Building Details

Building Size 5,632 SF

Year Built 1905

Listing Agency: Advantage Property Team LLC

Listed By: Nicholas Neu · License #9584509 Show Phone

Source: Classifiedrealtygroup

Added: Oct 16 Last Checked: Oct 16 at 1:57PM

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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 Advantage Property Team LLC

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Investment Insights

Based on property information with market context.

This four-unit residential property at 202-204 Charles Street in Waltham contains 5,632 square feet of living area on a 13,670-square-foot lot. The unit mix is two 2-bedroom apartments and two 3-bedroom apartments, each with one full bathroom. Three units have central air conditioning, and all four have laundry hookups. Updates have been made to the apartments over time; the year built is 1905.

The site includes paved parking and a detached garage/storage building with three single bays and one double-width bay. The garage is currently used for dry storage and is being conveyed as-is. Tenants pay their own unit utilities.

Key Highlights

• Four apartments: two 2‑bedroom and two 3‑bedroom units, each with one full bathroom
• 5,632 square feet of living area on a 13,670‑square‑foot lot
• Central air conditioning in three apartments; laundry hookups in all four

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$119,175

Cap Rate

6.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,383,500 $2.4M

Cap Rate 7%

$1,702,500 $1.7M

Cap Rate 9%

$1,324,167 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,632 SF

Gross rent

$179.1K $31.80/SF

− Vacancy

−$8.8K −$1.57/SF

EGI

$170.3K $30.23/SF

− OpEx

−$51.1K −$9.07/SF

NOI

$119.2K $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 Rate 5%

$2,383,500

Cap Rate 7%

$1,702,500

Cap Rate 9%

$1,324,167

Alternative Uses

Best Use

Multifamily LT 5

$1.70M

$1.49M – $1.99M (±1% cap)

NOI $119,175 @ 7.0% cap · market cap 6.11%

Second Best

Apartment 5plus

$1.60M

$1.40M – $1.87M (±1% cap)

NOI $112,058 @ 7.0% cap · market cap 5.75%

Theoretical Best

Office A

$3.33M

$2.92M – $3.89M (±1% cap)

NOI $233,389 @ 7.0% cap · market cap 11.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Quadplexes

Suggested Use

Top Pick Veterinary Clinic Tattoo & Piercing Shop (Bike/Boat/Book/etc) Store Florist Travel Agency Bed & Breakfast

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

1,761

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Apartments include in-unit laundry hookups, with central air conditioning in three residences.

Where is this quadplex located?

The property is located at 202-204 Charles Street Waltham, MA.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: Four apartments: two 2‑bedroom and two 3‑bedroom units, each with one full bathroom; 5,632 square feet of living area on a 13,670‑square‑foot lot; Central air conditioning in three apartments; laundry hookups in all four