Updated Duplex with
For Sale
$899,000
Pending
44 Watts St, Malden, MA 02148
Two residential units include private outdoor space and off-street parking.
Property Size2,361 SF
Days on Market10
Property Features for 44 Watts St
General Information
Standard status
Pending
Size
2,361 SF
Total Parking Spaces
6
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,602
Building Details
Building Size
2,361 SF
Year Built
1930
Buildings
1
Listing Agency:
Senne
Listed By:
Steven Savarese · License #449500301
(617) 962-4823
Source:
Classifiedrealtygroup
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 4:08AM
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 Senne
Investment Insights
Based on property information with market context.
This two-family property offers distinct residential layouts with useful interior updates. The lower unit includes an eat-in kitchen, living room, flexible dining room or den, and one bedroom. The upper residence spans two levels and features an updated eat-in kitchen with newer cabinets, appliances, and quartz countertops, along with a living room, dining room, three bedrooms, and a bath. Updated flooring and fresh paint continue through the upper unit.
Recently rebuilt front porches, a yard, and off-street parking for both units add practical outdoor amenities. The exterior was painted in 2026, and the home dates to 1930. One unit is move-in ready, while the other is occupied by a tenant, supporting both owner-occupancy and rental-use considerations.
Recently rebuilt front porches, a yard, and off-street parking for both units add practical outdoor amenities. The exterior was painted in 2026, and the home dates to 1930. One unit is move-in ready, while the other is occupied by a tenant, supporting both owner-occupancy and rental-use considerations.
Key Highlights
- Two‑family property with one‑bedroom lower unit and three‑bedroom upper unit
- Upper residence spans two levels and has an updated eat‑in kitchen
- Kitchen improvements include newer cabinets, appliances, and quartz countertops
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
$49,960
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
5.56%
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%
$999,200
$999.2K
Cap Rate 7%
$713,714
$713.7K
Cap Rate 9%
$555,111
$555.1K
Market Conditions
NOI Build-Up for 2,361 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
$75.1K $31.80/SF
− Vacancy
−$3.7K −$1.57/SF
EGI
$71.4K $30.23/SF
− OpEx
−$21.4K −$9.07/SF
NOI
$50.0K $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%
$999,200
Cap Rate 7%
$713,714
Cap Rate 9%
$555,111
Alternative Uses
Best Use
Multifamily LT 5
$713.7K
$624.5K – $832.7K
NOI $49,960 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$671.1K
$587.2K – $782.9K
NOI $46,976 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,839 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 02148, MA
66,274
Population
28,043
Households
2.4
Avg Household Size
36
Median Age
45%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
13,255
Density / Sq Mi
$95,298
Median Household Income
$56,077
Median Earnings
$2,066
Median Rent
$607,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include private outdoor space and off-street parking.
Where is this duplex located?
The property is located at 44 Watts St Malden, MA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two‑family property with one‑bedroom lower unit and three‑bedroom upper unit; Upper residence spans two levels and has an updated eat‑in kitchen; Kitchen improvements include newer cabinets, appliances, and quartz countertops
