Renovated Two-Family with Private
For Sale
$1,049,000
Pending
68 Adams Street, Waltham, MA 02453
Recently renovated two-family with private decks, updated systems, laundry, and off-street parking for flexible living or investment.
Property Size2,536 SF
Days on Market76
Property Features for 68 Adams Street
General Information
Standard status
Pending
Size
2,536 SF
Total Parking Spaces
3
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,886
Building Details
Building Size
2,536 SF
Year Built
1860
Tenancy
Multi
Listing Agency:
Gelineau & Associates, R.E.
(781) 710-1749
Listed By:
Glenna Gelineau · License #449501018
Source:
Classifiedrealtygroup
Added: Jun 6
Changed: Aug 8
Last Checked: Aug 3 at 4:52AM
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 Gelineau & Associates, R.E.
Investment Insights
Based on property information with market context.
This two-family residence presents a well-maintained, recently renovated layout with lead-compliant units and thoughtful interior upgrades. Both units feature sunlit living spaces with beautifully refinished wide-plank pine floors and access to private decks. The lower unit includes new windows and ceiling fans, along with a completely renovated kitchen and bath featuring brand new flooring, updated plumbing and electrical work, quartz countertops, refreshed cabinetry, and stainless steel appliances. The upper unit offers newer skylights and updated appliances. A spacious basement with updated windows and newer heating systems provides additional flexible space, with included laundry and room to adapt for a home gym or workshop. Outside, a fenced, private side yard includes flowering plantings and space for entertaining, along with off-street parking.
The property is located one block from Moody Street and provides access to the Charles River path. It is also positioned for convenient transit and commuting options, including commuter rail and bus access via the 128 shuttle, as well as major highways.
For buyers looking for an owner-occupant setup, the separate two-unit configuration supports privacy while still allowing hands-on control of upgrades and occupancy. Investors can view the asset as a renovated, maintainable income property with multiple updated systems, outdoor private space, and off-street parking that can be attractive to tenants.
The property is located one block from Moody Street and provides access to the Charles River path. It is also positioned for convenient transit and commuting options, including commuter rail and bus access via the 128 shuttle, as well as major highways.
For buyers looking for an owner-occupant setup, the separate two-unit configuration supports privacy while still allowing hands-on control of upgrades and occupancy. Investors can view the asset as a renovated, maintainable income property with multiple updated systems, outdoor private space, and off-street parking that can be attractive to tenants.
Key Highlights
- 1860‑built recently renovated 2‑family with lead‑compliant units and private decks
- Lower unit: renovated kitchen and bath with new flooring, plumbing, electrical, quartz countertops, cabinets, and stainless appliances
- Lower unit updates include new windows and ceiling fans
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
$53,663
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
5.12%
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%
$1,073,260
$1.1M
Cap Rate 7%
$766,614
$766.6K
Cap Rate 9%
$596,256
$596.3K
Market Conditions
NOI Build-Up for 2,536 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
$80.6K $31.80/SF
− Vacancy
−$4.0K −$1.57/SF
EGI
$76.7K $30.23/SF
− OpEx
−$23.0K −$9.07/SF
NOI
$53.7K $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%
$1,073,260
Cap Rate 7%
$766,614
Cap Rate 9%
$596,256
Alternative Uses
Best Use
Multifamily LT 5
$766.6K
$670.8K – $894.4K
NOI $53,663 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$720.8K
$630.7K – $841.0K
NOI $50,458 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,091 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,320
Businesses Nearby
Explore this area
Business Placement
Demographics for 02453, MA
31,854
Population
13,163
Households
2.4
Avg Household Size
34
Median Age
59%
College-Educated
92%
High-School Grad
3.6 sq mi
ZIP Area
8,848
Density / Sq Mi
$114,029
Median Household Income
$58,036
Median Earnings
$2,063
Median Rent
$666,300
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 - Recently renovated two-family with private decks, updated systems, laundry, and off-street parking for flexible living or investment.
Where is this duplex located?
The property is located at 68 Adams Street Waltham, MA.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: 1860‑built recently renovated 2‑family with lead‑compliant units and private decks; Lower unit: renovated kitchen and bath with new flooring, plumbing, electrical, quartz countertops, cabinets, and stainless appliances; Lower unit updates include new windows and ceiling fans
