Triplex Plus Commercial Building
204 School Street Watertown, MA 02472
For Sale
$2,200,000
Well-maintained 3-family with an updated kitchen plus a separate commercial building on abutting lots with off-street parking curb cuts.
Property Size3,166 SF
Price / SF$694.88
Days on Market79
Property Features for 204 School Street
General Information
Standard status
Active
Size
3,166 SF
Property subtype
Multi-family
Building Details
Year Built
1923
Listing Agency:
Coldwell Banker Realty - Belmont
(617) 515-1560
Listed By:
Bob Airasian · License #9510330
Source:
Elevatedboston
Added: May 13
Changed: Jul 29
Last Checked: Jul 29 at 1:02PM
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 - Belmont
Investment Insights
Based on property information with market context.
This package offers two abutting properties being sold together, providing 4 rentable units: a well-maintained 3-family home and a separate commercial building. The 3-family home includes 6 beds, 3 bathrooms, and three levels of living space. Interior features include hardwood floors, abundant natural light, and excellent ceiling height, along with an updated kitchen in Unit 2. Each unit is serviced by its own heating system, electrical panel, and hot water tank. The property was built in 1923.
The commercial building sits on a T-zoned lot totaling over 7,500 square feet. Both properties include curb cuts, providing sufficient off-street parking. The location is on a bus line and is described as minutes to Arsenal Yards, the Charles River, Cambridge, and Boston.
Potential options noted include a two-unit development with ADU opportunity, or using/renting the commercial building as is, with buyers encouraged to perform their own due diligence with the city.
The commercial building sits on a T-zoned lot totaling over 7,500 square feet. Both properties include curb cuts, providing sufficient off-street parking. The location is on a bus line and is described as minutes to Arsenal Yards, the Charles River, Cambridge, and Boston.
Potential options noted include a two-unit development with ADU opportunity, or using/renting the commercial building as is, with buyers encouraged to perform their own due diligence with the city.
Key Highlights
- Two abutting properties sold as a package with 4 rentable units: 3‑family plus separate commercial building
- 3‑family home with 6 beds, 3 bathrooms, and three levels; updated kitchen in Unit 2
- Hardwood floors, abundant natural light, and excellent ceiling height throughout the 3‑family
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $100.7k | $31.80 |
| − Vacancy | −$5.0k | −$1.57 |
| EGI | $95.7k | $30.23 |
| − OpEx | −$28.7k | −$9.07 |
| NOI | $67.0k | $21.16 |
3,166 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$957.1K
$837.4K – $1.12M
NOI $66,994 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$899.9K
$787.4K – $1.05M
NOI $62,993 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,198 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained 3-family with an updated kitchen plus a separate commercial building on abutting lots with off-street parking curb cuts.
Where is this triplex located?
The property is located at 204 School Street Watertown, MA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Two abutting properties sold as a package with 4 rentable units: 3‑family plus separate commercial building; 3‑family home with 6 beds, 3 bathrooms, and three levels; updated kitchen in Unit 2; Hardwood floors, abundant natural light, and excellent ceiling height throughout the 3‑family
