Victorian Two-Family
For Sale
$1,850,000
Pending
27 Oliver Street, Watertown, MA 02472
Historic Victorian duplex with a basement rental unit and multiple finished floors featuring fireplaces, hardwood floors, and stained-glass.
Property Size3,900 SF
Days on Market83
Property Features for 27 Oliver Street
General Information
Standard status
Pending
Size
3,900 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
S-6
Net Operating Income
$24,000
Taxes and HOA fees
Annual Taxes
$16,965
Amenities
Pool, Tennis Court(s), Park, Golf, Sidewalks
Zoned
Full, Partially Finished, Walk-Out Access, Interior Entry, Sump Pump, Concrete
Gas Water Heater
Off Street, Paved
Rain Gutters, Garden
Building Details
Building Size
3,900 SF
Year Built
1893
Stories
4
Listing Agency:
Real Estate 109
Listed By:
Peter Boyajian Team
(617) 834-4807
Source:
Evrealestate
Added: Jun 18
Changed: Sep 7
Last Checked: Sep 7 at 4:41AM
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 Real Estate 109
Investment Insights
Based on property information with market context.
This Victorian two-family residence retains classic period details throughout, including high ceilings, oversized windows, stained-glass, and hardwood floors. The home features three wood-burning fireplaces, a first-floor library with beamed ceiling, wainscotting, and French doors, along with a hidden powder room. The mid-century kitchen includes ample cabinetry, stone counters, and large picture windows overlooking the yard and gardens.
The second floor provides four well-proportioned bedrooms, including a master bedroom suite with a fireplace. The third floor is fully finished with flex space that may be used as a game room or additional bedrooms and includes another bathroom.
A vintage 1940s lower-level apartment adds rental income value and has been consistently rented for decades.
The second floor provides four well-proportioned bedrooms, including a master bedroom suite with a fireplace. The third floor is fully finished with flex space that may be used as a game room or additional bedrooms and includes another bathroom.
A vintage 1940s lower-level apartment adds rental income value and has been consistently rented for decades.
Key Highlights
- Victorian two‑family (c. 1890) built in 1893 with classic period details throughout
- Basement rental apartment dating to the 1940s has been consistently rented for decades
- 3 wood‑burning fireplaces plus stained‑glass, high ceilings, and oversized windows
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
$82,525
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
4.46%
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%
$1,650,500
$1.7M
Cap Rate 7%
$1,178,929
$1.2M
Cap Rate 9%
$916,944
$916.9K
Market Conditions
NOI Build-Up for 3,900 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
$124.0K $31.80/SF
− Vacancy
−$6.1K −$1.57/SF
EGI
$117.9K $30.23/SF
− OpEx
−$35.4K −$9.07/SF
NOI
$82.5K $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%
$1,650,500
Cap Rate 7%
$1,178,929
Cap Rate 9%
$916,944
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,525 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$1.11M
$970.0K – $1.29M
NOI $77,597 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,615 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,535
Businesses Nearby
Explore this area
Business Placement
Demographics for 02472, MA
35,392
Population
17,069
Households
2.1
Avg Household Size
39
Median Age
67%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
8,848
Density / Sq Mi
$123,383
Median Household Income
$77,537
Median Earnings
$2,356
Median Rent
$737,600
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 - Historic Victorian duplex with a basement rental unit and multiple finished floors featuring fireplaces, hardwood floors, and stained-glass.
Where is this duplex located?
The property is located at 27 Oliver Street Watertown, MA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Victorian two‑family (c. 1890) built in 1893 with classic period details throughout; Basement rental apartment dating to the 1940s has been consistently rented for decades; 3 wood‑burning fireplaces plus stained‑glass, high ceilings, and oversized windows
