Side-by-Side Two-Family
For Sale
$550,000
Pending
35 Water St, Quincy, MA 02169
Residential Income, Quincy, MA
Property Size1,088 SF
Lot Size0.11 Acres
Days on Market48
Property Features for 35 Water St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
BUSB
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4
Parking
5
Directions
Franklin St to Water St or Quincy Ave to Water St
Subdivision
Quincy Center
Standard status
Pending
APN
M:3003 B:0042 L:0021,5224119
Size
1,088 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6018
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Listing Agency:
Keller Williams Realty
(781) 843-3200
Listed By:
Steve Zeboski
(781) 843-3200
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 25 at 6:06AM
MLS# 73547420
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This side-by-side two-family duplex offers a total of 1,088 square feet of living space on a 0.1084-acre lot. Built in 1900, the property is laid out with separate unit interiors, including a spacious living room and kitchen configuration for each side.
Unit L features three bedrooms and two full bathrooms, with two bedrooms upstairs and a master bedroom on the first floor. Unit L also includes a newer full bathroom on the first floor. Unit R offers one bedroom and one bathroom.
The property’s Quincy location is described as providing an easy walk to the T-station, supporting convenient city commuting. Open house hours are scheduled for Sat/Sun 7/11 and 7/12 from 11 am to 1 pm.
Unit L features three bedrooms and two full bathrooms, with two bedrooms upstairs and a master bedroom on the first floor. Unit L also includes a newer full bathroom on the first floor. Unit R offers one bedroom and one bathroom.
The property’s Quincy location is described as providing an easy walk to the T-station, supporting convenient city commuting. Open house hours are scheduled for Sat/Sun 7/11 and 7/12 from 11 am to 1 pm.
Key Highlights
- Side‑by‑side two‑family duplex totaling 1,088 square feet
- 0.1084‑acre lot
- Unit L: three bedrooms and two full bathrooms, with a newer first‑floor full bath
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
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 - BUSB-zoned two-family duplex with side-by-side units, a total of four bedrooms, and a walk to the T-station.
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: Side‑by‑side two‑family duplex totaling 1,088 square feet; 0.1084‑acre lot; Unit L: three bedrooms and two full bathrooms, with a newer first‑floor full bath
