Two-Unit Duplex with Dual
New
For Sale
$798,888
171 Lake St, Waltham, MA 02451
Two residential units offer separate entrances, independent driveways, and distinct kitchen and bathroom layouts.
Property Size1,795 SF
Price / SF$445.06
Days on Market3
Property Features for 171 Lake St
General Information
Standard status
Active
Size
1,795 SF
Property subtype
2 Family - 2 Units Side by Side
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
hardwood floors
split air conditioning/heating units
separate entrances
separate driveways
Building Details
Building Size
1,795 SF
Year Built
1930
Listing Agency:
Keller Williams Realty
(617) 969-9000
Listed By:
Masha Senderovich
(781) 330-0152
Source:
Iverty
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 2:31PM
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
Investment Insights
Based on property information with market context.
Built in 1930, this two-family duplex includes a larger unit and a smaller unit, each with its own entrance and driveway. Both units feature hardwood flooring and eat-in kitchens. The larger unit also includes a renovated kitchen, an updated bathroom, and split air-conditioning and heating units, while the smaller unit has a separate entrance, a compact eat-in kitchen, and its own bathroom.
The flat lot has frontage on both streets and offers access to Route 128/95 and bus 61. Lazazzero Playground, Hardy Pond, MacArthur Elementary School, and the newly built Waltham High School are nearby. A potential redevelopment concept for two side-by-side townhomes is noted for the existing lot, subject to buyer due diligence.
The flat lot has frontage on both streets and offers access to Route 128/95 and bus 61. Lazazzero Playground, Hardy Pond, MacArthur Elementary School, and the newly built Waltham High School are nearby. A potential redevelopment concept for two side-by-side townhomes is noted for the existing lot, subject to buyer due diligence.
Key Highlights
- Two‑family duplex built in 1930
- Separate driveways provide independent access for each unit
- Larger unit includes renovated eat‑in kitchen and 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
$37,983
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
4.75%
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%
$759,660
$759.7K
Cap Rate 7%
$542,614
$542.6K
Cap Rate 9%
$422,033
$422.0K
Market Conditions
NOI Build-Up for 1,795 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
$57.1K $31.80/SF
− Vacancy
−$2.8K −$1.57/SF
EGI
$54.3K $30.23/SF
− OpEx
−$16.3K −$9.07/SF
NOI
$38.0K $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%
$759,660
Cap Rate 7%
$542,614
Cap Rate 9%
$422,033
Alternative Uses
Best Use
Multifamily LT 5
$542.6K
$474.8K – $633.1K
NOI $37,983 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$510.2K
$446.4K – $595.2K
NOI $35,714 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$1.06M
$929.8K – $1.24M
NOI $74,384 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
Explore this area
Business Placement
Demographics for 02451, MA
17,953
Population
7,852
Households
2.3
Avg Household Size
39
Median Age
55%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
3,387
Density / Sq Mi
$119,509
Median Household Income
$66,318
Median Earnings
$2,537
Median Rent
$709,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate entrances, independent driveways, and distinct kitchen and bathroom layouts.
Where is this duplex located?
The property is located at 171 Lake St Waltham, MA.
What is the asking price?
The asking price for this property is $798,888.
What are key features of this property?
This property features: Two‑family duplex built in 1930; Separate driveways provide independent access for each unit; Larger unit includes renovated eat‑in kitchen and updated bathroom
