Watertown Multi-Unit Investment
28 Oliver Street, Watertown, MA 02472
New
Legal 3-family property near Watertown & Cushing Square in Belmont.
Type:Multi-family / 3 Family
Property size:
5,347 SFPrice / SF:
$336/SF- Added:
- May 25, 2026
- Days on Market:
- 5
- Last Refresh:
- May 27 at 8:02 am
Property Features for 28 Oliver Street
General Information
- Standard status
- Active
- Size
- 5,347 SF
- Property subtype
- Multi-family / 3 Family
Building Details
- Year Built
- 1900
Listing agent Erika Tarlow License #9529083 (617) 266-4430
Listing office Coldwell Banker Realty - Boston (617) 266-4430
Listing date May 25, 2026
Source Compass
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 - Boston
HighLights
- Legal 3‑family property generating over $115K/year in rental income.
- Located near Watertown Square & Cushing Square in Belmont, with convenient access to Boston/Cambridge, Newton/Waltham.
- Three units with separate utilities and private laundry in each.
- Unit 1 features a 3‑level townhouse‑style residence with 3 beds, 2 baths, central A/C, 4 parking spaces, and private fenced‑in outdoor space.
- Ample parking with a total of 9 spaces across all units.
- High ceilings and generous storage throughout all 3 units.
Overview
This legal three-family property presents an investment opportunity near Watertown Square and Cushing Square in Belmont. The building, with approximately 5,300 square feet, is currently configured into three distinct units, all of which are rented and generating over $115,000 per year in rental income. Unit 1 is a three-level townhouse-style residence featuring three bedrooms, two full bathrooms, central air conditioning, four parking spaces, and access to a private fenced outdoor space. Unit 2 is a bi-level condo-style residence spanning the second and third floors, offering three bedrooms plus an office, two full bathrooms, central air conditioning in the primary bedroom, and two parking spaces. Unit 3 is a condo-style residence on the first floor with a lower level, including one bedroom, an extra-large bonus room, one and a half bathrooms, and three tandem parking spaces. All three units feature high ceilings and generous storage space. Each unit has separate utilities and private laundry facilities. Common water and a shared storage shed are also available. The property offers convenient access to Boston, Cambridge, Newton, and Waltham. It is also near the MBTA bus line, the Waverley commuter train, restaurants, shops, parks, trails, and the Charles Riverway.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.0k | $31.80 |
| − Vacancy | −$8.4k | −$1.57 |
| EGI | $161.6k | $30.23 |
| − OpEx | −$48.5k | −$9.07 |
| NOI | $113.1k | $21.16 |
5,347 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.62M
$1.41M – $1.89M
NOI $113,144 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,387 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$3.17M
$2.77M – $3.69M
NOI $221,578 @ 7.0% cap · market cap 12.31%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Watertown
- County
- Middlesex
- State
- Massachusetts
- Longitude
- -71.1828322
- Latitude
- 42.3707665
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Legal 3-family property near Watertown & Cushing Square in Belmont.
Where is this triplex located?
The property is located at 28 Oliver Street Watertown, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Legal 3‑family property generating over $115K/year in rental income.; Located near Watertown Square & Cushing Square in Belmont, with convenient access to Boston/Cambridge, Newton/Waltham.; Three units with separate utilities and private laundry in each.
