Two-Unit
New
For Sale
$1,275,000
119 M St, Boston, MA 02127
Separate one-bedroom and four-bedroom residences include private outdoor areas and in-unit laundry.
Property Size2,489 SF
Days on Market3
Property Features for 119 M St
General Information
Standard status
Active
Size
2,489 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
minor renovations
Units
Unit Mix
1 x 1BR/1BA, 1 x 4BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,369
Building Details
Building Size
2,489 SF
Year Built
1900
Stories
4
Units
2
Tenancy
Multi
Listed By:
Ryan Quinn
(617) 285-9363
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 2:22PM
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 Ryan Quinn
Investment Insights
Based on property information with market context.
Built in 1900, this Boston duplex contains two residences with distinct layouts. The first offers one bedroom and one bathroom, plus a finished lower level with a street-level walkout, rear patio, and full-size laundry. Heating is provided by gas hot-water baseboard and ductless mini-splits. The second residence is a four-bedroom, one-and-a-half-bath duplex with a modern kitchen, in-unit laundry, a heated main bathroom floor, and a private rear deck. Andersen windows and doors are also in place, and both units have the same two heating systems.
The one-bedroom unit is occupied by a long-term tenant-at-will. The larger residence is leased to three tenants through August 31, 2027. The property is on M Street in South Boston, near East Broadway and M Street Beach. Walk Score is 88, Bike Score is 74, and Transit Score is 74.
The one-bedroom unit is occupied by a long-term tenant-at-will. The larger residence is leased to three tenants through August 31, 2027. The property is on M Street in South Boston, near East Broadway and M Street Beach. Walk Score is 88, Bike Score is 74, and Transit Score is 74.
Key Highlights
- Two residences: a 1‑bedroom, 1‑bath unit and a 4‑bedroom, 1.5‑bath duplex
- First unit has a finished lower level, street‑level walkout, rear patio, and full‑size laundry
- Second unit includes a modern kitchen, heated main bathroom floor, private rear deck, and Andersen windows and doors
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
$62,895
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
4.93%
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%
$1,257,900
$1.3M
Cap Rate 7%
$898,500
$898.5K
Cap Rate 9%
$698,833
$698.8K
Market Conditions
NOI Build-Up for 2,489 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
$94.1K $37.80/SF
− Vacancy
−$4.2K −$1.70/SF
EGI
$89.9K $36.10/SF
− OpEx
−$27.0K −$10.83/SF
NOI
$62.9K $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%
$1,257,900
Cap Rate 7%
$898,500
Cap Rate 9%
$698,833
Alternative Uses
Best Use
Multifamily LT 5
$898.5K
$786.2K – $1.05M
NOI $62,895 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$835.3K
$730.9K – $974.5K
NOI $58,472 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,463 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
917
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate one-bedroom and four-bedroom residences include private outdoor areas and in-unit laundry.
Where is this duplex located?
The property is located at 119 M St Boston, MA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Two residences: a 1‑bedroom, 1‑bath unit and a 4‑bedroom, 1.5‑bath duplex; First unit has a finished lower level, street‑level walkout, rear patio, and full‑size laundry; Second unit includes a modern kitchen, heated main bathroom floor, private rear deck, and Andersen windows and doors
