Historic Multifamily Property with
For Sale
$1,350,000
118 - 120 Summer Street, Weston, MA 02493
Antique residential compound with an accessory dwelling, substantial outbuildings, and flexible space for multifamily living.
Property Size2,745 SF
Lot Size1.38 Acres
Price / SF$491.80
Days on Market26
Property Features for 118 - 120 Summer Street
General Information
Standard status
Active
Size
2,745 SF
Total Parking Spaces
2
Lot size
1.38 Acres
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1687
Buildings
4
Listing Agency:
Coldwell Banker Realty - Weston
Listed By:
Denise Mosher
(413) 333-7776
Source:
Jmulkerinrealty
Added: Aug 10
Changed: Sep 3
Last Checked: Sep 4 at 9:46AM
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 Coldwell Banker Realty - Weston
Investment Insights
Based on property information with market context.
This multifamily property occupies 1.38 acres and includes an expanded main residence, an accessory dwelling, a three-story barn, an oversized two-car garage, a storage shed, and two greenhouses. The primary residence offers wide-plank floors, beamed ceilings, living and dining rooms, a home office, and a primary suite with a vaulted ceiling, en suite bath, and walk-in closet. Updated electrical service and a newer gas heating system add practical improvements.
The accessory dwelling has an eat-in kitchen, family room, bedroom, walk-in closet, and mini-split heating and cooling. The barn includes a full bath and a potential bedroom, providing additional space for office, studio, guest, recreational, or living uses. Built in 1687, the property is located at 118 - 120 Summer Street in Weston, Massachusetts.
The accessory dwelling has an eat-in kitchen, family room, bedroom, walk-in closet, and mini-split heating and cooling. The barn includes a full bath and a potential bedroom, providing additional space for office, studio, guest, recreational, or living uses. Built in 1687, the property is located at 118 - 120 Summer Street in Weston, Massachusetts.
Key Highlights
- 1.38‑acre multifamily property with four separate structures
- Main residence, accessory dwelling, three‑story barn, and oversized two‑car garage
- Three‑story barn includes a full bath and potential bedroom
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
$54,616
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
4.05%
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%
$1,092,320
$1.1M
Cap Rate 7%
$780,229
$780.2K
Cap Rate 9%
$606,844
$606.8K
Market Conditions
NOI Build-Up for 2,745 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
$104.7K $38.16/SF
− Vacancy
−$5.4K −$1.98/SF
EGI
$99.3K $36.18/SF
− OpEx
−$44.7K −$16.28/SF
NOI
$54.6K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$1,092,320
Cap Rate 7%
$780,229
Cap Rate 9%
$606,844
Alternative Uses
Best Use
Apartment 5plus
$780.2K
$682.7K – $910.3K
NOI $54,616 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,752 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
Demographics for 02493, MA
11,851
Population
3,814
Households
3.1
Avg Household Size
44
Median Age
84%
College-Educated
98%
High-School Grad
16.8 sq mi
ZIP Area
705
Density / Sq Mi
$250,001
Median Household Income
$113,045
Median Earnings
$2,168
Median Rent
$1,586,100
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?
Multifamily property - Antique residential compound with an accessory dwelling, substantial outbuildings, and flexible space for multifamily living.
Where is this multifamily property located?
The property is located at 118 - 120 Summer Street Weston, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 1.38‑acre multifamily property with four separate structures; Main residence, accessory dwelling, three‑story barn, and oversized two‑car garage; Three‑story barn includes a full bath and potential bedroom
