Investment Analysis — 138 Forest St

Watertown, MA 02472

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 3-bedroom in 02472 carries an estimated $3,850/mo in gross rent — about a 3.48% cap rate and $26,096/yr in estimated NOI at the $750,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

Baths

1.5

SqFt

1,304

Style

Single Family

Built

1920

Great opportunity to own this 3-bedroom, 1.5-bath home perfectly situated in a desirable central Watertown neighborhood. Offering a traditional layout, generous outdoor space, and plenty of potential, this property is an ideal opportunity to make it your own and create the home you’ve been looking for. The 1st floor features a welcoming living room w/ a fireplace and hardwood floors, along w/ a spacious dining room w/ hardwood flooring that flows naturally into the kitchen. An additional office provides flexible space for working from home, a study, or a playroom, while a convenient half bath completes the 1st floor. Upstairs, you’ll find 3 bright corner bedrooms, each offering good natural light, along w/ a full bathroom. The lower level provides excellent potential for additional finished living space and includes a walkout to the large backyard, offering plenty of room for outdoor entertaining, gardening, play, or simply enjoying the space. The location is hard to beat just around the corner from the newly renovated Lowell Elementary School and minutes from Watertown’s new net-zero high school. Enjoy easy access to Waverley Square and the commuter rail, Arsenal Yards, Watertown Square, Cambridge, and Boston, w/ convenient access to major transportation routes. A wonderful opportunity to put your own stamp on a home in a highly desirable Watertown location.

ADU Potential

Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 652 sq ft (the lesser of 900 sq ft or half the 1,304 sq ft principal dwelling). Lot size: 4,991 sq ft.

Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.

Estimates — not financial advice

These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.