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    Two Homes, One Lot Title is generated by Realmo AI

    398 & 402 Boston Post Road, Waterford, CT 06385

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    Claim this Listing
    Pending
    $350,000

    MULTI_FAMILY - Waterford, CT

    Property size:
    2,236 SF
    Lot size:
    0.56 Acres
    Added:
    Jul 11, 2025
    Days on Market:
    311
    Last Refresh:
    May 17 at 11:06 am

    Property Features for 398 & 402 Boston Post Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-20
    Bedrooms
    7
    Bathrooms
    2
    Rooms
    Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Basement, Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 3
    Parking
    4
    Basement
    Full
    Standard status
    Pending
    Size
    2,236 SF
    Lot size
    0.56 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    5020

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating)
    Water source
    Well

    Building Details

    Year built
    1957

    We can help!

    Listing Contact
    Bud Bowes
    Bud Bowes

    Listing agent Bud Bowes License #REB.0019221

    Listing office RE/MAX on the Bay 61 Pennsylvania Avenue, Niantic, CT

    Listing date Jul 11, 2025

    MLS# 24107216 Listing URL

    Copyright © 2026 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two Homes on One Lot: Rare opportunity for investment, renovation, or multi‑generational living.
    • Prime Location: Desirable area with high‑upside potential.
    • 402 Boston Post Rd: 4‑bedroom, 1‑bath Cape Cod (built 1957) with cosmetic update potential.
    • 398 Boston Post Rd: 3‑bedroom, 1‑bath Colonial (built 1900) ready for renovations.
    • Cash Investor Opportunity: Ideal for investors seeking value‑add projects.
    • Public Sewer and Well Water: Essential utilities already in place.

    Overview

    This property presents an opportunity to own two separate homes on a single lot. The location is considered prime. One of the homes, located at 402 Boston Post Rd, is a Cape Cod-style home constructed in 1957. It features 4 bedrooms and 1 bathroom. Cosmetic updates such as fresh paint and new flooring could enhance this home. The second home, located at 398 Boston Post Rd, is a Colonial-style home dating back to 1900. It contains 3 bedrooms and 1 bathroom. This home is ready for renovations, offering the opportunity to add value through updates. The lot size is 0.56 acres. The property is zoned R-20. The total property size is 2236 square feet. This setup offers flexibility for investors, renovators, or those seeking a multi-generational living arrangement. The property is also listed as a single family residence.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterford
    County
    New London
    State
    Connecticut
    Longitude
    -72.16674
    Latitude
    41.355633

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      High-Visibility Commercial Opportunity on Route 1

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      Professional Office Suites For Sale

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    FAQs

    What type of property is this?
    Single family property - Two homes on one lot, prime investment opportunity.
    Where is this single family property located?
    The property is located at 398 & 402 Boston Post Road Waterford, CT.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Two Homes on One Lot: Rare opportunity for investment, renovation, or multi‑generational living.; Prime Location: Desirable area with high‑upside potential.; 402 Boston Post Rd: 4‑bedroom, 1‑bath Cape Cod (built 1957) with cosmetic update potential.
    (860) 884-8428
    We can help!
    Listing Contact
    Bud Bowes
    Bud Bowes
    Real Estate License ID: REB.0019221
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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