Two-Family Lakefront
For Sale
$649,000
Pending
224 West Plain Street, Wayland, MA 01778
Two-family property on Lake Cochituate with two 2-bedroom units, sold as-is and vacant for several years.
Property Size1,780 SF
Days on Market34
Property Features for 224 West Plain Street
General Information
Standard status
Pending
Size
1,780 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
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
Changed: Aug 8
Last Checked: Jul 23 at 5:31AM
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
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
$37,665
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
5.80%
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%
$753,300
$753.3K
Cap Rate 7%
$538,071
$538.1K
Cap Rate 9%
$418,500
$418.5K
Market Conditions
NOI Build-Up for 1,780 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
$56.6K $31.80/SF
− Vacancy
−$2.8K −$1.57/SF
EGI
$53.8K $30.23/SF
− OpEx
−$16.1K −$9.07/SF
NOI
$37.7K $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%
$753,300
Cap Rate 7%
$538,071
Cap Rate 9%
$418,500
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 01778, MA
14,132
Population
5,136
Households
2.8
Avg Household Size
45
Median Age
78%
College-Educated
98%
High-School Grad
15.0 sq mi
ZIP Area
942
Density / Sq Mi
$219,531
Median Household Income
$106,935
Median Earnings
$1,403
Median Rent
$935,700
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-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
