Renovated Three-Unit
New
For Sale
$1,199,000
248 Washington Street, Norwood, MA 02062
Renovated kitchens, separate utilities, laundry facilities, and basement storage add practical functionality to the property.
Property Size2,488 SF
Price / SF$481.91
Days on Market6
Property Features for 248 Washington Street
General Information
Standard status
Active
Size
2,488 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1959
Listing Agency:
Capital Realty Group
Listed By:
Michael Lord
(617) 262-6200
Source:
Cabotandcompany
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 30 at 5:50PM
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, built in 1959, has undergone recent renovations and includes generously proportioned rooms, updated kitchens with new appliances, and renovated bathrooms. Each unit has separate utilities, while the property also provides separate laundry facilities, additional basement storage, a shared yard, and ample parking. The property has a reported 7+ CAP RATE and a strong rental history.
The property is near the Westwood line and within walking distance of the train, shops, restaurants, and supermarkets. Its combination of three separate units, updated interiors, individual utilities, and supporting common amenities creates a clearly defined multifamily configuration.
The property is near the Westwood line and within walking distance of the train, shops, restaurants, and supermarkets. Its combination of three separate units, updated interiors, individual utilities, and supporting common amenities creates a clearly defined multifamily configuration.
Key Highlights
- 3 units with separate utilities
- 7+ CAP RATE and strong rental history
- Recently renovated kitchens with new appliances
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
3.72%
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 3.72%
Second Best
Apartment 5plus
$587.5K
$514.0K – $685.4K
NOI $41,122 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,102 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
394
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, separate utilities, laundry facilities, and basement storage add practical functionality to the property.
Where is this triplex located?
The property is located at 248 Washington Street Norwood, MA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 3 units with separate utilities; 7+ CAP RATE and strong rental history; Recently renovated kitchens with new appliances
