Duplex with Owner’s
For Sale
$899,000
24 Watts Street, Malden, MA 02148
Two separately entered residences include a one-bedroom apartment and a larger two-level unit with flexible bonus space.
Property Size1,903 SF
Price / SF$472.41
Days on Market146
Property Features for 24 Watts Street
General Information
Standard status
Active
Size
1,903 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
ResA
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,388
Amenities
oversized deck
fire pit
storage shed
No
Carpet, Hardwood
Dishwasher, Microwave, Refrigerator, Range
6.0
Insulated Windows
Full, Interior Access, Unfinished Basement
Living Room, Kitchen, Dining Room, Laundry Room
3
4.50
6
Frame
Shingle
Level
Deck, Deck - Composite
Building Details
Year Built
1920
Listing Agency:
Littlefield Real Estate, LLC
(781) 389-0791
Listed By:
Keith Littlefield · License #9510657
(781) 389-0791
Source:
Compass
Added: Apr 8
Changed: Aug 31
Last Checked: Aug 31 at 3:01AM
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 Littlefield Real Estate, LLC
Investment Insights
Based on property information with market context.
This 1,903-square-foot duplex includes two distinct residences with separate entrances, gas heating systems, and electric service. The first-floor apartment has one bedroom, a living room, eat-in kitchen, and full bathroom. The owner’s two-level residence offers two bedrooms, one and a half baths, living and kitchen areas, plus a bonus room that can serve as additional living, office, or sleeping space. Central AC, in-unit laundry, fresh paint, and new carpeting are included in the larger unit.
The property also provides a full unfinished basement with interior access, a level yard, composite deck, fire pit, storage shed, and parking for six vehicles. Built in 1920, it is located in Malden’s Edgeworth section near parks, shopping, restaurants, Route 93, bus service, and MBTA access to Boston.
The property also provides a full unfinished basement with interior access, a level yard, composite deck, fire pit, storage shed, and parking for six vehicles. Built in 1920, it is located in Malden’s Edgeworth section near parks, shopping, restaurants, Route 93, bus service, and MBTA access to Boston.
Key Highlights
- 1,903 SF duplex with two separate residences
- First‑floor unit includes 1 bedroom, eat‑in kitchen, living room, and full bath
- Owner’s unit spans 2 levels with 2 bedrooms, 1.5 baths, and bonus room
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
$40,268
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
4.48%
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%
$805,360
$805.4K
Cap Rate 7%
$575,257
$575.3K
Cap Rate 9%
$447,422
$447.4K
Market Conditions
NOI Build-Up for 1,903 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
$60.5K $31.80/SF
− Vacancy
−$3.0K −$1.57/SF
EGI
$57.5K $30.23/SF
− OpEx
−$17.3K −$9.07/SF
NOI
$40.3K $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%
$805,360
Cap Rate 7%
$575,257
Cap Rate 9%
$447,422
Alternative Uses
Best Use
Multifamily LT 5
$575.3K
$503.4K – $671.1K
NOI $40,268 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$540.9K
$473.3K – $631.1K
NOI $37,863 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.13M
$985.8K – $1.31M
NOI $78,860 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 02148, MA
66,274
Population
28,043
Households
2.4
Avg Household Size
36
Median Age
45%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
13,255
Density / Sq Mi
$95,298
Median Household Income
$56,077
Median Earnings
$2,066
Median Rent
$607,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered residences include a one-bedroom apartment and a larger two-level unit with flexible bonus space.
Where is this duplex located?
The property is located at 24 Watts Street Malden, MA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1,903 SF duplex with two separate residences; First‑floor unit includes 1 bedroom, eat‑in kitchen, living room, and full bath; Owner’s unit spans 2 levels with 2 bedrooms, 1.5 baths, and bonus room
