Three-Family Residential Income
For Sale
$1,375,000
34 Irma Ave, Watertown, MA 02472
Well-maintained three-family with three separate units, in-unit laundry, central air, and two driveways for off-street parking.
Property Size3,643 SF
Price / SF$377.44
Days on Market50
Property Features for 34 Irma Ave
General Information
Standard status
Active
Size
3,643 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
T
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$15,338
Building Details
Building Size
3,643 SF
Year Built
1910
Stories
3
Units
3
Listing Agency:
CK Realty Group LLC
(617) 470-6701
Listed By:
Chris Kavakian · License #9516064
(617) 470-6701
Source:
Athomeboston
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 26 at 9:44AM
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 CK Realty Group LLC
Investment Insights
Based on property information with market context.
This three-family residential income property offers three separate units with hardwood flooring throughout. The first-floor unit includes one bedroom and one bath, with an updated kitchen, recessed lighting, in-unit laundry, and central air. The second- and third-floor units each provide two bedrooms and one bath, along with private balconies and gas heat; the third-floor unit has been recently refreshed. Additional laundry and ample storage are available in the basement.
The property features two driveways, providing off-street parking. It is located in East Watertown/Coolidge Square near public transportation, with easy access to Cambridge and Boston.
Each unit is configured for independent living with in-unit laundry (first floor) and shared supplemental basement laundry/storage. The layout and parking support both owner-occupant and investor use.
The property features two driveways, providing off-street parking. It is located in East Watertown/Coolidge Square near public transportation, with easy access to Cambridge and Boston.
Each unit is configured for independent living with in-unit laundry (first floor) and shared supplemental basement laundry/storage. The layout and parking support both owner-occupant and investor use.
Key Highlights
- Three‑family built in 1910 with three separate units in East Watertown/Coolidge Square
- 1st‑floor unit: 1 bed/1 bath with updated kitchen, recessed lights, in‑unit laundry, and central air
- 2nd- and 3rd‑floor units: each has 2 beds/1 bath, private balconies, and gas heat; 3rd‑floor recently refreshed
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
$77,087
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
5.61%
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%
$1,541,740
$1.5M
Cap Rate 7%
$1,101,243
$1.1M
Cap Rate 9%
$856,522
$856.5K
Market Conditions
NOI Build-Up for 3,643 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
$115.8K $31.80/SF
− Vacancy
−$5.7K −$1.57/SF
EGI
$110.1K $30.23/SF
− OpEx
−$33.0K −$9.07/SF
NOI
$77.1K $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%
$1,541,740
Cap Rate 7%
$1,101,243
Cap Rate 9%
$856,522
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$963.6K – $1.28M
NOI $77,087 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.04M
$906.0K – $1.21M
NOI $72,483 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $150,965 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
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 - Well-maintained three-family with three separate units, in-unit laundry, central air, and two driveways for off-street parking.
Where is this triplex located?
The property is located at 34 Irma Ave Watertown, MA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Three‑family built in 1910 with three separate units in East Watertown/Coolidge Square; 1st‑floor unit: 1 bed/1 bath with updated kitchen, recessed lights, in‑unit laundry, and central air; 2nd- and 3rd‑floor units: each has 2 beds/1 bath, private balconies, and gas heat; 3rd‑floor recently refreshed
