Oversized Two-Family
For Sale
$1,099,900
601-603 Main Street, Watertown, MA 02472
Pristine two-family with eat-in kitchens, formal dining rooms with built-ins, hardwood floors, natural gas heat, and a newer roof.
Property Size2,614 SF
Price / SF$420.77
Days on Market116
Property Features for 601-603 Main Street
General Information
Standard status
Active
Size
2,614 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
RES
Net Operating Income
$65,700
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,087
Building Details
Building Size
2,614 SF
Year Built
1920
Stories
2
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 13
Changed: Sep 4
Last Checked: Sep 5 at 4:35AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This pristine oversized two-family offers bright eat-in kitchens, large living rooms, and formal dining rooms with built-in features. Hardwood flooring runs throughout, complemented by natural gas heating. Exterior amenities include a large relaxing front porch, and the property also provides ample off-street parking.
Conveniently, the home is within walking distance to public transportation and shops, making it practical for day-to-day access.
The layout supports comfortable separate living arrangements within a well-maintained residential income property, with updates reflected in the newer roof.
Conveniently, the home is within walking distance to public transportation and shops, making it practical for day-to-day access.
The layout supports comfortable separate living arrangements within a well-maintained residential income property, with updates reflected in the newer roof.
Key Highlights
- Oversized two‑family home built in 1920
- Eat‑in kitchens and large living rooms
- Formal dining rooms with built‑ins
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
$55,313
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
5.03%
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%
$1,106,260
$1.1M
Cap Rate 7%
$790,186
$790.2K
Cap Rate 9%
$614,589
$614.6K
Market Conditions
NOI Build-Up for 2,614 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
$83.1K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.0K $30.23/SF
− OpEx
−$23.7K −$9.07/SF
NOI
$55.3K $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%
$1,106,260
Cap Rate 7%
$790,186
Cap Rate 9%
$614,589
Alternative Uses
Best Use
Multifamily LT 5
$790.2K
$691.4K – $921.9K
NOI $55,313 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$743.0K
$650.1K – $866.8K
NOI $52,010 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,323 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
786
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 - Pristine two-family with eat-in kitchens, formal dining rooms with built-ins, hardwood floors, natural gas heat, and a newer roof.
Where is this duplex located?
The property is located at 601-603 Main Street Watertown, MA.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: Oversized two‑family home built in 1920; Eat‑in kitchens and large living rooms; Formal dining rooms with built‑ins
