Updated Two-Family
For Sale
$1,545,000
12-14 Newcastle Road, Boston, MA 02135
Updated two-family with two large units, central AC, in-unit laundry, and year-round heated sun rooms.
Property Size4,518 SF
Price / SF$341.97
Days on Market38
Property Features for 12-14 Newcastle Road
General Information
Standard status
Active
Size
4,518 SF
Total Parking Spaces
4
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Amenities
central AC
laundry in each unit
modern/renovated kitchens
updated baths
bonus year-round (heated) sun room
large fenced backyard with irrigation & storage shed
Building Details
Building Size
4,518 SF
Year Built
1910
Listing Agency:
FRAME Residential
(617) 543-3900
Listed By:
Matthew Petty · License #452508574
(617) 543-3900
Source:
Iverty
Added: Jul 7
Changed: Aug 12
Last Checked: Aug 12 at 5:40AM
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 FRAME Residential
Investment Insights
Based on property information with market context.
This updated two-family residence features two distinct units, each with in-unit laundry and a bonus year-round (heated) sun room off the rear. The home includes modernized/renovated kitchens and updated bathrooms, along with fully finished basement space for additional living area.
The property offers four off-street parking spaces and a large fenced backyard with irrigation and a storage shed. Central AC is included, and the home is described as having recently updated interiors throughout.
Unit 12 is currently leased through 8/31/2026, with tenant renewal noted as possible. Unit 14 is planned for delivery vacant, creating flexibility for an owner-occupant or investor with both near-term and longer-term occupancy options.
The property offers four off-street parking spaces and a large fenced backyard with irrigation and a storage shed. Central AC is included, and the home is described as having recently updated interiors throughout.
Unit 12 is currently leased through 8/31/2026, with tenant renewal noted as possible. Unit 14 is planned for delivery vacant, creating flexibility for an owner-occupant or investor with both near-term and longer-term occupancy options.
Key Highlights
- Updated 1910 Philly‑style 2‑family with a 4 bed/2 bath unit and a 5 bed/3 bath unit plus a fully finished basement
- Central AC plus in‑unit laundry in each unit for added convenience
- Each unit includes a bonus year‑round (heated) sun room off the rear
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
$114,167
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
7.39%
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%
$2,283,340
$2.3M
Cap Rate 7%
$1,630,957
$1.6M
Cap Rate 9%
$1,268,522
$1.3M
Market Conditions
NOI Build-Up for 4,518 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
$170.8K $37.80/SF
− Vacancy
−$7.7K −$1.70/SF
EGI
$163.1K $36.10/SF
− OpEx
−$48.9K −$10.83/SF
NOI
$114.2K $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%
$2,283,340
Cap Rate 7%
$1,630,957
Cap Rate 9%
$1,268,522
Alternative Uses
Best Use
Multifamily LT 5
$1.63M
$1.43M – $1.90M
NOI $114,167 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,137 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$3.38M
$2.96M – $3.95M
NOI $236,815 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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 - Updated two-family with two large units, central AC, in-unit laundry, and year-round heated sun rooms.
Where is this duplex located?
The property is located at 12-14 Newcastle Road Boston, MA.
What is the asking price?
The asking price for this property is $1,545,000.
What are key features of this property?
This property features: Updated 1910 Philly‑style 2‑family with a 4 bed/2 bath unit and a 5 bed/3 bath unit plus a fully finished basement; Central AC plus in‑unit laundry in each unit for added convenience; Each unit includes a bonus year‑round (heated) sun room off the rear
