Duplex With City-Approved
For Sale
$999,995
1103 Morton St, Boston, MA 02126
Finished lower-level apartment, private outdoor space, and a detached two-car garage support flexible residential use.
Property Size2,700 SF
Price / SF$370.37
Days on Market16
Property Features for 1103 Morton St
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
recessed lighting
modern light features
recently-installed hardwood floors
wraparound yard
Building Details
Year Built
1935
Buildings
1
Listing Agency:
Landmark Unlimited Realty
(617) 455-2474
Listed By:
Junior Pena
Source:
Gooddeedsrealtypartners
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 30 at 8:56PM
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 Landmark Unlimited Realty
Investment Insights
Based on property information with market context.
This 2,700-square-foot duplex, built in 1935, includes a main residence and a city-approved accessory dwelling unit in the fully finished basement. The lower-level unit has a living area, two bedrooms, one full bathroom, and a kitchen. The main house offers four to five bedrooms, depending on whether the formal dining room is retained, along with two full bathrooms.
Recent improvements include hardwood flooring, recessed lighting, and updated light fixtures. Exterior features include a wraparound yard and a two-car garage. The property is in Boston’s Lower Mills section, near the Baker Chocolate Factory, local shops, and restaurants.
Recent improvements include hardwood flooring, recessed lighting, and updated light fixtures. Exterior features include a wraparound yard and a two-car garage. The property is in Boston’s Lower Mills section, near the Baker Chocolate Factory, local shops, and restaurants.
Key Highlights
- City‑approved ADU in fully finished basement
- 2,700‑square‑foot duplex built in 1935
- ADU includes 2 bedrooms, 1 full bath, living area, and kitchen
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
$68,227
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
6.82%
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%
$1,364,540
$1.4M
Cap Rate 7%
$974,671
$974.7K
Cap Rate 9%
$758,078
$758.1K
Market Conditions
NOI Build-Up for 2,700 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
$102.1K $37.80/SF
− Vacancy
−$4.6K −$1.70/SF
EGI
$97.5K $36.10/SF
− OpEx
−$29.2K −$10.83/SF
NOI
$68.2K $25.27/SF
Area
Boston, MA
Vacancy
4.50%
Lease Rate
$37.80 /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%
$1,364,540
Cap Rate 7%
$974,671
Cap Rate 9%
$758,078
Alternative Uses
Best Use
Multifamily LT 5
$974.7K
$852.8K – $1.14M
NOI $68,227 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$906.1K
$792.9K – $1.06M
NOI $63,429 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,523 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
Explore this area
Business Placement
Demographics for 02126, MA
22,734
Population
9,617
Households
2.4
Avg Household Size
38
Median Age
24%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
12,630
Density / Sq Mi
$67,206
Median Household Income
$42,397
Median Earnings
$1,659
Median Rent
$515,000
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?
Duplex - Finished lower-level apartment, private outdoor space, and a detached two-car garage support flexible residential use.
Where is this duplex located?
The property is located at 1103 Morton St Boston, MA.
What is the asking price?
The asking price for this property is $999,995.
What are key features of this property?
This property features: City‑approved ADU in fully finished basement; 2,700‑square‑foot duplex built in 1935; ADU includes 2 bedrooms, 1 full bath, living area, and kitchen
