Two-Unit Duplex with Walk-Out
New
For Sale
$1,200,000
15 Shirley Street, Newton, MA 02465
Well-maintained duplex with separate living spaces, updated features, off-street parking, and convenient access to transit and highways.
Property Size3,468 SF
Price / SF$346.02
Days on Market4
Property Features for 15 Shirley Street
General Information
Standard status
Active
Size
3,468 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1916
Listing Agency:
RE/MAX Preferred Properties
(617) 224-2031
Listed By:
Jeanne Marrazzo · License #449586546
(617) 224-2031
Source:
Lockandkeyre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 4:50AM
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 RE/MAX Preferred Properties
Investment Insights
Based on property information with market context.
This two-unit duplex contains 3,468 square feet across a two-story primary residence and a bilevel upper unit. The first unit includes two bedrooms, a formal dining room with built-ins, a living room, updated eat-in kitchen, full bathroom, and front sunroom. The upper unit spans the second and third floors, with two bedrooms, a possible third bedroom or flexible room, living and dining rooms, a full bathroom, and a sunroom. Fresh paint and refinished flooring appear throughout portions of the home, while heating and cooling systems vary by unit and floor.
The property sits on a flat lot of over 9,000 square feet in a cul-de-sac setting and includes a large driveway with multiple off-street parking spaces. An unfinished walk-out basement provides storage space and around 7 feet of ceiling height. The home is zoned SR3 and is positioned between West Newton and Auburndale, with access to public transportation, major highways, parks, trails, conservation land, shops, dining, and an independent theater.
The property sits on a flat lot of over 9,000 square feet in a cul-de-sac setting and includes a large driveway with multiple off-street parking spaces. An unfinished walk-out basement provides storage space and around 7 feet of ceiling height. The home is zoned SR3 and is positioned between West Newton and Auburndale, with access to public transportation, major highways, parks, trails, conservation land, shops, dining, and an independent theater.
Key Highlights
- Duplex with 3,468 square feet of total area
- Two‑bedroom first unit with updated eat‑in kitchen, sunroom, and full bathroom
- Upper bilevel unit includes two bedrooms plus a potential third bedroom or multipurpose room
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
$73,384
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
6.12%
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%
$1,467,680
$1.5M
Cap Rate 7%
$1,048,343
$1.0M
Cap Rate 9%
$815,378
$815.4K
Market Conditions
NOI Build-Up for 3,468 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
$110.3K $31.80/SF
− Vacancy
−$5.4K −$1.57/SF
EGI
$104.8K $30.23/SF
− OpEx
−$31.5K −$9.07/SF
NOI
$73.4K $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%
$1,467,680
Cap Rate 7%
$1,048,343
Cap Rate 9%
$815,378
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$917.3K – $1.22M
NOI $73,384 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$985.7K
$862.5K – $1.15M
NOI $69,001 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$2.05M
$1.80M – $2.40M
NOI $143,713 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 02465, MA
12,415
Population
4,452
Households
2.8
Avg Household Size
42
Median Age
78%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
5,643
Density / Sq Mi
$174,518
Median Household Income
$93,021
Median Earnings
$2,251
Median Rent
$1,098,600
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 - Well-maintained duplex with separate living spaces, updated features, off-street parking, and convenient access to transit and highways.
Where is this duplex located?
The property is located at 15 Shirley Street Newton, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Duplex with 3,468 square feet of total area; Two‑bedroom first unit with updated eat‑in kitchen, sunroom, and full bathroom; Upper bilevel unit includes two bedrooms plus a potential third bedroom or multipurpose room
