Vacant Three-Unit
For Sale
$1,200,000
22 Cypress St, Watertown, MA 02472
MULTI_FAMILY - Watertown, MA
Property Size2,806 SF
Lot Size0.21 Acres
Price / SF$427.66
Days on Market8
Property Features for 22 Cypress St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
T
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6
Parking
5
Elementary school
Hosmer, Check With School Dept
Directions
School or Walnut to Cypress
Subdivision
East Watertown
Standard status
Active
APN
M:1032 B:0040 L:0071,853254
Size
2,806 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13747
Amenities
basement laundry
shared front porch
Building Details
Year built
1908
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Realty Boston Northwest
(781) 862-2800
Listed By:
Christina Hill
(978) 369-5775
Added: Aug 2
Changed: Aug 6
Last Checked: Aug 9 at 12:06AM
MLS# 73558077
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant three-unit triplex sits on a 0.2112-acre lot and was built in 1908. The property totals 2,806 SF and includes three distinct residential units. Unit 1 features a refreshed kitchen with washer/dryer hookups, an updated full bath, living room, dining room, and 2 bedrooms. Unit 2 offers a refreshed kitchen and bath along with a dining room, living room, sunroom, and 2 bedrooms. Unit 3 includes a refreshed kitchen and bath, living room, 2 bedrooms, and access to the shared front porch. A basement laundry area supports the units.
Gas and electric are separately metered. The home is located in Watertown’s East End near multiple bus routes and close to Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, popular restaurants, walking and bike paths, Watertown Yacht Club, conservation land, the Charles River, and major highways.
The property will be delivered vacant, providing flexibility for investors, owner-occupants, or multigenerational living.
Gas and electric are separately metered. The home is located in Watertown’s East End near multiple bus routes and close to Arsenal Yards, Watertown Mall, Arsenal on the Charles, hotels, popular restaurants, walking and bike paths, Watertown Yacht Club, conservation land, the Charles River, and major highways.
The property will be delivered vacant, providing flexibility for investors, owner-occupants, or multigenerational living.
Key Highlights
- 0.2112‑acre lot with a 2,806 SF three‑unit triplex built in 1908
- Unit 1 includes refreshed kitchen with washer/dryer hookups, updated full bath, living and dining, 2 bedrooms
- Unit 2 offers refreshed kitchen and bath with dining room, living room, sunroom, and 2 bedrooms
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
Property Profile
Current Use
Lease Details
3
Residential units
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 - Three-unit triplex with refreshed interiors, basement laundry area, and separately metered gas and electric.
Where is this triplex located?
The property is located at 22 Cypress St 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: 0.2112‑acre lot with a 2,806 SF three‑unit triplex built in 1908; Unit 1 includes refreshed kitchen with washer/dryer hookups, updated full bath, living and dining, 2 bedrooms; Unit 2 offers refreshed kitchen and bath with dining room, living room, sunroom, and 2 bedrooms
