Triplex with
For Sale
$1,325,000
Pending
28 Morse St, Watertown, MA 02472
Three-floor residence offers varied unit layouts, a large parking area, and gas-fired heating and hot water.
Property Size4,285 SF
Lot Size0.19 Acres
Days on Market58
Property Features for 28 Morse St
General Information
Standard status
Pending
Size
4,285 SF
Lot size
0.19 Acres
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Amenities
laundry area
Building Details
Year Built
1900
Buildings
1
Stories
3
Construction
Mansard
Tenancy
Multi
Listing Agency:
Stephanny Urena, Liriano Realty
Listed By:
The Kristin Gennetti Group
(781) 704-7040
Source:
Kristingennetti
Added: Jul 30
Changed: Sep 24
Last Checked: Sep 24 at 9:31AM
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 Stephanny Urena, Liriano Realty
Investment Insights
Based on property information with market context.
Classic Mansard-style triplex with approximately 4,285 square feet of living space across three floors and 14 total rooms. Unit 1 has been thoroughly renovated with large bedrooms, an open living room, and an eat-in kitchen. Unit 2 is an expansive three-bedroom layout with an open floor plan and large bedrooms, while Unit 3 includes two bedrooms, a newer kitchen, a newly renovated bathroom, and generous bedrooms with abundant natural light.
The property sits on an 8,250-square-foot lot with a large parking area and two carports that can accommodate four cars. A 1,516-square-foot unfinished basement provides utility storage and laundry space. Heating and hot water systems are gas. Built in 1900, the residence is located at 28 Morse St in Watertown, with a Walk Score of 83, Bike Score of 66, and Transit Score of 42.
The property sits on an 8,250-square-foot lot with a large parking area and two carports that can accommodate four cars. A 1,516-square-foot unfinished basement provides utility storage and laundry space. Heating and hot water systems are gas. Built in 1900, the residence is located at 28 Morse St in Watertown, with a Walk Score of 83, Bike Score of 66, and Transit Score of 42.
Key Highlights
- 4,285 SF of living space across three floors and 14 total rooms
- 8,250 SF lot with a large parking area
- Two carports accommodating 4 cars
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
$90,672
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
6.84%
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%
$1,813,440
$1.8M
Cap Rate 7%
$1,295,314
$1.3M
Cap Rate 9%
$1,007,467
$1.0M
Market Conditions
NOI Build-Up for 4,285 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
$136.3K $31.80/SF
− Vacancy
−$6.7K −$1.57/SF
EGI
$129.5K $30.23/SF
− OpEx
−$38.9K −$9.07/SF
NOI
$90.7K $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%
$1,813,440
Cap Rate 7%
$1,295,314
Cap Rate 9%
$1,007,467
Alternative Uses
Best Use
Multifamily LT 5
$1.30M
$1.13M – $1.51M
NOI $90,672 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,257 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,569 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,243
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-floor residence offers varied unit layouts, a large parking area, and gas-fired heating and hot water.
Where is this triplex located?
The property is located at 28 Morse St Watertown, MA.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 4,285 SF of living space across three floors and 14 total rooms; 8,250 SF lot with a large parking area; Two carports accommodating 4 cars
