Two-Family Property with
New
For Sale
$1,100,000
46-48 Waltham St, Watertown, MA 02472
Two-unit residence with distinct layouts, six bedrooms, and an eat-in kitchen with granite countertops.
Property Size2,640 SF
Days on Market6
Property Features for 46-48 Waltham St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$10,557
Building Details
Building Size
2,640 SF
Year Built
1971
Stories
2
Units
2
Listing Agency:
Realty Executives
Listed By:
Ari Koufos · License #9056955
(617) 799-8948
Source:
Elliman
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 15 at 9:08AM
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 Realty Executives
Investment Insights
Based on property information with market context.
This two-family property in Watertown includes separate residential units with practical room counts and bedroom layouts. The first-floor unit offers 5 rooms, 3 bedrooms, and 1 bath. The second-floor unit contains 6 rooms, 3 bedrooms, an office, and 1 bath. Both living rooms feature fireplaces, while the upper unit also has a mini-split system in the living room for air conditioning. Its eat-in kitchen includes cabinetry and granite counters.
Built in 1971, the property is located at 46-48 Waltham St. Restaurants, shopping, parks, and a bike path are nearby. The location records a bike score of 80, a walk score of 76, and a transit score of 41.
Built in 1971, the property is located at 46-48 Waltham St. Restaurants, shopping, parks, and a bike path are nearby. The location records a bike score of 80, a walk score of 76, and a transit score of 41.
Key Highlights
- Two‑family property built in 1971
- First‑floor unit: 5 rooms, 3 bedrooms, and 1 bath
- Second‑floor unit: 6 rooms, 3 bedrooms, office, and 1 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
$55,863
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
5.08%
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%
$1,117,260
$1.1M
Cap Rate 7%
$798,043
$798.0K
Cap Rate 9%
$620,700
$620.7K
Market Conditions
NOI Build-Up for 2,640 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
$84.0K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.8K $30.23/SF
− OpEx
−$23.9K −$9.07/SF
NOI
$55.9K $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%
$1,117,260
Cap Rate 7%
$798,043
Cap Rate 9%
$620,700
Alternative Uses
Best Use
Multifamily LT 5
$798.0K
$698.3K – $931.1K
NOI $55,863 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$750.4K
$656.6K – $875.5K
NOI $52,527 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,401 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,276
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?
Duplex - Two-unit residence with distinct layouts, six bedrooms, and an eat-in kitchen with granite countertops.
Where is this duplex located?
The property is located at 46-48 Waltham St Watertown, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two‑family property built in 1971; First‑floor unit: 5 rooms, 3 bedrooms, and 1 bath; Second‑floor unit: 6 rooms, 3 bedrooms, office, and 1 bath
