15-Unit Multifamily
For Sale
$3,999,500
90-96 Bacon Street, Waltham, MA 02451
Three-building multifamily property with off-street parking and partially landlord-paid utilities.
Property Size8,340 SF
Price / SF$479.56
Days on Market152
Property Features for 90-96 Bacon Street
General Information
Standard status
Active
Size
8,340 SF
Total Parking Spaces
15
Property subtype
Multi-family / 5-9 Family
Zoning
RC
Net Operating Income
$277,943
Taxes and HOA fees
Annual Taxes
$38,900
Amenities
No
15.0
Partial, Bulkhead, Dirt Floor, Concrete Floor
15
15.00
Shingle
Level
Rain Gutters
Building Details
Year Built
1920
Listing Agency:
Advantage Property Team LLC
(781) 209-0888
Listed By:
Nicholas Neu · License #9584509
(781) 209-0888
Source:
Compass
Added: Apr 3
Changed: Aug 31
Last Checked: Aug 31 at 1:00AM
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 Advantage Property Team LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises 15 units across three buildings: two four-family structures and one seven-unit building. The improvements total approximately 8,340 square feet on a 0.47-acre lot, with 15 off-street parking spaces. Built in 1920, the property is zoned RC, and utility expenses are partially paid by the landlord.
The property is located at 90–96 Bacon Street in Waltham, near Main Street and Central Square. Public transportation is nearby, with access to major commuter routes also noted. The configuration provides a multi-building residential income asset with established unit count, on-site parking, and a central Waltham setting.
The property is located at 90–96 Bacon Street in Waltham, near Main Street and Central Square. Public transportation is nearby, with access to major commuter routes also noted. The configuration provides a multi-building residential income asset with established unit count, on-site parking, and a central Waltham setting.
Key Highlights
- 15‑unit multifamily property across 3 buildings
- Two 4‑family buildings and one 7‑unit building
- Approximately 8,340 square feet on a 0.47‑acre lot
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
$165,938
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
4.15%
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%
$3,318,760
$3.3M
Cap Rate 7%
$2,370,543
$2.4M
Cap Rate 9%
$1,843,756
$1.8M
Market Conditions
NOI Build-Up for 8,340 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
$318.3K $38.16/SF
− Vacancy
−$16.5K −$1.98/SF
EGI
$301.7K $36.18/SF
− OpEx
−$135.8K −$16.28/SF
NOI
$165.9K $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%
$3,318,760
Cap Rate 7%
$2,370,543
Cap Rate 9%
$1,843,756
Alternative Uses
Best Use
Apartment 5plus
$2.37M
$2.07M – $2.77M
NOI $165,938 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.94M
$4.32M – $5.76M
NOI $345,607 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,920
Businesses Nearby
Explore this area
Business Placement
Demographics for 02451, MA
17,953
Population
7,852
Households
2.3
Avg Household Size
39
Median Age
55%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
3,387
Density / Sq Mi
$119,509
Median Household Income
$66,318
Median Earnings
$2,537
Median Rent
$709,200
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?
Apartment building - Three-building multifamily property with off-street parking and partially landlord-paid utilities.
Where is this apartment building located?
The property is located at 90-96 Bacon Street Waltham, MA.
What is the asking price?
The asking price for this property is $3,999,500.
What are key features of this property?
This property features: 15‑unit multifamily property across 3 buildings; Two 4‑family buildings and one 7‑unit building; Approximately 8,340 square feet on a 0.47‑acre lot
