Triplex with Refreshed
For Sale
$1,200,000
Pending
22 Cypress St, Watertown, MA 02472
Three two-bedroom units include separate living and dining areas, with basement laundry and separately metered gas and electric.
Property Size2,806 SF
Lot Size0.21 Acres
Days on Market9
Property Features for 22 Cypress St
General Information
Standard status
Pending
Size
2,806 SF
Total Parking Spaces
5
Lot size
0.21 Acres
Property subtype
Residential Income
Zoning
T
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,747
Amenities
shared front porch
basement laundry area
Building Details
Building Size
2,806 SF
Year Built
1908
Stories
3
Units
3
Listing Agency:
Keller Williams Realty Boston Northwest
(617) 504-0532
Listed By:
Wendy Rocca
(617) 504-0532
Source:
Liongatere
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 28 at 8:11AM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
This three-unit multifamily property, built in 1908, occupies a 9,200 sq. ft. lot and will be delivered vacant. Each residence includes two bedrooms. Unit 1 has a refreshed kitchen, washer/dryer hookups, a full bath, living room, and dining room. Unit 2 adds a refreshed kitchen and bath, living and dining rooms, and a sunroom. Unit 3 includes a refreshed kitchen and bath, living room, and access to the shared front porch. A basement laundry area serves the property, while gas and electric are separately metered. Zoning is T.
The property is located at 22 Cypress St in Watertown, near multiple bus routes, Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, restaurants, walking and bike paths, the Watertown Yacht Club, conservation land, the Charles River, and major highways.
The property is located at 22 Cypress St in Watertown, near multiple bus routes, Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, restaurants, walking and bike paths, the Watertown Yacht Club, conservation land, the Charles River, and major highways.
Key Highlights
- Three‑unit multifamily property delivered vacant
- 9,200 sq. ft. lot with three two‑bedroom units
- Refreshed kitchens and baths in all three units
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 two-bedroom units include separate living and dining areas, with basement laundry and separately metered gas and electric.
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 multifamily property delivered vacant; 9,200 sq. ft. lot with three two‑bedroom units; Refreshed kitchens and baths in all three units
