Multi-Family Corner Home with
For Sale
$1,350,000
28 Appleton Street, Watertown, MA 02472
Spacious two-unit multi-family with 13 rooms, multiple bedrooms, and a farmer’s porch on a prominent corner lot.
Property Size2,889 SF
Price / SF$467.29
Days on Market55
Property Features for 28 Appleton Street
General Information
Standard status
Active
Size
2,889 SF
Total Parking Spaces
3
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Stories
3
Listing Agency:
Coldwell Banker Realty - Belmont
Listed By:
Bob Airasian
(413) 584-2900
Source:
Mapleandmainrealty
Added: Jul 13
Changed: Sep 4
Last Checked: Sep 4 at 10:03AM
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 Coldwell Banker Realty - Belmont
Investment Insights
Based on property information with market context.
This spacious 13-room, two-unit multi-family home offers a versatile layout with 6 bedrooms and 2 bathrooms. The first-floor unit features 2 bedrooms, 1 bath, hardwood floors, a generous living/dining area, and a convenient pantry. The upper unit spans two levels with 4 bedrooms and 1 bath, along with expansive living space designed to support customization.
Set on a prominent corner lot in desirable East Watertown, the property includes a welcoming farmer’s porch and abundant natural light throughout. Outdoor features include well-manicured grounds with mature plantings, a paver walkway, patio, and a stone retaining wall, plus a 3-car wide paver driveway.
With access to nearby Coolidge Square and convenient proximity to restaurants, shopping, parks, and public transit, the home also offers easy access to Arsenal Yards, Cambridge, and Boston. The property is positioned to support owner-occupancy, investment use, or multi-generational living.
Set on a prominent corner lot in desirable East Watertown, the property includes a welcoming farmer’s porch and abundant natural light throughout. Outdoor features include well-manicured grounds with mature plantings, a paver walkway, patio, and a stone retaining wall, plus a 3-car wide paver driveway.
With access to nearby Coolidge Square and convenient proximity to restaurants, shopping, parks, and public transit, the home also offers easy access to Arsenal Yards, Cambridge, and Boston. The property is positioned to support owner-occupancy, investment use, or multi-generational living.
Key Highlights
- Two‑unit multi‑family built in 1910 with 13 rooms, 6 bedrooms, and 2 baths.
- Prominent corner lot with a welcoming farmer’s porch and high ceilings with abundant natural light.
- 1st‑floor unit: 2 bedrooms, 1 bath, hardwood floors, generous living/dining area, and a pantry.
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
$61,132
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
4.53%
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%
$1,222,640
$1.2M
Cap Rate 7%
$873,314
$873.3K
Cap Rate 9%
$679,244
$679.2K
Market Conditions
NOI Build-Up for 2,889 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
$91.9K $31.80/SF
− Vacancy
−$4.5K −$1.57/SF
EGI
$87.3K $30.23/SF
− OpEx
−$26.2K −$9.07/SF
NOI
$61.1K $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%
$1,222,640
Cap Rate 7%
$873,314
Cap Rate 9%
$679,244
Alternative Uses
Best Use
Multifamily LT 5
$873.3K
$764.2K – $1.02M
NOI $61,132 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$821.2K
$718.5K – $958.0K
NOI $57,481 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,719 @ 7.0% cap · market cap 8.87%
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
1,224
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 - Spacious two-unit multi-family with 13 rooms, multiple bedrooms, and a farmer’s porch on a prominent corner lot.
Where is this duplex located?
The property is located at 28 Appleton Street Watertown, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two‑unit multi‑family built in 1910 with 13 rooms, 6 bedrooms, and 2 baths.; Prominent corner lot with a welcoming farmer’s porch and high ceilings with abundant natural light.; 1st‑floor unit: 2 bedrooms, 1 bath, hardwood floors, generous living/dining area, and a pantry.
