Two-Unit Duplex on Corner
For Sale
$1,149,000
146-148 Waverley Ave, Watertown, MA 02472
Renovated first-floor unit, fenced outdoor area, and off-street parking support flexible occupancy.
Property Size2,312 SF
Price / SF$499.57
Days on Market9
Property Features for 146-148 Waverley Ave
General Information
Standard status
Active
Size
2,312 SF
Total Parking Spaces
4
Property subtype
Multifamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,720
Amenities
hardwood floors
fenced lot
Building Details
Building Size
2,312 SF
Year Built
1930
Listing Agency:
Lamacchia Realty, Inc.
(617) 939-4778
Listed By:
Edward Palo
Source:
Classifiedrealtygroup
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 20 at 3:56AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
This 1930 duplex contains two residences with more than 2,300 sq ft of combined living space. Each unit offers 2 bedrooms and 1 full bath, along with hardwood flooring, separate living and dining rooms, a generous kitchen, and abundant natural light. Recent work includes a new roof, leaf-blocking gutters, and a complete renovation of the first-floor unit, including its bathroom.
The property occupies a fenced corner lot at 146-148 Waverley Ave in Watertown, with outdoor space and off-street parking. Its setting provides access to Watertown Square, Arsenal Yards, the Charles River Greenway, restaurants, shopping, public transportation, and major commuter routes serving Boston and Cambridge.
The property occupies a fenced corner lot at 146-148 Waverley Ave in Watertown, with outdoor space and off-street parking. Its setting provides access to Watertown Square, Arsenal Yards, the Charles River Greenway, restaurants, shopping, public transportation, and major commuter routes serving Boston and Cambridge.
Key Highlights
- Two‑unit duplex with more than 2,300 sq ft of combined living space
- Each unit includes 2 bedrooms, 1 full bath, hardwood floors, and separate living and dining rooms
- New roof, leaf‑blocking gutters, and renovated first‑floor unit with updated bathroom
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
$48,669
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
4.24%
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%
$973,380
$973.4K
Cap Rate 7%
$695,271
$695.3K
Cap Rate 9%
$540,767
$540.8K
Market Conditions
NOI Build-Up for 2,300 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
$73.1K $31.80/SF
− Vacancy
−$3.6K −$1.57/SF
EGI
$69.5K $30.23/SF
− OpEx
−$20.9K −$9.07/SF
NOI
$48.7K $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%
$973,380
Cap Rate 7%
$695,271
Cap Rate 9%
$540,767
Alternative Uses
Best Use
Multifamily LT 5
$695.3K
$608.4K – $811.2K
NOI $48,669 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$653.7K
$572.0K – $762.7K
NOI $45,762 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,311 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,031
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?
Duplex - Renovated first-floor unit, fenced outdoor area, and off-street parking support flexible occupancy.
Where is this duplex located?
The property is located at 146-148 Waverley Ave Watertown, MA.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: Two‑unit duplex with more than 2,300 sq ft of combined living space; Each unit includes 2 bedrooms, 1 full bath, hardwood floors, and separate living and dining rooms; New roof, leaf‑blocking gutters, and renovated first‑floor unit with updated bathroom
