Three-Unit Triplex with Shared
For Sale
$1,200,000
22 Cypress Street, Watertown, MA 02472
Vacant three-unit property with updated kitchens and baths, separate utility metering, and basement laundry space.
Property Size2,806 SF
Lot Size0.21 Acres
Price / SF$427.66
Days on Market9
Property Features for 22 Cypress Street
General Information
Standard status
Active
Size
2,806 SF
Lot size
0.21 Acres
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
basement laundry area
shared front porch
Building Details
Year Built
1908
Buildings
1
Listing Agency:
Keller Williams Realty Boston Northwest
Listed By:
Wendy Rocca
(617) 875-4950
Source:
Sarkisboston
Added: Aug 1
Changed: Aug 8
Last Checked: Aug 8 at 5:07PM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
Built in 1908, this 2,806-square-foot triplex contains three two-bedroom units and will be delivered vacant. The first unit includes a refreshed kitchen with washer and dryer hookups, a full bathroom, living room, and dining room. The second adds a sunroom to its refreshed kitchen, bath, dining room, and living room. The third includes a refreshed kitchen and bath, living room, and access to the shared front porch. A basement laundry area serves the property, while gas and electric utilities are separately metered.
The property occupies a 9,200-square-foot lot near multiple bus routes, Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, restaurants, walking and bike paths, the Watertown Yacht Club, conservation land, the Charles River, and major highways.
The property occupies a 9,200-square-foot lot near multiple bus routes, Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, restaurants, walking and bike paths, the Watertown Yacht Club, conservation land, the Charles River, and major highways.
Key Highlights
- Three‑unit triplex with three two‑bedroom units
- 2,806 SF building on a 9,200 sq. ft. lot
- Units feature refreshed kitchens and bathrooms
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
$59,376
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
4.95%
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%
$1,187,520
$1.2M
Cap Rate 7%
$848,229
$848.2K
Cap Rate 9%
$659,733
$659.7K
Market Conditions
NOI Build-Up for 2,806 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
$89.2K $31.80/SF
− Vacancy
−$4.4K −$1.57/SF
EGI
$84.8K $30.23/SF
− OpEx
−$25.4K −$9.07/SF
NOI
$59.4K $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%
$1,187,520
Cap Rate 7%
$848,229
Cap Rate 9%
$659,733
Alternative Uses
Best Use
Multifamily LT 5
$848.2K
$742.2K – $989.6K
NOI $59,376 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$797.6K
$697.9K – $930.5K
NOI $55,830 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,280 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,230
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?
Triplex - Vacant three-unit property with updated kitchens and baths, separate utility metering, and basement laundry space.
Where is this triplex located?
The property is located at 22 Cypress Street Watertown, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit triplex with three two‑bedroom units; 2,806 SF building on a 9,200 sq. ft. lot; Units feature refreshed kitchens and bathrooms
