Two-Family Residential Income
For Sale
$849,000
Pending
988 Morton St, Boston, MA 02126
Two-family residence with off-street parking for four cars, vinyl siding (2017), and basement living space not recognized by the tax assessor.
Property Size2,988 SF
Days on Market136
Property Features for 988 Morton St
General Information
Standard status
Pending
Size
2,988 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
R2
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,666
Building Details
Building Size
2,988 SF
Year Built
1920
Year Renovated
2017
Stories
3
Units
2
Listing Agency:
Bostonia Properties
(617) 738-7000
Listed By:
Kate Duggan · License #144768
(617) 418-9882
Source:
Alliancepartnersre
Added: Apr 23
Changed: Aug 8
Last Checked: Jul 23 at 7:23AM
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 Bostonia Properties
Investment Insights
Based on property information with market context.
This two-family residential income property offers a straightforward layout with large rooms for both units. Vinyl siding was installed in 2017, and the home is heated with gas forced air. Ductwork is already in place, providing a straightforward path to add central air conditioning. Additional living space is located in the basement and is not recognized by the tax assessor.
The property includes off-street parking for four cars and rear exterior porches for units 1 and 2. It also provides easy access to public transportation and Route 93, supporting convenient everyday commuting.
Overall, the building is designed for low-maintenance ownership while maintaining flexible living space across the units and an added basement area.
The property includes off-street parking for four cars and rear exterior porches for units 1 and 2. It also provides easy access to public transportation and Route 93, supporting convenient everyday commuting.
Overall, the building is designed for low-maintenance ownership while maintaining flexible living space across the units and an added basement area.
Key Highlights
- Two‑family residence built in 1920 in Dorchester Lower Mills
- Vinyl siding installed in 2017 for low‑maintenance exterior
- Gas forced‑air heat with ductwork in place (room to add central air)
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
$75,505
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
8.89%
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%
$1,510,100
$1.5M
Cap Rate 7%
$1,078,643
$1.1M
Cap Rate 9%
$838,944
$838.9K
Market Conditions
NOI Build-Up for 2,988 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
$112.9K $37.80/SF
− Vacancy
−$5.1K −$1.70/SF
EGI
$107.9K $36.10/SF
− OpEx
−$32.4K −$10.83/SF
NOI
$75.5K $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%
$1,510,100
Cap Rate 7%
$1,078,643
Cap Rate 9%
$838,944
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$943.8K – $1.26M
NOI $75,505 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$1.00M
$877.4K – $1.17M
NOI $70,194 @ 7.0% cap · market cap 8.27%
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,619 @ 7.0% cap · market cap 18.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
858
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 - Two-family residence with off-street parking for four cars, vinyl siding (2017), and basement living space not recognized by the tax assessor.
Where is this duplex located?
The property is located at 988 Morton St Boston, MA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two‑family residence built in 1920 in Dorchester Lower Mills; Vinyl siding installed in 2017 for low‑maintenance exterior; Gas forced‑air heat with ductwork in place (room to add central air)
