Duplex with Unfinished Expansion
New
For Sale
$899,900
32 Vernon Street, Waltham, MA 02453
Two residential units feature separate utilities, distinct heating systems, and access to an unfinished walk-up top floor.
Property Size2,396 SF
Price / SF$375.58
Days on Market6
Property Features for 32 Vernon Street
General Information
Standard status
Active
Size
2,396 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty - Waltham
Listed By:
Hans Brings RESULTS
(617) 420-9033
Source:
Sredboston
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 9:28AM
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 - Waltham
Investment Insights
Based on property information with market context.
This 2,396-square-foot duplex, built in 1900, contains two residential units with separate utilities. The first-floor apartment includes five rooms, three bedrooms, a full cabinet kitchen, and hardwood flooring. The second-floor unit has four rooms, two bedrooms, and its own full cabinet kitchen. A walk-up unfinished top floor provides additional interior space for future planning, subject to applicable approvals.
The property includes a spacious fenced yard with mature bushes. Heating is separately configured: the first floor has a 2019 Navien tankless gas system, while the second floor uses a 2019 steam-by-gas system. Located at 32 Vernon Street in Waltham, the property offers access to Route 128, the Mass Pike, Brandeis University, parks, schools, restaurants, and public transportation.
The property includes a spacious fenced yard with mature bushes. Heating is separately configured: the first floor has a 2019 Navien tankless gas system, while the second floor uses a 2019 steam-by-gas system. Located at 32 Vernon Street in Waltham, the property offers access to Route 128, the Mass Pike, Brandeis University, parks, schools, restaurants, and public transportation.
Key Highlights
- 2,396‑square‑foot duplex built in 1900
- First‑floor unit: five rooms, three bedrooms, hardwood floors, and full cabinet kitchen
- Second‑floor unit: four rooms, two bedrooms, and full cabinet kitchen
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
$50,700
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
5.63%
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%
$1,014,000
$1.0M
Cap Rate 7%
$724,286
$724.3K
Cap Rate 9%
$563,333
$563.3K
Market Conditions
NOI Build-Up for 2,396 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
$76.2K $31.80/SF
− Vacancy
−$3.8K −$1.57/SF
EGI
$72.4K $30.23/SF
− OpEx
−$21.7K −$9.07/SF
NOI
$50.7K $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%
$1,014,000
Cap Rate 7%
$724,286
Cap Rate 9%
$563,333
Alternative Uses
Best Use
Multifamily LT 5
$724.3K
$633.8K – $845.0K
NOI $50,700 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$681.0K
$595.9K – $794.5K
NOI $47,672 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,290 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,625
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
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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?
Duplex - Two residential units feature separate utilities, distinct heating systems, and access to an unfinished walk-up top floor.
Where is this duplex located?
The property is located at 32 Vernon Street Waltham, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 2,396‑square‑foot duplex built in 1900; First‑floor unit: five rooms, three bedrooms, hardwood floors, and full cabinet kitchen; Second‑floor unit: four rooms, two bedrooms, and full cabinet kitchen
