Renovated Two-Family
For Sale
$1,200,000
18-20 Bentham Road, Boston, MA 02122
Two vacant residences offer flexible ownership options within an R2-zoned property near a public beach.
Property Size3,230 SF
Price / SF$371.52
Days on Market204
Property Features for 18-20 Bentham Road
General Information
Standard status
Active
Size
3,230 SF
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R2
Net Operating Income
$92,040
Units
Unit Mix
1 x 3BR/3.5BA, 1 x 4BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,343
Amenities
brand-new kitchens and baths
granite countertops
central heating
mini-split cooling
No, Yes, .00
No
Hardwood
Range, Dishwasher, Microwave, Refrigerator, Washer, Dryer
7.0
Washer Hookup, Dryer Hookup
Full, Finished, Walk Out
Pantry, Stone/Granite/Solid Counters, Upgraded Cabinets, Upgraded Countertops, Bathroom with Shower Stall, Open Floorplan, Remodeled, Living Room, Dining Room, Kitchen, Laundry Room
5
2
6.00
7
Frame
Shingle
Other
Balcony/Deck, Porch, Deck
Ocean, 1 to 2 Mile To Beach, Beach Ownership(Public)
Porch, Deck
Building Details
Year Built
1905
Listing Agency:
Reference Real Estate
(781) 342-0052
Listed By:
Reserve Team · License #9533075
(781) 342-0052
Source:
Compass
Added: Feb 7
Changed: Aug 29
Last Checked: Aug 29 at 9:17PM
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 Reference Real Estate
Investment Insights
Based on property information with market context.
Located at 18-20 Bentham Road in Boston’s Dorchester neighborhood, this R2-zoned duplex contains 3,230 square feet across two separate residences. The property was built in 1905 and has been substantially renovated, with updated kitchens and bathrooms, granite and stone countertops, upgraded cabinetry, hardwood flooring, central heating, and mini-split cooling.
The first unit includes 3 bedrooms and 3.5 baths with an open living arrangement, while the second provides 4 bedrooms and 2.5 baths. Both residences are delivered vacant. Laundry hookups, finished walk-out basement space, and a range of included appliances add functional utility. Exterior amenities include a porch, deck, balcony/deck, and identified ocean views. A public beach is noted within 1 to 2 miles.
The first unit includes 3 bedrooms and 3.5 baths with an open living arrangement, while the second provides 4 bedrooms and 2.5 baths. Both residences are delivered vacant. Laundry hookups, finished walk-out basement space, and a range of included appliances add functional utility. Exterior amenities include a porch, deck, balcony/deck, and identified ocean views. A public beach is noted within 1 to 2 miles.
Key Highlights
- Two‑unit duplex with both residences delivered vacant
- 3,230 square feet on an R2‑zoned property
- Unit 1 includes 3 bedrooms and 3.5 baths
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
$81,620
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
6.80%
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%
$1,632,400
$1.6M
Cap Rate 7%
$1,166,000
$1.2M
Cap Rate 9%
$906,889
$906.9K
Market Conditions
NOI Build-Up for 3,230 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
$122.1K $37.80/SF
− Vacancy
−$5.5K −$1.70/SF
EGI
$116.6K $36.10/SF
− OpEx
−$35.0K −$10.83/SF
NOI
$81.6K $25.27/SF
Area
Boston, MA
Vacancy
4.50%
Lease Rate
$37.80 /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%
$1,632,400
Cap Rate 7%
$1,166,000
Cap Rate 9%
$906,889
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,620 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$1.08M
$948.5K – $1.26M
NOI $75,879 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,304 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,860
Businesses Nearby
Explore this area
Business Placement
Demographics for 02122, MA
24,385
Population
10,039
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
14,344
Density / Sq Mi
$82,945
Median Household Income
$53,897
Median Earnings
$2,052
Median Rent
$656,400
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 vacant residences offer flexible ownership options within an R2-zoned property near a public beach.
Where is this duplex located?
The property is located at 18-20 Bentham Road Boston, 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: Two‑unit duplex with both residences delivered vacant; 3,230 square feet on an R2‑zoned property; Unit 1 includes 3 bedrooms and 3.5 baths
