Two-Unit Duplex with Enclosed
For Sale
$449,995
354-356 Water Street, Clinton, MA 01510
Residential duplex with eat-in kitchens, expanded storage, and outdoor space across two adjoining lots.
Property Size2,400 SF
Price / SF$187.50
Days on Market156
Property Features for 354-356 Water Street
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
3
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
Res / 1040
Net Operating Income
$10,500
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,299
Amenities
eat-in kitchens
enclosed porches
ceiling fans
washer in bathroom
built-in china cabinet
pantry
walk-up attic
basement laundry hookups
No
Wood, Vinyl, Carpet, Varies
Oven, Range, Refrigerator, Washer
2.0
Washer Hookup
Full, Interior Access, Dirt Floor
Ceiling Fan(s), Bathroom With Tub & Shower, Smart Thermostat, Walk-Up Attic, Pantry, Living Room, Kitchen, Dining Room
2
2.00
Frame
Shingle
Shed(s)
Porch - Enclosed
Enclosed
Building Details
Year Built
1920
Listing Agency:
Keller Williams Boston MetroWest
(508) 877-6500
Listed By:
Kelly M. Pough · License #9073036
(508) 877-6500
Source:
Compass
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 31 at 9:42PM
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 Boston MetroWest
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex contains two residential units, each with two bedrooms. Both apartments include eat-in kitchens, living and dining areas, varied flooring, enclosed porches, and full bathrooms with tub-and-shower combinations. Gas heat serves the property, while a smart thermostat and ceiling fans add to the existing equipment. The first-floor unit includes a bathroom washer, and the second-floor unit has a built-in china cabinet, pantry, and access to a walk-up attic. Basement laundry hookups and interior basement access provide additional utility space.
The property includes two adjoining lots, along with an enclosed exterior porch and shed. It is located near shopping, dining, parks, Routes 495 and 190, and the Wachusett Reservoir. Zoning is listed as Res / 1040, and the building dates to 1920.
The property includes two adjoining lots, along with an enclosed exterior porch and shed. It is located near shopping, dining, parks, Routes 495 and 190, and the Wachusett Reservoir. Zoning is listed as Res / 1040, and the building dates to 1920.
Key Highlights
- 2,400 SF duplex with two residential units
- Each unit includes 2 bedrooms and an eat‑in kitchen
- Two adjoining lots provide expanded outdoor space
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
$32,442
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
7.21%
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%
$648,840
$648.8K
Cap Rate 7%
$463,457
$463.5K
Cap Rate 9%
$360,467
$360.5K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$46.3K $19.31/SF
− OpEx
−$13.9K −$5.79/SF
NOI
$32.4K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /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%
$648,840
Cap Rate 7%
$463,457
Cap Rate 9%
$360,467
Alternative Uses
Best Use
Multifamily LT 5
$463.5K
$405.5K – $540.7K
NOI $32,442 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$403.3K
$352.9K – $470.6K
NOI $28,234 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$819.6K
$717.1K – $956.2K
NOI $57,370 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 01510, MA
15,428
Population
7,017
Households
2.2
Avg Household Size
39
Median Age
35%
College-Educated
91%
High-School Grad
5.7 sq mi
ZIP Area
2,707
Density / Sq Mi
$93,849
Median Household Income
$49,815
Median Earnings
$1,353
Median Rent
$348,000
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 - Residential duplex with eat-in kitchens, expanded storage, and outdoor space across two adjoining lots.
Where is this duplex located?
The property is located at 354-356 Water Street Clinton, MA.
What is the asking price?
The asking price for this property is $449,995.
What are key features of this property?
This property features: 2,400 SF duplex with two residential units; Each unit includes 2 bedrooms and an eat‑in kitchen; Two adjoining lots provide expanded outdoor space
