Renovated Two-Family
New
For Sale
$2,620,000
17-19 Drew Rd, Belmont, MA 02478
Four-level duplex with updated systems, porches, driveway parking, and EV charging.
Property Size3,990 SF
Days on Market6
Property Features for 17-19 Drew Rd
General Information
Standard status
Active
Size
3,990 SF
Property subtype
Investment
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$14,353
Amenities
porches
EV chargers
Building Details
Building Size
3,990 SF
Year Built
1926
Buildings
1
Stories
4
Units
2
Listed By:
Rita Chekijian
(617) 285-4652
Source:
Elliman
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 15 at 9:19AM
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 Rita Chekijian
Investment Insights
Based on property information with market context.
Located at 17-19 Drew Rd in Belmont, this two-family duplex was gut renovated and arranged across four levels. Each residence includes three bedrooms, a primary suite, and an open-concept layout. The finished lower level adds a family room with wet bar, bedroom, and full bath. A mudroom with built-ins provides additional functional space.
Property improvements include new electrical and plumbing systems, multiple porches, new cedar fencing, and an asphalt shingle roof. The large driveway provides on-site parking and includes EV chargers. Built in 1926, the property may support owner-occupancy, investment use, or multigenerational living as described in the source information.
Property improvements include new electrical and plumbing systems, multiple porches, new cedar fencing, and an asphalt shingle roof. The large driveway provides on-site parking and includes EV chargers. Built in 1926, the property may support owner-occupancy, investment use, or multigenerational living as described in the source information.
Key Highlights
- Two‑family duplex with four levels of living space
- Each unit includes three bedrooms, a primary suite, and an open‑concept floor plan
- Finished lower level with family room, wet bar, bedroom, and full bath
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
$84,430
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
3.22%
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%
$1,688,600
$1.7M
Cap Rate 7%
$1,206,143
$1.2M
Cap Rate 9%
$938,111
$938.1K
Market Conditions
NOI Build-Up for 3,990 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
$126.9K $31.80/SF
− Vacancy
−$6.3K −$1.57/SF
EGI
$120.6K $30.23/SF
− OpEx
−$36.2K −$9.07/SF
NOI
$84.4K $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%
$1,688,600
Cap Rate 7%
$1,206,143
Cap Rate 9%
$938,111
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,430 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$1.13M
$992.4K – $1.32M
NOI $79,388 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,345 @ 7.0% cap · market cap 6.31%
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
865
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 - Four-level duplex with updated systems, porches, driveway parking, and EV charging.
Where is this duplex located?
The property is located at 17-19 Drew Rd Belmont, MA.
What is the asking price?
The asking price for this property is $2,620,000.
What are key features of this property?
This property features: Two‑family duplex with four levels of living space; Each unit includes three bedrooms, a primary suite, and an open‑concept floor plan; Finished lower level with family room, wet bar, bedroom, and full bath
