8-Bedroom Duplex with Bi-Level
For Sale
$879,000
187 Highland St, Boston, MA 02119
Two-family property combines granite counters, stainless kitchens, and hardwood floors.
Property Size2,868 SF
Price / SF$306.49
Days on Market202
Property Features for 187 Highland St
General Information
Standard status
Active
Size
2,868 SF
Property subtype
Multi-Family
Zoning
R2
Taxes and HOA fees
Annual Taxes
$10,227
Building Details
Building Size
2,868 SF
Year Built
1910
Stories
3
Listing Agency:
Coldwell Banker Realty - Boston
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Feb 12
Changed: Aug 30
Last Checked: Aug 31 at 2:08PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
Built in 1910, this R2-zoned duplex contains 2,868 square feet and an eight-bedroom configuration across two residences. The first unit includes three bedrooms, while the second occupies the upper two floors as a five-bedroom bi-level layout. Interior details include granite countertops, stainless steel kitchens, hardwood flooring, and a river-rock rainfall shower.
The property is located near Roxbury Community College in Boston’s Historic Fort Hill area. Its two-family arrangement, distinct unit mix, and multi-floor upper residence create a clearly defined residential income property profile.
The property is located near Roxbury Community College in Boston’s Historic Fort Hill area. Its two-family arrangement, distinct unit mix, and multi-floor upper residence create a clearly defined residential income property profile.
Key Highlights
- 2,868‑square‑foot duplex built in 1910
- Eight‑bedroom configuration with a 3‑bedroom and 5‑bedroom unit mix
- Upper residence spans the top two floors in a bi‑level layout
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
$72,472
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
8.24%
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%
$1,449,440
$1.4M
Cap Rate 7%
$1,035,314
$1.0M
Cap Rate 9%
$805,244
$805.2K
Market Conditions
NOI Build-Up for 2,868 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
$108.4K $37.80/SF
− Vacancy
−$4.9K −$1.70/SF
EGI
$103.5K $36.10/SF
− OpEx
−$31.1K −$10.83/SF
NOI
$72.5K $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%
$1,449,440
Cap Rate 7%
$1,035,314
Cap Rate 9%
$805,244
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$905.9K – $1.21M
NOI $72,472 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$962.5K
$842.2K – $1.12M
NOI $67,375 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,329 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,868
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
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-family property combines granite counters, stainless kitchens, and hardwood floors.
Where is this duplex located?
The property is located at 187 Highland St Boston, MA.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: 2,868‑square‑foot duplex built in 1910; Eight‑bedroom configuration with a 3‑bedroom and 5‑bedroom unit mix; Upper residence spans the top two floors in a bi‑level layout
