Two-Family Residential Income
For Sale
$1,250,000
19 Codman Hill Ave, Boston, MA 02124
Well-maintained two-family home with 7 bedrooms, finished basement and attic, and parking for 3+ vehicles.
Property Size2,412 SF
Price / SF$518.24
Days on Market55
Property Features for 19 Codman Hill Ave
General Information
Standard status
Active
Size
2,412 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$76,800
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,391
Amenities
finished basement
finished attic
private yard
mini splits A/C
solar panels
Building Details
Building Size
2,412 SF
Year Built
1935
Stories
4
Listing Agency:
Prestige Realty Experts Inc.
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 15
Changed: Sep 6
Last Checked: Sep 6 at 4:50AM
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 Prestige Realty Experts Inc.
Investment Insights
Based on property information with market context.
Well-maintained two-family residential income property offering 7 bedrooms and 4 bathrooms, with a finished basement and finished attic. The home includes a large private yard and parking for 3+ vehicles. Both units are certified de-leaded. Updates include mini-split A/C units, a new Navien gas/hot water heating system, and electric solar panels.
Located in the Codman Hill/Codman Square area of Dorchester, the property provides access to public transportation and is positioned near Ashmont, Adams Village, and Lower Mills. It is also close to Franklin Park and neighborhood green spaces, with shopping, restaurants, schools, parks, and everyday amenities within reach, along with easy access to major roadways.
The current configuration supports a flexible setup for an owner-occupant or an investor, with finished interior space across multiple levels and an on-site yard for outdoor use.
Located in the Codman Hill/Codman Square area of Dorchester, the property provides access to public transportation and is positioned near Ashmont, Adams Village, and Lower Mills. It is also close to Franklin Park and neighborhood green spaces, with shopping, restaurants, schools, parks, and everyday amenities within reach, along with easy access to major roadways.
The current configuration supports a flexible setup for an owner-occupant or an investor, with finished interior space across multiple levels and an on-site yard for outdoor use.
Key Highlights
- Well‑maintained two‑family home built in 1935 with 7 bedrooms and 4 bathrooms.
- Finished basement and finished attic provide extra living space.
- Certified de‑leaded for both units.
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
$60,950
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
4.88%
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%
$1,219,000
$1.2M
Cap Rate 7%
$870,714
$870.7K
Cap Rate 9%
$677,222
$677.2K
Market Conditions
NOI Build-Up for 2,412 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
$91.2K $37.80/SF
− Vacancy
−$4.1K −$1.70/SF
EGI
$87.1K $36.10/SF
− OpEx
−$26.1K −$10.83/SF
NOI
$60.9K $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%
$1,219,000
Cap Rate 7%
$870,714
Cap Rate 9%
$677,222
Alternative Uses
Best Use
Multifamily LT 5
$870.7K
$761.9K – $1.02M
NOI $60,950 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$809.5K
$708.3K – $944.4K
NOI $56,663 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,427 @ 7.0% cap · market cap 10.11%
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
1,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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 - Well-maintained two-family home with 7 bedrooms, finished basement and attic, and parking for 3+ vehicles.
Where is this duplex located?
The property is located at 19 Codman Hill Ave Boston, MA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Well‑maintained two‑family home built in 1935 with 7 bedrooms and 4 bathrooms.; Finished basement and finished attic provide extra living space.; Certified de‑leaded for both units.
