Value-Add Multifamily with Approved
For Sale
$1,425,000
16-20 Winter Street, Newton, MA 02464
Two-family on MR1 zoning with plans and permit set to redevelop into three units.
Property Size2,208 SF
Lot Size0.26 Acres
Price / SF$645.38
Days on Market123
Property Features for 16-20 Winter Street
General Information
Standard status
Active
Size
2,208 SF
Total Parking Spaces
6
Lot size
0.26 Acres
Property subtype
Multi-Family
Zoning
MR1
Net Operating Income
$30,000
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,919
Building Details
Building Size
2,208 SF
Year Built
1845
Stories
4
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 6
Changed: Sep 4
Last Checked: Sep 4 at 3:27AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This offering features an existing two-family residence on an 11,500+ SF lot, presented as a value-add opportunity in Newton. The seller has provided full architectural plans and a permit set in place for redevelopment, with proposed designs to expand total living area from approximately 4,600 SF to over 7,300 SF. The planned redevelopment includes a three-unit configuration with optimized floor plans and increased density potential.
The property is zoned MR1, and the sale is being conducted “AS IS,” with plans and permits included. Supporting documents are available as part of the offering. Buyers should perform their own due diligence regarding permitting status and approvals.
The property is zoned MR1, and the sale is being conducted “AS IS,” with plans and permits included. Supporting documents are available as part of the offering. Buyers should perform their own due diligence regarding permitting status and approvals.
Key Highlights
- Two‑family home on MR1 zoning on an 11,500+ SF lot
- Year built: 1845
- Redevelopment plans and permit set included, sold "as is"
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
$46,722
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
3.28%
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%
$934,440
$934.4K
Cap Rate 7%
$667,457
$667.5K
Cap Rate 9%
$519,133
$519.1K
Market Conditions
NOI Build-Up for 2,208 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
$70.2K $31.80/SF
− Vacancy
−$3.5K −$1.57/SF
EGI
$66.7K $30.23/SF
− OpEx
−$20.0K −$9.07/SF
NOI
$46.7K $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%
$934,440
Cap Rate 7%
$667,457
Cap Rate 9%
$519,133
Alternative Uses
Best Use
Multifamily LT 5
$667.5K
$584.0K – $778.7K
NOI $46,722 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$627.6K
$549.2K – $732.2K
NOI $43,932 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,499 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,571
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family on MR1 zoning with plans and permit set to redevelop into three units.
Where is this duplex located?
The property is located at 16-20 Winter Street Newton, MA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Two‑family home on MR1 zoning on an 11,500+ SF lot; Year built: 1845; Redevelopment plans and permit set included, sold "as is"
