APN
M:1032 B:0040 L:0071,853254
Size
2,806 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13747
Amenities
shared front porch
basement laundry area
Building Details
Year built
1908
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Realty Boston Northwest
(781) 862-2800
Listed By:
Christina Hill
(978) 369-5775
Added: Aug 2
Changed: Aug 26
Last Checked: Aug 30 at 1:06PM
MLS# 73558077
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1908 triplex contains 2,806 square feet across three residential units on a 0.2112-acre lot. The first apartment includes two bedrooms, a living room, dining room, refreshed kitchen, updated full bathroom, and washer/dryer hookups. The second offers two bedrooms, living and dining rooms, a sunroom, and refreshed kitchen and bath. The third includes two bedrooms, a living room, and refreshed kitchen and bath, along with access to the shared front porch. A basement laundry area serves the property, while gas and electric service are separately metered.
The property is located in Watertown’s East End near multiple bus routes, Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, restaurants, walking and bike paths, the Watertown Yacht Club, conservation land, and the Charles River. It is offered vacant and carries T zoning, supporting investor, owner-occupant, and multigenerational living considerations identified for the property.
The property is located in Watertown’s East End near multiple bus routes, Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, restaurants, walking and bike paths, the Watertown Yacht Club, conservation land, and the Charles River. It is offered vacant and carries T zoning, supporting investor, owner-occupant, and multigenerational living considerations identified for the property.
Key Highlights
- Three‑unit triplex with 2,806 square feet of property size
- Situated on a 0.2112‑acre lot at 22 Cypress St, Watertown, MA 02472
- All three units include 2 bedrooms plus refreshed kitchens and baths
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,376
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,187,520
$1.2M
Cap Rate 7%
$848,229
$848.2K
Cap Rate 9%
$659,733
$659.7K
Market Conditions
NOI Build-Up for 2,806 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$89.2K $31.80/SF
− Vacancy
−$4.4K −$1.57/SF
EGI
$84.8K $30.23/SF
− OpEx
−$25.4K −$9.07/SF
NOI
$59.4K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,187,520
Cap Rate 7%
$848,229
Cap Rate 9%
$659,733
Alternative Uses
Best Use
Multifamily LT 5
$848.2K
$742.2K – $989.6K
NOI $59,376 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$797.6K
$697.9K – $930.5K
NOI $55,830 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,280 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 02472, MA
35,392
Population
17,069
Households
2.1
Avg Household Size
39
Median Age
67%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
8,848
Density / Sq Mi
$123,383
Median Household Income
$77,537
Median Earnings
$2,356
Median Rent
$737,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with refreshed kitchens and baths, separate gas and electric meters, and basement laundry facilities.
Where is this triplex located?
The property is located at 22 Cypress St Watertown, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,806 square feet of property size; Situated on a 0.2112‑acre lot at 22 Cypress St, Watertown, MA 02472; All three units include 2 bedrooms plus refreshed kitchens and baths
