Two-Unit Duplex with Flexible
New
For Sale
$2,190,000
22-24 Olney St, Watertown, MA 02472
Two separately purchasable residences provide a combined seven bedrooms and dedicated driveway parking.
Property Size3,600 SF
Price / SF$608.33
Days on Market3
Property Features for 22-24 Olney St
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
T
Taxes and HOA fees
Annual Taxes
$11,893
Amenities
Pool, Park, Golf
Zoned, Multi Units
Zoned
Full, Finished
Gas Water Heater
Paved, Off Street, Assigned
Building Details
Building Size
3,600 SF
Year Built
1890
Stories
4
Listed By:
Nicholas Mescia
(828) 507-1752
Source:
Evrealestate
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 24 at 10:28AM
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 Nicholas Mescia
Investment Insights
Based on property information with market context.
This 3,600-square-foot duplex at 22-24 Olney St contains two residences with a combined seven bedrooms and 4.5 baths. Built in 1890, the property has been renovated, with each home arranged across multiple levels and offering distinct living and sleeping areas. Unit 24 includes three bedrooms, a primary suite, a bonus area, and a large kitchen and dining space. Unit 22 has two upstairs bedrooms, a lower-level area suited to use as a bedroom suite or office, and a spacious laundry room.
A shared driveway provides three dedicated parking spaces. The residences may be purchased separately or together as a multifamily property.
A shared driveway provides three dedicated parking spaces. The residences may be purchased separately or together as a multifamily property.
Key Highlights
- 3,600 square feet across two residential units
- Combined total of 7 bedrooms and 4.5 baths
- Unit 24 spans three levels; Unit 22 spans two levels
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
$76,177
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
3.48%
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%
$1,523,540
$1.5M
Cap Rate 7%
$1,088,243
$1.1M
Cap Rate 9%
$846,411
$846.4K
Market Conditions
NOI Build-Up for 3,600 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
$114.5K $31.80/SF
− Vacancy
−$5.7K −$1.57/SF
EGI
$108.8K $30.23/SF
− OpEx
−$32.6K −$9.07/SF
NOI
$76.2K $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 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%
$1,523,540
Cap Rate 7%
$1,088,243
Cap Rate 9%
$846,411
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$952.2K – $1.27M
NOI $76,177 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$1.02M
$895.4K – $1.19M
NOI $71,628 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,183 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,305
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 - Two separately purchasable residences provide a combined seven bedrooms and dedicated driveway parking.
Where is this duplex located?
The property is located at 22-24 Olney St Watertown, MA.
What is the asking price?
The asking price for this property is $2,190,000.
What are key features of this property?
This property features: 3,600 square feet across two residential units; Combined total of 7 bedrooms and 4.5 baths; Unit 24 spans three levels; Unit 22 spans two levels
