Renovated Duplex with Four-Car
For Sale
$1,295,000
167-169 River Street, Waltham, MA 02453
Two updated residences feature fireplaces, quartz kitchens, hardwood floors, and separate fenced outdoor areas.
Property Size2,400 SF
Price / SF$539.58
Days on Market8
Property Features for 167-169 River Street
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
4
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
fireplaces
recessed lighting
quartz countertops
stainless steel appliances
hardwood floors
private fenced-in yard
ready-to-finish lower level
Building Details
Year Built
1985
Construction
brick front
Listing Agency:
Coldwell Banker Realty - Waltham
Listed By:
Hans Brings RESULTS
(774) 280-2745
Source:
Broadboutique
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 8:12PM
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 Realty - Waltham
Investment Insights
Based on property information with market context.
This 2,400 SF duplex, built in 1985, has a brick façade and two separately configured residences. Each unit includes a living room with a fireplace and recessed lighting, a kitchen with quartz countertops and stainless steel appliances, a dining area, bedrooms, a tiled bathroom, hardwood flooring, and dedicated storage. Both residences also have private fenced yards. A four-car garage and lower-level space that can be finished add useful functional capacity.
The property is located near the Charles River Bike Path, shopping, restaurants, parks, and public transportation. Its two-unit layout, private outdoor areas, and substantial garage complement both owner-occupancy and rental use, while the lower level provides additional unfinished space for future customization.
The property is located near the Charles River Bike Path, shopping, restaurants, parks, and public transportation. Its two-unit layout, private outdoor areas, and substantial garage complement both owner-occupancy and rental use, while the lower level provides additional unfinished space for future customization.
Key Highlights
- 2,400 SF duplex with two residential units
- Four‑car garage privately set behind the property
- Each unit includes a fireplace, quartz kitchen counters, and stainless steel appliances
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
$50,785
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
3.92%
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%
$1,015,700
$1.0M
Cap Rate 7%
$725,500
$725.5K
Cap Rate 9%
$564,278
$564.3K
Market Conditions
NOI Build-Up for 2,400 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
$76.3K $31.80/SF
− Vacancy
−$3.8K −$1.57/SF
EGI
$72.5K $30.23/SF
− OpEx
−$21.8K −$9.07/SF
NOI
$50.8K $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%
$1,015,700
Cap Rate 7%
$725,500
Cap Rate 9%
$564,278
Alternative Uses
Best Use
Multifamily LT 5
$725.5K
$634.8K – $846.4K
NOI $50,785 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$682.2K
$596.9K – $795.9K
NOI $47,752 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,455 @ 7.0% cap · market cap 7.68%
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
923
Businesses Nearby
Explore this area
Business Placement
Demographics for 02453, MA
31,854
Population
13,163
Households
2.4
Avg Household Size
34
Median Age
59%
College-Educated
92%
High-School Grad
3.6 sq mi
ZIP Area
8,848
Density / Sq Mi
$114,029
Median Household Income
$58,036
Median Earnings
$2,063
Median Rent
$666,300
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 updated residences feature fireplaces, quartz kitchens, hardwood floors, and separate fenced outdoor areas.
Where is this duplex located?
The property is located at 167-169 River Street Waltham, MA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 2,400 SF duplex with two residential units; Four‑car garage privately set behind the property; Each unit includes a fireplace, quartz kitchen counters, and stainless steel appliances
