Duplex with Finished
For Sale
$829,000
Pending
14-16 Elliot Terrace, Newton, MA 02464
Two-unit property with a vacant first-floor residence and a second unit leased through September 15, 2026.
Property Size1,830 SF
Days on Market24
Property Features for 14-16 Elliot Terrace
General Information
Standard status
Pending
Size
1,830 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Building Size
1,830 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Melissa Borelli Realty
(818) 388-9664
Listed By:
Melissa Borelli · License #452508574
(818) 388-9664
Source:
Iverty
Added: Jul 30
Changed: Aug 21
Last Checked: Aug 21 at 9:57AM
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 Melissa Borelli Realty
Investment Insights
Based on property information with market context.
Located at 14-16 Elliot Terrace in Newton, this 1910 duplex includes two residential units and is being sold as is. The first-floor residence has one bedroom plus an additional room suited to use as an office, den, or guest room. The second unit contains two bedrooms and finished third-floor attic space. The reported property size is 1,830 square feet; approximately 1,500 square feet may represent below-grade basement area, and measurements should be verified.
The first-floor unit is vacant, while the second-floor unit is leased through September 15, 2026. The property is outside a historic district. Shopping, restaurants, Route 9, and the Green Line Elliot T Station are nearby. Future improvements, zoning, permitting, development potential, lot suitability, and other property matters are subject to buyer due diligence and applicable approvals.
The first-floor unit is vacant, while the second-floor unit is leased through September 15, 2026. The property is outside a historic district. Shopping, restaurants, Route 9, and the Green Line Elliot T Station are nearby. Future improvements, zoning, permitting, development potential, lot suitability, and other property matters are subject to buyer due diligence and applicable approvals.
Key Highlights
- Duplex built in 1910
- First‑floor unit has 1 bedroom plus an additional office, den, or guest room
- Second unit includes 2 bedrooms and finished third‑floor attic space
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
$38,723
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
4.67%
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%
$774,460
$774.5K
Cap Rate 7%
$553,186
$553.2K
Cap Rate 9%
$430,256
$430.3K
Market Conditions
NOI Build-Up for 1,830 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
$58.2K $31.80/SF
− Vacancy
−$2.9K −$1.57/SF
EGI
$55.3K $30.23/SF
− OpEx
−$16.6K −$9.07/SF
NOI
$38.7K $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%
$774,460
Cap Rate 7%
$553,186
Cap Rate 9%
$430,256
Alternative Uses
Best Use
Multifamily LT 5
$553.2K
$484.0K – $645.4K
NOI $38,723 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$520.2K
$455.1K – $606.9K
NOI $36,411 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$1.08M
$947.9K – $1.26M
NOI $75,835 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,079
Businesses Nearby
Explore this area
Business Placement
Demographics for 02464, MA
3,193
Population
1,503
Households
2.1
Avg Household Size
42
Median Age
72%
College-Educated
97%
High-School Grad
0.6 sq mi
ZIP Area
5,322
Density / Sq Mi
$125,846
Median Household Income
$65,693
Median Earnings
$2,407
Median Rent
$899,300
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-unit property with a vacant first-floor residence and a second unit leased through September 15, 2026.
Where is this duplex located?
The property is located at 14-16 Elliot Terrace Newton, MA.
What is the asking price?
The asking price for this property is $829,000.
What are key features of this property?
This property features: Duplex built in 1910; First‑floor unit has 1 bedroom plus an additional office, den, or guest room; Second unit includes 2 bedrooms and finished third‑floor attic space
