Victorian Multifamily
For Sale
$1,599,000
45-47 Barnard Ave, Watertown, MA 02472
Historic residential income property with updated interiors, separate heating systems, and landscaped grounds near Watertown Square.
Property Size2,890 SF
Price / SF$553.29
Days on Market89
Property Features for 45-47 Barnard Ave
General Information
Standard status
Active
Size
2,890 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
S-10
Net Operating Income
$31,200
Taxes and HOA fees
Annual Taxes
$18,180
Amenities
radiant heat
custom built-ins
recessed lighting
fireplace
porch
professionally designed grounds
seating area
vegetable garden
EV charging
Building Details
Building Size
2,890 SF
Year Built
1898
Stories
3
Construction
Victorian
Listing Agency:
Coldwell Banker Realty - Boston
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 4
Changed: Aug 29
Last Checked: Aug 31 at 12:52PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
Built in 1898, this 2,890-square-foot Victorian multifamily property combines preserved period character with a series of modern improvements. The owners' unit includes an updated kitchen and bath with radiant heat, custom built-ins, recessed lighting, and a fireplace. The property also has a newer roof and separate heating systems serving the units.
Outdoor features include a porch, seating area, vegetable garden, and seasonal plantings across grounds designed by Yardzen. Driveway EV charging adds a contemporary amenity. The property is located moments from Watertown Square, Arsenal Yard, and the new 2026 Watertown High School, with S-10 zoning.
Outdoor features include a porch, seating area, vegetable garden, and seasonal plantings across grounds designed by Yardzen. Driveway EV charging adds a contemporary amenity. The property is located moments from Watertown Square, Arsenal Yard, and the new 2026 Watertown High School, with S-10 zoning.
Key Highlights
- 2,890‑square‑foot multifamily property built in 1898
- S‑10 zoning
- Owners' unit with updated kitchen and bath, radiant heat, built‑ins, recessed lighting, and fireplace
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
$57,501
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
3.60%
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%
$1,150,020
$1.2M
Cap Rate 7%
$821,443
$821.4K
Cap Rate 9%
$638,900
$638.9K
Market Conditions
NOI Build-Up for 2,890 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
$110.3K $38.16/SF
− Vacancy
−$5.7K −$1.98/SF
EGI
$104.5K $36.18/SF
− OpEx
−$47.0K −$16.28/SF
NOI
$57.5K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$1,150,020
Cap Rate 7%
$821,443
Cap Rate 9%
$638,900
Alternative Uses
Best Use
Apartment 5plus
$821.4K
$718.8K – $958.4K
NOI $57,501 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,761 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,333
Businesses Nearby
Explore this area
Business Placement
Demographics for 02472, MA
35,392
Population
17,069
Households
2.1
Avg Household Size
39
Median Age
67%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
8,848
Density / Sq Mi
$123,383
Median Household Income
$77,537
Median Earnings
$2,356
Median Rent
$737,600
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?
Multifamily property - Historic residential income property with updated interiors, separate heating systems, and landscaped grounds near Watertown Square.
Where is this multifamily property located?
The property is located at 45-47 Barnard Ave Watertown, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 2,890‑square‑foot multifamily property built in 1898; S‑10 zoning; Owners' unit with updated kitchen and bath, radiant heat, built‑ins, recessed lighting, and fireplace
