Mixed-Use Property Near Commuter
For Sale
$1,480,000
12 & 14 Waverly St, Framingham, MA 01702
Mixed-use property with auto repair potential near commuter rail.
Property Size3,487 SF
Lot Size0.22 Acres
Days on Market266
Property Features for 12 & 14 Waverly St
General Information
Standard status
Active
Size
3,487 SF
Lot size
0.22 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$8,400
Building Details
Building Size
3,487 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Coldwell Banker Real Estate LLC
(617) 791-1145
Listed By:
Keith Hollett · License #9562588
(617) 791-1145
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 19
Last Checked: Aug 20 at 11:55AM
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 Coldwell Banker Real Estate LLC
Investment Insights
Based on property information with market context.
Located on Waverly Street, this mixed-use property offers visibility and high traffic flow near the Framingham/Natick line. The property includes a fully rented two-family dwelling and potential for an auto repair business, complete with a transferrable 3-space car license. The property provides 3,487 square feet of space and features separate utilities. The first-floor apartment is fully handicapped-accessible and includes 3 bedrooms, 1 bathroom, a large kitchen, and a spacious living room. The second-floor unit offers 3 bedrooms, 1 bathroom, an eat-in kitchen, a large living room, plus additional attic space for storage or potential expansion. The location is near the commuter rail and West Natick station, making it accessible for both investors and owner-occupants.
Key Highlights
- High‑traffic location on Framingham/Natick line with fantastic visibility.
- Fully rented two‑family property offering immediate investment income.
- Transferrable 3‑space car license for potential auto repair business.
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
$73,786
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
4.99%
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%
$1,475,720
$1.5M
Cap Rate 7%
$1,054,086
$1.1M
Cap Rate 9%
$819,844
$819.8K
Market Conditions
NOI Build-Up for 3,487 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
$110.9K $31.80/SF
− Vacancy
−$5.5K −$1.57/SF
EGI
$105.4K $30.23/SF
− OpEx
−$31.6K −$9.07/SF
NOI
$73.8K $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%
$1,475,720
Cap Rate 7%
$1,054,086
Cap Rate 9%
$819,844
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$922.3K – $1.23M
NOI $73,786 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$991.1K
$867.3K – $1.16M
NOI $69,380 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.06M
$1.81M – $2.41M
NOI $144,500 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
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?
Mixed-use property - Mixed-use property with auto repair potential near commuter rail.
Where is this mixed-use property located?
The property is located at 12 & 14 Waverly St Framingham, MA.
What is the asking price?
The asking price for this property is $1,480,000.
What are key features of this property?
This property features: High‑traffic location on Framingham/Natick line with fantastic visibility.; Fully rented two‑family property offering immediate investment income.; Transferrable 3‑space car license for potential auto repair business.
