Updated Two-Family Duplex with
For Sale
$1,149,900
Pending
20-22 Franklin Street, Watertown, MA 02472
Vacant two-family offers two-bedroom layouts, covered porches, and a detached two-car garage near Watertown High School.
Property Size2,330 SF
Days on Market57
Property Features for 20-22 Franklin Street
General Information
Standard status
Pending
Size
2,330 SF
Total Parking Spaces
2
Property subtype
2 Family - 2 Units Up/Down
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1935
Tenancy
Multi
Listing Agency:
Compass
(617) 281-2911
Listed By:
Scarlett Tamburro
(617) 281-2911
Source:
Lockandkeyre
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 20 at 5:02AM
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 Compass
Investment Insights
Based on property information with market context.
This vacant two-family duplex provides two separate units, each with 2 bedrooms and 1 bathroom. Updates include an updated kitchen and bath in the first-floor unit, refinished hardwood floors, replacement windows, newer appliances, and a new hot water heater installed in 2025. Additional recent improvements are noted throughout the property, including exterior painting, replacement attic windows, updated electrical with separate services and whole-house surge protection, chimney repairs and repointing, new front railings, and a new storm door. Portions of the second-floor unit also have replacement windows.
The property includes a detached two-car garage, a fenced backyard, covered porches, and French drains. The address is 20-22 Franklin Street, Watertown, MA 02472. The duplex is located directly across from the new Watertown High School and is described as being just minutes from Arsenal Yards, shopping, dining, public transportation, and highways.
With separate unit layouts and multiple documented upgrades, this property can fit an owner-occupant seeking rental income to help offset housing costs, or an investor looking for a well-maintained two-family. The combination of porch access, fenced outdoor space, and a detached garage supports a practical residential use for tenants or an owner’s household.
The property includes a detached two-car garage, a fenced backyard, covered porches, and French drains. The address is 20-22 Franklin Street, Watertown, MA 02472. The duplex is located directly across from the new Watertown High School and is described as being just minutes from Arsenal Yards, shopping, dining, public transportation, and highways.
With separate unit layouts and multiple documented upgrades, this property can fit an owner-occupant seeking rental income to help offset housing costs, or an investor looking for a well-maintained two-family. The combination of porch access, fenced outdoor space, and a detached garage supports a practical residential use for tenants or an owner’s household.
Key Highlights
- Vacant two‑family built in 1935 with two 2‑bedroom, 1‑bath units
- First‑floor unit updates include updated kitchen and bath, refinished hardwood floors, replacement windows, newer appliances, and hot water heater (2025)
- Recent exterior and systems improvements include exterior painting, replacement attic windows, updated electrical with separate services and whole‑house surge protection
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
$49,304
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
4.29%
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%
$986,080
$986.1K
Cap Rate 7%
$704,343
$704.3K
Cap Rate 9%
$547,822
$547.8K
Market Conditions
NOI Build-Up for 2,330 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
$74.1K $31.80/SF
− Vacancy
−$3.7K −$1.57/SF
EGI
$70.4K $30.23/SF
− OpEx
−$21.1K −$9.07/SF
NOI
$49.3K $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%
$986,080
Cap Rate 7%
$704,343
Cap Rate 9%
$547,822
Alternative Uses
Best Use
Multifamily LT 5
$704.3K
$616.3K – $821.7K
NOI $49,304 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$662.3K
$579.5K – $772.7K
NOI $46,359 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,555 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,385
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 - Vacant two-family offers two-bedroom layouts, covered porches, and a detached two-car garage near Watertown High School.
Where is this duplex located?
The property is located at 20-22 Franklin Street Watertown, MA.
What is the asking price?
The asking price for this property is $1,149,900.
What are key features of this property?
This property features: Vacant two‑family built in 1935 with two 2‑bedroom, 1‑bath units; First‑floor unit updates include updated kitchen and bath, refinished hardwood floors, replacement windows, newer appliances, and hot water heater (2025); Recent exterior and systems improvements include exterior painting, replacement attic windows, updated electrical with separate services and whole‑house surge protection
