Two-Family Lakefront
224 West Plain Street Wayland, MA 01778
224 West Plain Street, Wayland, MA, 01778
$649,000
For Sale
$649,000
Two-family property on Lake Cochituate with two 2-bedroom units, sold as-is and vacant for several years.
Property Size1,780 SF
Price / SF$364.61
Days on Market13
Property Features for 224 West Plain Street
General Information
- Standard status
- Active
- Size
- 1,780 SF
- Property subtype
- 2 Family - 2 Units Up/Down
Building Details
- Year Built
- 1920
Listing agency
ERA Key Realty Services- Fram
(508) 397-8580
Listed by
Nancy Hurley
(508) 397-8580
Source
Lockandkeyre
Added: Jul 10 Updated: Jul 22 at 3:55AM Checked: Jul 22 at 3:55AM
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 ERA Key Realty Services- Fram
Investment Insights
Based on property information with market context.
This two-family, residential income property is located on Lake Cochituate and includes two separate units, each with two bedrooms. The home has been vacant for several years, and the current condition of the structure and its systems is unknown. The property is being sold as-is, with no representations or warranties made by the seller.
The listing highlights direct lake access and water views on the waterfront site. The property’s waterfront setting provides a straightforward basis for buyers and builders interested in restoring the existing structure or reimagining a custom lakeside residence.
Because the condition of the property and systems is not established, this is best suited for buyers prepared to evaluate and perform due diligence and any necessary repairs or improvements after closing.
The listing highlights direct lake access and water views on the waterfront site. The property’s waterfront setting provides a straightforward basis for buyers and builders interested in restoring the existing structure or reimagining a custom lakeside residence.
Because the condition of the property and systems is not established, this is best suited for buyers prepared to evaluate and perform due diligence and any necessary repairs or improvements after closing.
Key Highlights
- Two‑family property on Lake Cochituate
- Built in 1920
- Includes two 2‑bedroom units
Local 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 | $56.6k | $31.80 |
| − Vacancy | −$2.8k | −$1.57 |
| EGI | $53.8k | $30.23 |
| − OpEx | −$16.1k | −$9.07 |
| NOI | $37.7k | $21.16 |
1,780 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$538.1K
$470.8K – $627.8K
NOI $37,665 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$505.9K
$442.7K – $590.3K
NOI $35,416 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.05M
$922.0K – $1.23M
NOI $73,763 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-family property on Lake Cochituate with two 2-bedroom units, sold as-is and vacant for several years.
Where is this duplex located?
The property is located at 224 West Plain Street Wayland, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two‑family property on Lake Cochituate; Built in 1920; Includes two 2‑bedroom units
