Renovated Duplex with ADU
For Sale
$949,000
13 Hamilton Street, Framingham, MA 01701
Fully permitted improvements include updated systems, two modern kitchens, and three full baths.
Property Size2,535 SF
Price / SF$374.36
Days on Market153
Property Features for 13 Hamilton Street
General Information
Standard status
Active
Size
2,535 SF
Total Parking Spaces
5
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R1
Net Operating Income
$29,808
Taxes and HOA fees
Annual Taxes
$8,456
Amenities
No
Tile
Disposal, ENERGY STAR Qualified Refrigerator, ENERGY STAR Qualified Dishwasher, Washer/Dryer, Range, Microwave
3.0
Pantry, Lead Certification Available, Storage, Upgraded Cabinets, Upgraded Countertops, Bathroom with Shower Stall, Smart Thermostat, Remodeled, Slider, Living Room, Dining Room, Kitchen, Laundry Room, Office/Den, Window AC
3
3.00
Frame
Shingle
Corner Lot, Level
Balcony/Deck
Building Details
Year Built
1892
Listing Agency:
LAER Realty Partners
(844) 687-5237
Listed By:
Zhao Wang · License #9562800
(844) 687-5237
Source:
Compass
Added: Mar 31
Changed: Aug 29
Last Checked: Aug 29 at 2:13PM
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 LAER Realty Partners
Investment Insights
Based on property information with market context.
This 2,535-square-foot duplex combines historic construction from 1892 with a comprehensive studs-out renovation. Major improvements include a new roof, complete electrical rewiring, new plumbing, HVAC, two modern kitchens, and three full baths. The work is fully permitted, documented, and lead compliant. Interior features include upgraded cabinetry and countertops, laundry space, storage, a pantry, living and dining areas, and an office/den. Exterior elements include a balcony or deck and a level corner-lot setting.
Unit 2 is occupied, while Unit 1 is expected to deliver vacant possession by the end of May. The property is zoned R1 and offers a potential third-floor ADU conversion under the 2025 MA Affordable Homes Act, subject to applicable requirements. Framingham MBTA commuter rail access is approximately 0.5 mi away, and the Cochituate Rail Trail is approximately 0.2 mi away. The reported cap rate is 5.8%.
Unit 2 is occupied, while Unit 1 is expected to deliver vacant possession by the end of May. The property is zoned R1 and offers a potential third-floor ADU conversion under the 2025 MA Affordable Homes Act, subject to applicable requirements. Framingham MBTA commuter rail access is approximately 0.5 mi away, and the Cochituate Rail Trail is approximately 0.2 mi away. The reported cap rate is 5.8%.
Key Highlights
- 2,535 SF duplex with 3 full baths
- Full studs‑out renovation with new roof, electrical, plumbing, and HVAC
- Two modern kitchens with upgraded cabinets and countertops
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
$53,642
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
5.65%
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%
$1,072,840
$1.1M
Cap Rate 7%
$766,314
$766.3K
Cap Rate 9%
$596,022
$596.0K
Market Conditions
NOI Build-Up for 2,535 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
$80.6K $31.80/SF
− Vacancy
−$4.0K −$1.57/SF
EGI
$76.6K $30.23/SF
− OpEx
−$23.0K −$9.07/SF
NOI
$53.6K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,072,840
Cap Rate 7%
$766,314
Cap Rate 9%
$596,022
Alternative Uses
Best Use
Multifamily LT 5
$766.3K
$670.5K – $894.0K
NOI $53,642 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$720.5K
$630.5K – $840.6K
NOI $50,438 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,050 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 01701, MA
33,005
Population
13,131
Households
2.5
Avg Household Size
44
Median Age
61%
College-Educated
95%
High-School Grad
16.9 sq mi
ZIP Area
1,953
Density / Sq Mi
$127,000
Median Household Income
$69,672
Median Earnings
$1,973
Median Rent
$612,600
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 - Fully permitted improvements include updated systems, two modern kitchens, and three full baths.
Where is this duplex located?
The property is located at 13 Hamilton Street Framingham, MA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 2,535 SF duplex with 3 full baths; Full studs‑out renovation with new roof, electrical, plumbing, and HVAC; Two modern kitchens with upgraded cabinets and countertops
