Two-Family Duplex with
For Sale
$1,350,000
Pending
15-17 Hull St, Belmont, MA 02478
Two residential units feature separate utilities, updated kitchens, outdoor porches, and driveway parking.
Property Size2,626 SF
Days on Market131
Property Features for 15-17 Hull St
General Information
Standard status
Pending
Size
2,626 SF
Total Parking Spaces
3
Property subtype
2 Family - 2 Units Up/Down
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR, 1 x 3BR+bonus room
Multifamily Units
2
Amenities
mahogany porches
grassy yard
raised garden bed
storage shed
laundry
Building Details
Year Built
1918
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices Commonwealth Real Estate
(617) 285-1522
Listed By:
David Hurley
(617) 285-1522
Source:
Lockandkeyre
Added: Apr 22
Changed: Aug 29
Last Checked: May 8 at 1:58AM
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 Berkshire Hathaway HomeServices Commonwealth Real Estate
Investment Insights
Based on property information with market context.
Built in 1918, this two-family property provides 2,626 square feet of living area across two residential units. The first-floor home includes two bedrooms, a living room, dining room with built-in hutch, updated kitchen with stainless appliances, granite counters, pantry, and a tiled full bath. The upper residence spans two levels and adds three bedrooms, a sunroom, island kitchen, pantry, rear porch, full bath, and a flexible bonus room.
Property improvements include fir flooring, wall-to-wall carpet, Harvey replacement windows, and separate gas, oil, water, sewer, and electric utilities. The basement contains laundry facilities, oil boilers, newer double-walled storage tanks, and additional storage. Mahogany porches, a three-car driveway, grassy side and rear yard, raised garden bed, and storage shed add useful exterior amenities. The property is near Waverley and Cushing Squares, public transit, shopping, dining, cafes, and playgrounds, and is also being sold as condos.
Property improvements include fir flooring, wall-to-wall carpet, Harvey replacement windows, and separate gas, oil, water, sewer, and electric utilities. The basement contains laundry facilities, oil boilers, newer double-walled storage tanks, and additional storage. Mahogany porches, a three-car driveway, grassy side and rear yard, raised garden bed, and storage shed add useful exterior amenities. The property is near Waverley and Cushing Squares, public transit, shopping, dining, cafes, and playgrounds, and is also being sold as condos.
Key Highlights
- 2,626 sq.ft. of living area in a two‑family property built in 1918
- First‑floor unit with 2 bedrooms and upper unit with 3 bedrooms plus a bonus room
- Separate gas, oil, water, sewer, and electric utilities
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
$55,567
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
4.12%
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%
$1,111,340
$1.1M
Cap Rate 7%
$793,814
$793.8K
Cap Rate 9%
$617,411
$617.4K
Market Conditions
NOI Build-Up for 2,626 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
$83.5K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.4K $30.23/SF
− OpEx
−$23.8K −$9.07/SF
NOI
$55.6K $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%
$1,111,340
Cap Rate 7%
$793,814
Cap Rate 9%
$617,411
Alternative Uses
Best Use
Multifamily LT 5
$793.8K
$694.6K – $926.1K
NOI $55,567 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$746.4K
$653.1K – $870.8K
NOI $52,249 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,821 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
881
Businesses Nearby
Explore this area
Business Placement
Demographics for 02478, MA
27,286
Population
10,811
Households
2.5
Avg Household Size
42
Median Age
80%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
5,932
Density / Sq Mi
$177,790
Median Household Income
$95,206
Median Earnings
$2,382
Median Rent
$1,108,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature separate utilities, updated kitchens, outdoor porches, and driveway parking.
Where is this duplex located?
The property is located at 15-17 Hull St Belmont, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 2,626 sq.ft. of living area in a two‑family property built in 1918; First‑floor unit with 2 bedrooms and upper unit with 3 bedrooms plus a bonus room; Separate gas, oil, water, sewer, and electric utilities
