Triplex with Private
For Sale
$1,949,000
33 Water St, Medford, MA 02155
Three two-level residences include an owner’s unit with private outdoor amenities and separate rental-income potential.
Property Size5,166 SF
Price / SF$377.27
Days on Market82
Property Features for 33 Water St
General Information
Standard status
Active
Size
5,166 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
GR
Net Operating Income
$39,600
Taxes and HOA fees
Annual Taxes
$14,924
Building Details
Building Size
5,166 SF
Year Built
1901
Stories
6
Listing Agency:
Coldwell Banker Realty - Franklin
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 10
Changed: Aug 29
Last Checked: Aug 29 at 2:09PM
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 - Franklin
Investment Insights
Based on property information with market context.
This three-family property offers 5,166 square feet across three residences, each arranged over two levels. The owner’s unit includes an oversized primary suite with a hot tub, fireplace, and walk-in closet, along with a finished basement, sunroom/den, covered rear deck, and private pool area. The pool house adds a full kitchenette. Central heat/AC serves the owner’s unit, while two storage sheds, a carport, and eight parking spaces support the property.
Unit 2 has an updated townhouse-style layout with a living room and eat-in kitchen on the main level, plus two bedrooms and a full bathroom upstairs. Unit 2R places its primary bedroom, bathroom, and living room on the main level, with a lower kitchen and second bedroom. Built in 1901 and zoned GR, the property is approximately 5 miles north of Boston, near I-93 and within walking distance of Medford Sq.
Unit 2 has an updated townhouse-style layout with a living room and eat-in kitchen on the main level, plus two bedrooms and a full bathroom upstairs. Unit 2R places its primary bedroom, bathroom, and living room on the main level, with a lower kitchen and second bedroom. Built in 1901 and zoned GR, the property is approximately 5 miles north of Boston, near I-93 and within walking distance of Medford Sq.
Key Highlights
- 5,166 SF three‑family property with three residences
- Each unit provides 2 levels of living
- Owner’s unit includes pool area and pool house with full kitchenette
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
$109,314
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
5.61%
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%
$2,186,280
$2.2M
Cap Rate 7%
$1,561,629
$1.6M
Cap Rate 9%
$1,214,600
$1.2M
Market Conditions
NOI Build-Up for 5,166 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
$164.3K $31.80/SF
− Vacancy
−$8.1K −$1.57/SF
EGI
$156.2K $30.23/SF
− OpEx
−$46.8K −$9.07/SF
NOI
$109.3K $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%
$2,186,280
Cap Rate 7%
$1,561,629
Cap Rate 9%
$1,214,600
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.37M – $1.82M
NOI $109,314 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.47M
$1.28M – $1.71M
NOI $102,786 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,078 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 02155, MA
61,483
Population
25,893
Households
2.4
Avg Household Size
36
Median Age
58%
College-Educated
93%
High-School Grad
8.2 sq mi
ZIP Area
7,498
Density / Sq Mi
$118,403
Median Household Income
$60,825
Median Earnings
$2,483
Median Rent
$715,500
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 two-level residences include an owner’s unit with private outdoor amenities and separate rental-income potential.
Where is this triplex located?
The property is located at 33 Water St Medford, MA.
What is the asking price?
The asking price for this property is $1,949,000.
What are key features of this property?
This property features: 5,166 SF three‑family property with three residences; Each unit provides 2 levels of living; Owner’s unit includes pool area and pool house with full kitchenette
