Two-Family Side-by-Side
For Sale
$550,000
Pending
35 Water St, Quincy, MA 02169
Two-family side-by-side home with two distinct units and a total of four bedrooms and three full bathrooms.
Property Size1,088 SF
Days on Market55
Property Features for 35 Water St
General Information
Standard status
Pending
Size
1,088 SF
Property subtype
2 Family - 2 Units Side by Side
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(857) 498-7037
Listed By:
Angela Cui · License #9531311
(857) 498-7037
Source:
Lockandkeyre
Added: Jul 9
Changed: Aug 24
Last Checked: Jul 24 at 11:56AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This two-family side-by-side duplex offers a total of 1,088 square feet and features four bedrooms and three full bathrooms across two units. Unit L includes three bedrooms and two full bathrooms, with two bedrooms upstairs and a master bedroom on the first floor plus a newer full bathroom. Unit R provides one bedroom and one bathroom.
Located in Quincy, the property is described as within walking distance to the T-station, supporting convenient access for daily commutes.
The layout supports shared ownership or rental use with separate living areas for each unit, while maintaining a straightforward, residence-style configuration throughout.
Located in Quincy, the property is described as within walking distance to the T-station, supporting convenient access for daily commutes.
The layout supports shared ownership or rental use with separate living areas for each unit, while maintaining a straightforward, residence-style configuration throughout.
Key Highlights
- Two‑family side‑by‑side home with 1,088 SF and New England‑style exterior
- Total layout includes 4 bedrooms and 3 full bathrooms
- Unit L features 3 bedrooms and 2 full bathrooms, with 2 bedrooms upstairs and a first‑floor master with a newer full bathroom
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
$18,372
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
3.34%
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%
$367,440
$367.4K
Cap Rate 7%
$262,457
$262.5K
Cap Rate 9%
$204,133
$204.1K
Market Conditions
NOI Build-Up for 1,088 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
$28.1K $25.80/SF
− Vacancy
−$1.8K −$1.68/SF
EGI
$26.2K $24.12/SF
− OpEx
−$7.9K −$7.24/SF
NOI
$18.4K $16.89/SF
Area
Quincy, MA
Vacancy
6.50%
Lease Rate
$25.80 /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%
$367,440
Cap Rate 7%
$262,457
Cap Rate 9%
$204,133
Alternative Uses
Best Use
Multifamily LT 5
$262.5K
$229.7K – $306.2K
NOI $18,372 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$241.1K
$210.9K – $281.3K
NOI $16,875 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$643.1K
$562.7K – $750.3K
NOI $45,017 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,735
Businesses Nearby
Explore this area
Business Placement
Demographics for 02169, MA
62,140
Population
30,198
Households
2.1
Avg Household Size
39
Median Age
48%
College-Educated
92%
High-School Grad
12.1 sq mi
ZIP Area
5,136
Density / Sq Mi
$92,080
Median Household Income
$60,166
Median Earnings
$1,975
Median Rent
$552,200
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?
Duplex - Two-family side-by-side home with two distinct units and a total of four bedrooms and three full bathrooms.
Where is this duplex located?
The property is located at 35 Water St Quincy, MA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑family side‑by‑side home with 1,088 SF and New England‑style exterior; Total layout includes 4 bedrooms and 3 full bathrooms; Unit L features 3 bedrooms and 2 full bathrooms, with 2 bedrooms upstairs and a first‑floor master with a newer full bathroom
