Renovated Three-Unit
For Sale
$1,140,000
244 Washington Street, Norwood, MA 02062
Renovated kitchens, bathrooms, and separate utilities support three residential units.
Property Size2,488 SF
Days on Market107
Property Features for 244 Washington Street
General Information
Standard status
Active
Size
2,488 SF
Property subtype
3 Family
Taxes and HOA fees
Annual Taxes
$7,373
Amenities
laundry facilities
storage
shared yard
Building Details
Building Size
2,488 SF
Year Built
1959
Tenancy
Multi
Listing Agency:
Capital Realty Group
Listed By:
Michael Lord
Source:
Jonathanradford
Added: May 11
Changed: Aug 24
Last Checked: Aug 25 at 12:20PM
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 Capital Realty Group
Investment Insights
Based on property information with market context.
This three-unit triplex at 244 Washington Street offers a recently renovated residential configuration with generously sized rooms, newer kitchens with new appliances, and renovated bathrooms. Each unit has separate utilities, and the property includes separate laundry facilities, additional basement storage, a shared yard, and plenty of parking spaces. Built in 1959, the property has been well maintained and has a strong rental history.
The property is near the Westwood line and within walking distance of the train, shops, restaurants, and supermarkets. Its location provides access to established neighborhood services and commuter transportation while retaining the features of a multi-unit residential property. The property is identified with a 7+ CAP RATE in the source information.
The property is near the Westwood line and within walking distance of the train, shops, restaurants, and supermarkets. Its location provides access to established neighborhood services and commuter transportation while retaining the features of a multi-unit residential property. The property is identified with a 7+ CAP RATE in the source information.
Key Highlights
- Three‑unit property with three generously sized residential units
- Recently renovated with newer kitchens, new appliances, and renovated bathrooms
- Separate utilities for each unit
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
$44,569
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
3.91%
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%
$891,380
$891.4K
Cap Rate 7%
$636,700
$636.7K
Cap Rate 9%
$495,211
$495.2K
Market Conditions
NOI Build-Up for 2,488 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
$67.2K $27.00/SF
− Vacancy
−$3.5K −$1.41/SF
EGI
$63.7K $25.59/SF
− OpEx
−$19.1K −$7.68/SF
NOI
$44.6K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$891,380
Cap Rate 7%
$636,700
Cap Rate 9%
$495,211
Alternative Uses
Best Use
Multifamily LT 5
$636.7K
$557.1K – $742.8K
NOI $44,569 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$587.5K
$514.0K – $685.4K
NOI $41,122 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,102 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Explore this area
Business Placement
Demographics for 02062, MA
31,611
Population
13,961
Households
2.3
Avg Household Size
41
Median Age
53%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
3,011
Density / Sq Mi
$97,110
Median Household Income
$60,434
Median Earnings
$2,056
Median Rent
$613,500
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 - Renovated kitchens, bathrooms, and separate utilities support three residential units.
Where is this triplex located?
The property is located at 244 Washington Street Norwood, MA.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: Three‑unit property with three generously sized residential units; Recently renovated with newer kitchens, new appliances, and renovated bathrooms; Separate utilities for each unit
