Historic Duplex with
For Sale
$1,249,000
198-200 Concord Street, Newton, MA 02462
Side-by-side layout provides separate living, dining, kitchen, and bath areas, with rear parking and a deep backyard.
Property Size2,580 SF
Lot Size0.25 Acres
Price / SF$484.11
Days on Market35
Property Features for 198-200 Concord Street
General Information
Standard status
Active
Size
2,580 SF
Lot size
0.25 Acres
Property subtype
2 Family - 2 Units Side by Side
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
high ceilings
front farmer's porch
private side porch
expansive backyard
Building Details
Building Size
2,580 SF
Year Built
1830
Listing Agency:
IVerty Realty, LLC
(413) 786-0584
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 30 at 5:04PM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1830, this 2,580-square-foot duplex occupies a flat 1/4-acre parcel in a single-family zone. The property retains wood clapboard siding, a fieldstone foundation, high ceilings, a front farmer’s porch, and a private side porch serving the larger unit. The right residence includes first-floor kitchen, dining, living, and bath areas, plus three bedrooms and an office upstairs. The second residence has its own kitchen, dining room, living room, full bath, and second-floor bedroom.
A deeded driveway easement provides access to rear parking and the backyard. The property is located near village shops and restaurants, the Charles River, and Lower Falls Community Center, with access to the Riverside Green Line, I-95, and the Mass Pike. Existing two-family configuration supports continued residential income use, while the layout also allows consideration of expansion or conversion to a single-family residence.
A deeded driveway easement provides access to rear parking and the backyard. The property is located near village shops and restaurants, the Charles River, and Lower Falls Community Center, with access to the Riverside Green Line, I-95, and the Mass Pike. Existing two-family configuration supports continued residential income use, while the layout also allows consideration of expansion or conversion to a single-family residence.
Key Highlights
- 2,580 SF duplex built in 1830
- Flat 1/4‑acre lot in a single‑family zone
- Two side‑by‑side residences with separate kitchens and living areas
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
$54,594
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
4.37%
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%
$1,091,880
$1.1M
Cap Rate 7%
$779,914
$779.9K
Cap Rate 9%
$606,600
$606.6K
Market Conditions
NOI Build-Up for 2,580 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
$82.0K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$78.0K $30.23/SF
− OpEx
−$23.4K −$9.07/SF
NOI
$54.6K $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%
$1,091,880
Cap Rate 7%
$779,914
Cap Rate 9%
$606,600
Alternative Uses
Best Use
Multifamily LT 5
$779.9K
$682.4K – $909.9K
NOI $54,594 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$733.3K
$641.7K – $855.6K
NOI $51,333 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $106,915 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,377
Businesses Nearby
Explore this area
Business Placement
Demographics for 02462, MA
1,569
Population
526
Households
3
Avg Household Size
51
Median Age
68%
College-Educated
94%
High-School Grad
0.7 sq mi
ZIP Area
2,241
Density / Sq Mi
$210,682
Median Household Income
$111,705
Median Earnings
$1,265,400
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 - Side-by-side layout provides separate living, dining, kitchen, and bath areas, with rear parking and a deep backyard.
Where is this duplex located?
The property is located at 198-200 Concord Street Newton, MA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 2,580 SF duplex built in 1830; Flat 1/4‑acre lot in a single‑family zone; Two side‑by‑side residences with separate kitchens and living areas
