Renovated Two-Family
For Sale
$1,625,000
15-17 George St, Watertown, MA 02472
Two separately configured residences share landscaped outdoor space and a doublewide driveway in Watertown.
Property Size3,698 SF
Price / SF$439.43
Days on Market83
Property Features for 15-17 George St
General Information
Standard status
Active
Size
3,698 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
T
Net Operating Income
$88,800
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$14,063
Amenities
private outdoor space
shared lawn
Building Details
Building Size
3,698 SF
Year Built
1920
Year Renovated
2025
Stories
3
Tenancy
Multi
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 10
Changed: Aug 29
Last Checked: Aug 30 at 2:30PM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
This duplex contains 3,698 square feet and underwent renovation in 2025. Unit 15 includes two bedrooms, one bath, a formal dining room, eat-in kitchen, and office area adjoining the living room. Unit 17 provides two bedrooms and one full bath on the main level, plus two additional bedrooms and a second bath upstairs. Each residence has private outdoor space, while the property also includes a shared lawn and doublewide driveway.
The property is located near J.R. Lowell Elementary School, Victory Field, Watertown Square, Arsenal Yards, public transportation, and major commuter routes. Unit 15 is leased through 8/31/27. The current occupant of Unit 17 is scheduled to vacate after 8/31/2026. The property was built in 1920 and is zoned T.
The property is located near J.R. Lowell Elementary School, Victory Field, Watertown Square, Arsenal Yards, public transportation, and major commuter routes. Unit 15 is leased through 8/31/27. The current occupant of Unit 17 is scheduled to vacate after 8/31/2026. The property was built in 1920 and is zoned T.
Key Highlights
- Duplex with 3,698 SF and renovation completed in 2025
- Unit 15 offers 2 bedrooms, 1 bath, formal dining, eat‑in kitchen, and office space
- Unit 17 includes 4 bedrooms and 2 baths across two levels
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
$78,251
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
4.82%
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%
$1,565,020
$1.6M
Cap Rate 7%
$1,117,871
$1.1M
Cap Rate 9%
$869,456
$869.5K
Market Conditions
NOI Build-Up for 3,698 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
$117.6K $31.80/SF
− Vacancy
−$5.8K −$1.57/SF
EGI
$111.8K $30.23/SF
− OpEx
−$33.5K −$9.07/SF
NOI
$78.3K $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%
$1,565,020
Cap Rate 7%
$1,117,871
Cap Rate 9%
$869,456
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$978.1K – $1.30M
NOI $78,251 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$1.05M
$919.7K – $1.23M
NOI $73,578 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$2.19M
$1.92M – $2.55M
NOI $153,244 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,162
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 - Two separately configured residences share landscaped outdoor space and a doublewide driveway in Watertown.
Where is this duplex located?
The property is located at 15-17 George St Watertown, MA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Duplex with 3,698 SF and renovation completed in 2025; Unit 15 offers 2 bedrooms, 1 bath, formal dining, eat‑in kitchen, and office space; Unit 17 includes 4 bedrooms and 2 baths across two levels
