Fully Renovated Two-Family
For Sale
$1,149,900
Pending
21 Marcella St, Boston, MA 02119
Renovated two-family with bi-level living potential, modern kitchens, in-unit laundry, private decks, and off-street parking.
Property Size2,792 SF
Days on Market139
Property Features for 21 Marcella St
General Information
Standard status
Pending
Size
2,792 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
R2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,338
Amenities
private decks
off-street parking
in-unit washer and dryer
Building Details
Building Size
2,792 SF
Year Built
1870
Stories
3
Units
2
Listing Agency:
MIG
(617) 651-5406
Listed By:
Hakim Sadler · License #449540724
(617) 233-6451
Source:
Aucoinryanrealty
Added: Apr 23
Changed: Aug 7
Last Checked: Jul 23 at 7:31AM
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 MIG
Investment Insights
Based on property information with market context.
Fully renovated two-family duplex offering approximately 3,400+ square feet across 8 total bedrooms and 5 total bathrooms. Each unit is designed to support bi-level living potential, with updated finishes throughout. Kitchens include newly installed stone countertops, upgraded cabinetry, and stainless steel appliances, creating functional spaces for everyday use and entertaining.
Both units feature in-unit washer and dryer. Outside, residents can enjoy private decks with outdoor sitting areas, and the property includes off-street parking for added convenience. Located at 21 Marcella St in Boston, this turn-key property is well suited to an owner-occupant looking to offset expenses or an investor seeking long-term stability in an area described as having a consistent rental history.
Both units feature in-unit washer and dryer. Outside, residents can enjoy private decks with outdoor sitting areas, and the property includes off-street parking for added convenience. Located at 21 Marcella St in Boston, this turn-key property is well suited to an owner-occupant looking to offset expenses or an investor seeking long-term stability in an area described as having a consistent rental history.
Key Highlights
- Fully renovated two‑family property built in 1870 with approximately 3,400+ sq ft total
- 8 total bedrooms and 5 total bathrooms across both units
- Each unit includes in‑unit washer and dryer
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
$85,916
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
7.47%
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%
$1,718,320
$1.7M
Cap Rate 7%
$1,227,371
$1.2M
Cap Rate 9%
$954,622
$954.6K
Market Conditions
NOI Build-Up for 3,400 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
$128.5K $37.80/SF
− Vacancy
−$5.8K −$1.70/SF
EGI
$122.7K $36.10/SF
− OpEx
−$36.8K −$10.83/SF
NOI
$85.9K $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%
$1,718,320
Cap Rate 7%
$1,227,371
Cap Rate 9%
$954,622
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.07M – $1.43M
NOI $85,916 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$1.14M
$998.4K – $1.33M
NOI $79,873 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$2.55M
$2.23M – $2.97M
NOI $178,214 @ 7.0% cap · market cap 15.50%
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
1,811
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
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 - Renovated two-family with bi-level living potential, modern kitchens, in-unit laundry, private decks, and off-street parking.
Where is this duplex located?
The property is located at 21 Marcella St Boston, MA.
What is the asking price?
The asking price for this property is $1,149,900.
What are key features of this property?
This property features: Fully renovated two‑family property built in 1870 with approximately 3,400+ sq ft total; 8 total bedrooms and 5 total bathrooms across both units; Each unit includes in‑unit washer and dryer
