2-Unit Duplex with Walk-Out
New
For Sale
$1,200,000
15 Shirley Street, Newton, MA 02465
Residential Income, Newton, MA
Property Size3,468 SF
Lot Size0.21 Acres
Price / SF$346.02
Days on Market2
Property Features for 15 Shirley Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SR3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 2
Parking
5
Elementary school
Burr
Middle school
Day
High school
North
Directions
Auburndale Ave to Shirley Street
Standard status
Active
APN
692828
Size
3,468 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9883
Building Details
Year built
1916
Floors in Building
4
Number of units
2
Listing Agency:
RE/MAX Preferred Properties · RE/MAX International
(617) 969-0676
Listed By:
DINO ROSSI · License #138989
(617) 969-0676
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 4:06PM
MLS# 73565592
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2-unit duplex contains 3,468 square feet across two residential units. The first-floor residence offers two bedrooms, a dining room with built-ins, a living room, eat-in kitchen, full bathroom, and front sunroom. Its kitchen includes stainless steel appliances, while the unit also features fresh paint, refinished flooring, and a new gas-converted furnace. The upper residence spans the second and third floors, with two bedrooms, a living and dining room, full bathroom, sunroom, and an additional top-floor room that may serve as a bedroom or multipurpose space. That unit uses oil heat on the second floor and has a built-in wall AC unit on the third floor.
The property sits on a 0.211-acre flat lot at 15 Shirley Street in Newton, Massachusetts, between West Newton and Auburndale. Public transportation and major highways are nearby, along with parks, trails, conservation land, shops, dining, and an independent theater. An unfinished walk-out basement provides approximately 7 feet of ceiling height, while the large driveway accommodates multiple vehicles. The property was built in 1916 and is zoned SR3.
The property sits on a 0.211-acre flat lot at 15 Shirley Street in Newton, Massachusetts, between West Newton and Auburndale. Public transportation and major highways are nearby, along with parks, trails, conservation land, shops, dining, and an independent theater. An unfinished walk-out basement provides approximately 7 feet of ceiling height, while the large driveway accommodates multiple vehicles. The property was built in 1916 and is zoned SR3.
Key Highlights
- Two residential units totaling 3,468 square feet
- 0.211‑acre flat lot at 15 Shirley Street, Newton, MA 02465
- Unfinished walk‑out basement with around 7 feet of ceiling height
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
$73,384
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
6.12%
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%
$1,467,680
$1.5M
Cap Rate 7%
$1,048,343
$1.0M
Cap Rate 9%
$815,378
$815.4K
Market Conditions
NOI Build-Up for 3,468 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
$110.3K $31.80/SF
− Vacancy
−$5.4K −$1.57/SF
EGI
$104.8K $30.23/SF
− OpEx
−$31.5K −$9.07/SF
NOI
$73.4K $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%
$1,467,680
Cap Rate 7%
$1,048,343
Cap Rate 9%
$815,378
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$917.3K – $1.22M
NOI $73,384 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$985.7K
$862.5K – $1.15M
NOI $69,001 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$2.05M
$1.80M – $2.40M
NOI $143,713 @ 7.0% cap · market cap 11.98%
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
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 02465, MA
12,415
Population
4,452
Households
2.8
Avg Household Size
42
Median Age
78%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
5,643
Density / Sq Mi
$174,518
Median Household Income
$93,021
Median Earnings
$2,251
Median Rent
$1,098,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - SR3-zoned duplex with two distinct living units, off-street parking, and flexible basement space.
Where is this duplex located?
The property is located at 15 Shirley Street Newton, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two residential units totaling 3,468 square feet; 0.211‑acre flat lot at 15 Shirley Street, Newton, MA 02465; Unfinished walk‑out basement with around 7 feet of ceiling height
