Two-Unit Duplex with Separate
New
For Sale
$798,888
171 Lake St, Waltham, MA 02451
Residential Income, Waltham, MA
Property Size1,795 SF
Lot Size0.10 Acres
Price / SF$445.06
Days on Market2
Property Features for 171 Lake St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2
Parking
4
Directions
Corner of Lake St and Bowdoin Ave
Standard status
Active
APN
M:R022 B:0008 L:0012,828913
Size
1,795 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8110
Amenities
separate driveways
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty
Listed By:
Keller Williams
(617) 969-9000
Added: Sep 8
Last Checked: Sep 9 at 2:06AM
MLS# 73571620
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 171 Lake St in Waltham, this 1,795-square-foot duplex was built in 1930 on a 0.1038-acre lot. The property includes two residential units with three bedrooms and two bathrooms overall. The larger unit has hardwood flooring, a renovated eat-in kitchen, an updated bathroom, and split air conditioning and heating. The smaller unit offers hardwood floors, an eat-in kitchen, a bathroom, and its own entrance.
Separate driveways serve the units, and the flat lot has frontage on both streets. The property has access to Route 128/95 and bus 61, with Lazazzero Playground, Hardy Pond, MacArthur Elementary School, and Waltham High School nearby. Zoning is listed as 1. The existing lot has been identified as having potential for two side-by-side townhomes, subject to buyer due diligence.
Separate driveways serve the units, and the flat lot has frontage on both streets. The property has access to Route 128/95 and bus 61, with Lazazzero Playground, Hardy Pond, MacArthur Elementary School, and Waltham High School nearby. Zoning is listed as 1. The existing lot has been identified as having potential for two side-by-side townhomes, subject to buyer due diligence.
Key Highlights
- 1,795‑square‑foot duplex on a 0.1038‑acre lot
- Two units with 3 bedrooms and 2 bathrooms overall
- Separate entrances and driveways for each unit
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
Property Profile
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
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 residential units provide separate entrances, driveways, and distinct kitchen and bath 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: 1,795‑square‑foot duplex on a 0.1038‑acre lot; Two units with 3 bedrooms and 2 bathrooms overall; Separate entrances and driveways for each unit
