Falls Pond consists of two impoundments totaling 113 acres connected by a culvert under Reservoir Street. The bottom of both ponds is predominantly mud with rock outcroppings. Most of the shorelines of both ponds are heavily developed.

The northern section also known as Coral Lake or Lake Hiawatha is drawn down about 5 feet during the winter months. There are several small islands in the northern basin.

The southern section, also known as Reservoir Pond. It is supplied with water by swampy areas and an unnamed brook.