Renovated Duplex with Private
For Sale
$1,850,000
16-18 Walnut Street, Belmont, MA 02478
Two residential units offer quartz kitchens, tiled baths, fireplaces, central air, and in-unit laundry.
Property Size3,098 SF
Price / SF$597.16
Days on Market127
Property Features for 16-18 Walnut Street
General Information
Standard status
Active
Size
3,098 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R
Taxes and HOA fees
Annual Taxes
$19,443
Amenities
No
Wood, Tile, Hardwood
Range, Dishwasher, Disposal, Microwave, Refrigerator, Washer, Dryer, Freezer
2
Yes
3.0
Skylight(s), Insulated Windows
Gas Dryer Hookup, Electric Dryer Hookup, Washer Hookup
Full, Concrete Floor, Unfinished Basement
Wood Burning
Stone/Granite/Solid Counters, Upgraded Cabinets, Upgraded Countertops, Bathroom With Tub & Shower, Remodeled, Cathedral/Vaulted Ceilings, Bathroom with Shower Stall, Slider, Living Room, Dining Room, Kitchen, Laundry Room, Loft, Mudroom, Office/Den
3
3.00
Shingle
Level
Balcony/Deck, Balcony, Porch, Deck
Porch, Deck
Building Details
Year Built
1925
Listing Agency:
Compass
(617) 291-0323
Listed By:
Ruth Malkin · License #9044123
(617) 291-0323
Source:
Compass
Added: Apr 26
Changed: Aug 29
Last Checked: Aug 29 at 4:08PM
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 Compass
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units within a 3,098 SF home built in 1925. The first-floor apartment offers two bedrooms on one level, while the second unit includes three bedrooms, office areas, two levels, and two staircases. Both units feature quartz kitchens, tiled bathrooms, hardwood flooring, dining rooms with built-in hutches, living rooms with wood-burning fireplaces, private porches, central air, and in-unit washers and dryers. Updated roofs, siding, systems, kitchens, and bathrooms complement the interior improvements.
The property occupies a level lot backing up to Pequossette Park and includes a garage, ample parking, a full unfinished basement with high ceilings, and a sprawling backyard. Bus and rail service, along with Cushing Square, are nearby. The property is zoned R and may suit owner-occupied or multigenerational living arrangements.
The property occupies a level lot backing up to Pequossette Park and includes a garage, ample parking, a full unfinished basement with high ceilings, and a sprawling backyard. Bus and rail service, along with Cushing Square, are nearby. The property is zoned R and may suit owner-occupied or multigenerational living arrangements.
Key Highlights
- 3,098 SF duplex on a level lot backing up to Pequossette Park
- First‑floor unit has two bedrooms on one level
- Second unit includes three bedrooms, office areas, two levels, and two staircases
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
$65,555
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
3.54%
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%
$1,311,100
$1.3M
Cap Rate 7%
$936,500
$936.5K
Cap Rate 9%
$728,389
$728.4K
Market Conditions
NOI Build-Up for 3,098 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
$98.5K $31.80/SF
− Vacancy
−$4.9K −$1.57/SF
EGI
$93.6K $30.23/SF
− OpEx
−$28.1K −$9.07/SF
NOI
$65.6K $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%
$1,311,100
Cap Rate 7%
$936,500
Cap Rate 9%
$728,389
Alternative Uses
Best Use
Multifamily LT 5
$936.5K
$819.4K – $1.09M
NOI $65,555 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$880.6K
$770.5K – $1.03M
NOI $61,640 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,380 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer quartz kitchens, tiled baths, fireplaces, central air, and in-unit laundry.
Where is this duplex located?
The property is located at 16-18 Walnut Street Belmont, MA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 3,098 SF duplex on a level lot backing up to Pequossette Park; First‑floor unit has two bedrooms on one level; Second unit includes three bedrooms, office areas, two levels, and two staircases
