Duplex with Second-Floor
For Sale
$650,000
Pending
10 Waterlow St, Boston, MA 02121
R2 zoning supports a two-family configuration with flexible interior space and a substantial backyard.
Property Size2,394 SF
Days on Market88
Property Features for 10 Waterlow St
General Information
Standard status
Pending
Size
2,394 SF
Property subtype
Multi-Family
Zoning
R2
Property Condition
Severity
Repairs Needed
Evidence
it does need updating!
Building Details
Year Built
1885
Listing Agency:
Proactive Realty
Listed By:
Aaron Katz
(617) 784-7382
Source:
Amyliptonrealestate
Added: Jun 7
Changed: Aug 31
Last Checked: Sep 1 at 8:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Proactive Realty
Investment Insights
Based on property information with market context.
Built in 1885, this 2,394-square-foot residential property is classified as a duplex and offers five bedrooms and two full bathrooms. The interior includes a sitting room, built-in features, generous closet storage, and a second kitchen on the second floor. The existing layout provides flexibility for continued single-family use or a two-family configuration under R2 zoning.
The property is located at 10 Waterlow Street in Boston, Massachusetts. A large backyard provides additional outdoor space for entertaining, gardening, or other property improvements. The home requires updating, while its bedroom count, two-kitchen arrangement, and existing room layout provide a substantial base for renovation.
The property is located at 10 Waterlow Street in Boston, Massachusetts. A large backyard provides additional outdoor space for entertaining, gardening, or other property improvements. The home requires updating, while its bedroom count, two-kitchen arrangement, and existing room layout provide a substantial base for renovation.
Key Highlights
- 2,394‑square‑foot duplex built in 1885
- Five bedrooms and two full bathrooms
- Second kitchen located on the 2nd floor
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
$56,240
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
8.65%
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%
$1,124,800
$1.1M
Cap Rate 7%
$803,429
$803.4K
Cap Rate 9%
$624,889
$624.9K
Market Conditions
NOI Build-Up for 2,394 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
$106.3K $44.40/SF
− Vacancy
−$4.0K −$1.69/SF
EGI
$102.3K $42.71/SF
− OpEx
−$46.0K −$19.22/SF
NOI
$56.2K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,124,800
Cap Rate 7%
$803,429
Cap Rate 9%
$624,889
Alternative Uses
Best Use
Multifamily LT 5
$864.2K
$756.2K – $1.01M
NOI $60,495 @ 7.0% cap · market cap 9.31%
Second Best
Apartment 5plus
$803.4K
$703.0K – $937.3K
NOI $56,240 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,484 @ 7.0% cap · market cap 19.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,523
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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?
Duplex - R2 zoning supports a two-family configuration with flexible interior space and a substantial backyard.
Where is this duplex located?
The property is located at 10 Waterlow St Boston, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,394‑square‑foot duplex built in 1885; Five bedrooms and two full bathrooms; Second kitchen located on the 2nd floor
