Triplex with Two-Car
New
For Sale
$1,349,900
280-282 River Street, Waltham, MA 02453
Three occupied apartments offer separate gas and electric utilities, updated interiors, and on-site parking in Waltham.
Property Size3,264 SF
Lot Size0.15 Acres
Price / SF$413.57
Days on Market4
Property Features for 280-282 River Street
General Information
Standard status
Active
Size
3,264 SF
Total Parking Spaces
7
Lot size
0.15 Acres
Property subtype
Multifamily
Occupancy
100%
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR/1BA, 1 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,123
Building Details
Building Size
3,264 SF
Year Built
1920
Listing Agency:
Berkshire Hathaway HomeServices Commonwealth Real Estate
Listed By:
Lisa Dallaire
(781) 893-0808
Source:
Classifiedrealtygroup
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 5:41AM
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 Berkshire Hathaway HomeServices Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This three-unit residential property includes approximately 3,264 SF of living area on a 6,599+/- SF lot. The two apartments at 280 River Street are approximately 800+ square feet each, with one bedroom, a full bathroom, an eat-in kitchen, and a living room. One was remodeled in 2020 and the other in 2022. The approximately 1,600+ square foot residence at 282 River Street features a full bathroom, eat-in kitchen, living room, and bonus/family room on the first floor, plus three bedrooms and another full bathroom upstairs. That unit was renovated in 2025.
All three units are occupied on a tenant-at-will basis, with separate gas and electric utilities for each. The property provides parking for five vehicles and includes an existing two-car garage that can support additional parking or storage. Located near major routes, schools, commuter rail, public transportation, restaurants, and shopping in Waltham.
All three units are occupied on a tenant-at-will basis, with separate gas and electric utilities for each. The property provides parking for five vehicles and includes an existing two-car garage that can support additional parking or storage. Located near major routes, schools, commuter rail, public transportation, restaurants, and shopping in Waltham.
Key Highlights
- Three residential units totaling approximately 3,264 SF on a 6,599+/- SF lot
- Two approximately 800+ SF one‑bedroom units at 280 River Street
- Approximately 1,600+ SF three‑bedroom unit at 282 River Street
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
$69,067
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
5.12%
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%
$1,381,340
$1.4M
Cap Rate 7%
$986,671
$986.7K
Cap Rate 9%
$767,411
$767.4K
Market Conditions
NOI Build-Up for 3,264 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
$103.8K $31.80/SF
− Vacancy
−$5.1K −$1.57/SF
EGI
$98.7K $30.23/SF
− OpEx
−$29.6K −$9.07/SF
NOI
$69.1K $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%
$1,381,340
Cap Rate 7%
$986,671
Cap Rate 9%
$767,411
Alternative Uses
Best Use
Multifamily LT 5
$986.7K
$863.3K – $1.15M
NOI $69,067 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$927.8K
$811.8K – $1.08M
NOI $64,943 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,259 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 02453, MA
31,854
Population
13,163
Households
2.4
Avg Household Size
34
Median Age
59%
College-Educated
92%
High-School Grad
3.6 sq mi
ZIP Area
8,848
Density / Sq Mi
$114,029
Median Household Income
$58,036
Median Earnings
$2,063
Median Rent
$666,300
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 - Three occupied apartments offer separate gas and electric utilities, updated interiors, and on-site parking in Waltham.
Where is this triplex located?
The property is located at 280-282 River Street Waltham, MA.
What is the asking price?
The asking price for this property is $1,349,900.
What are key features of this property?
This property features: Three residential units totaling approximately 3,264 SF on a 6,599+/- SF lot; Two approximately 800+ SF one‑bedroom units at 280 River Street; Approximately 1,600+ SF three‑bedroom unit at 282 River Street
