
213 Palfrey Street Watertown — Photo 1 of 31
$1,875,000
Investment Analysis — 213 Palfrey Street
Watertown, MA 02472
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 4-bedroom in 02472 carries an estimated $4,250/mo in gross rent — about a 0.90% cap rate and $16,790/yr in estimated NOI at the $1,875,000 list price. Adjust every assumption in the calculator below.
Beds
4
Baths
3.5
SqFt
3,722
Style
Single Family
Built
2006
As you approach, 213 Palfrey Street appears to be a handsome, well proportioned bungalow, quietly settled into its surroundings. Open the front door and everything changes. Suddenly, you are standing beneath soaring ceilings, with windows stretching wide and a view that opens out across the landscape. Set high into the hill, at one of Watertown’s higher elevations, the sense of volume and light is extraordinary. It feels more California than New England, a house designed to embrace its setting and invite the outside in.Built in 2006 by a well known local developer for his own family, the house turns the traditional idea of a home on its head. The main living spaces occupy the top floor, where 13 foot ceilings and walls of glass make the most of the light and far reaching views. Four bedrooms are arranged on the levels below, and each of the home’s three floors opens to its own deck or garden. There is a generosity to the way the house lives, with room for gathering and entertaining as well as reading, working, making and simply taking in the view. Four bedrooms and three full and one half baths provide flexibility, while mature gardens and beautifully crafted stonework lend beauty, texture and a remarkable sense of privacy. Tucked into the garden is a dreamy heated studio, a wonderful place for an artist, home office, workshop or quiet retreat. Together, the house and studio offer 3,722 square feet for living and creating. A two car garage with EV charger completes the property. 213 Palfrey Street is a house that fills the senses. Light, height, landscape and view come together in a home that feels expansive, unexpected and wonderfully alive. More than anything, it feels like a place designed for a rich and interesting life.
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: 900 sq ft (the lesser of 900 sq ft or half the 3,722 sq ft principal dwelling). Lot size: 5,288 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.
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Gas Water Heater • Tankless Water Heater • Range • Dishwasher • Refrigerator • Washer • Dryer
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Listing Agent: The May Group
Listing Office: Gibson Sotheby's International Realty
MLS® Number: 73581407