Three-Family Residential Income
For Sale
$1,375,000
34 Irma Ave, Watertown, MA 02472
Well-maintained three-family property with multiple bedrooms per unit, in-unit laundry, central air on the first floor, and off-street parking.
Property Size3,643 SF
Price / SF$377.44
Days on Market70
Property Features for 34 Irma Ave
General Information
Standard status
Active
Size
3,643 SF
Property subtype
3 Family
Additional Details
Multifamily Units
3
Amenities
hardwood floors
private balconies
central air
in-unit laundry
off-street parking
basement storage
Building Details
Year Built
1910
Stories
3
Tenancy
Multi
Listing Agency:
CK Realty Group LLC
(617) 924-1600
Listed By:
Chris Kavakian · License #9516064
(617) 470-6701
Source:
Lockandkeyre
Added: Jul 8
Changed: Sep 14
Last Checked: Sep 15 at 6:23AM
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 CK Realty Group LLC
Investment Insights
Based on property information with market context.
This three-family residential income property offers three separate units with hardwood floors throughout. The first-floor unit includes 1 bedroom and 1 bath, an updated kitchen, recessed lighting, in-unit laundry, and central air. The second- and third-floor units each provide 2 bedrooms and 1 bath, along with private balconies and gas heat; the third-floor unit has been recently refreshed. The basement includes additional laundry and ample storage.
Two driveways provide off-street parking. The property is located in East Watertown/Coolidge Square with convenient access to public transportation and nearby retail and dining options.
The building’s unit mix supports varied household sizes, with amenities including in-unit laundry on the first floor and additional shared laundry in the basement.
Two driveways provide off-street parking. The property is located in East Watertown/Coolidge Square with convenient access to public transportation and nearby retail and dining options.
The building’s unit mix supports varied household sizes, with amenities including in-unit laundry on the first floor and additional shared laundry in the basement.
Key Highlights
- 3‑family building built in 1910 with a 1BD/1BA first‑floor unit and two 2BD/1BA units on the 2nd and 3rd floors
- First‑floor unit has an updated kitchen, recessed lights, in‑unit laundry, and central air
- 2nd- and 3rd‑floor units each offer gas heat and private balconies; the 3rd‑floor unit is recently refreshed
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
$77,087
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%
$1,541,740
$1.5M
Cap Rate 7%
$1,101,243
$1.1M
Cap Rate 9%
$856,522
$856.5K
Market Conditions
NOI Build-Up for 3,643 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
$115.8K $31.80/SF
− Vacancy
−$5.7K −$1.57/SF
EGI
$110.1K $30.23/SF
− OpEx
−$33.0K −$9.07/SF
NOI
$77.1K $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%
$1,541,740
Cap Rate 7%
$1,101,243
Cap Rate 9%
$856,522
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$963.6K – $1.28M
NOI $77,087 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.04M
$906.0K – $1.21M
NOI $72,483 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $150,965 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,137
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-family property with multiple bedrooms per unit, in-unit laundry, central air on the first floor, and off-street parking.
Where is this triplex located?
The property is located at 34 Irma Ave Watertown, MA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 3‑family building built in 1910 with a 1BD/1BA first‑floor unit and two 2BD/1BA units on the 2nd and 3rd floors; First‑floor unit has an updated kitchen, recessed lights, in‑unit laundry, and central air; 2nd- and 3rd‑floor units each offer gas heat and private balconies; the 3rd‑floor unit is recently refreshed
