Turnkey Two-Family
For Sale
$2,700,000
20-22 Ashford St, Boston, MA 02134
Side-by-side two-family with renovated units and a recently replaced roof for straightforward rental operations.
Property Size4,156 SF
Price / SF$649.66
Days on Market102
Property Features for 20-22 Ashford St
General Information
Standard status
Active
Size
4,156 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$192,000
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$22,398
Building Details
Building Size
4,156 SF
Year Built
1900
Stories
6
Listing Agency:
Coldwell Banker Realty - Concord
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 4
Changed: Sep 12
Last Checked: Sep 13 at 4:24AM
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 - Concord
Investment Insights
Based on property information with market context.
This side-by-side two-family duplex is offered as a turnkey property with major improvements already completed. A new roof was installed in 2022. Unit 22 received extensive renovations in 2023, including a new kitchen, bathrooms, bedrooms, and luxury vinyl flooring throughout. Unit 20 underwent similar updates in 2025, with new kitchen and bathroom finishes, updated bedrooms, and luxury vinyl flooring throughout.
Located in Allston at 20–22 Ashford St, the property is just steps from Boston University. Reported mobility scores include a BikeScore of 94 (Biker’s Paradise), a WalkScore of 80 (Very Walkable), and a TransitScore of 58 (Good Transit), which can support tenant accessibility.
For investors or operators looking for a larger residential income asset in a university-adjacent setting, this duplex provides modernized interiors across both units and a stable rental history supported in the marketing materials by $192,000 in annual gross rent. With the primary capital work completed and consistent renovation timelines across the two units, the property is positioned for relatively low near-term physical execution risk compared with a non-updated offering.
Located in Allston at 20–22 Ashford St, the property is just steps from Boston University. Reported mobility scores include a BikeScore of 94 (Biker’s Paradise), a WalkScore of 80 (Very Walkable), and a TransitScore of 58 (Good Transit), which can support tenant accessibility.
For investors or operators looking for a larger residential income asset in a university-adjacent setting, this duplex provides modernized interiors across both units and a stable rental history supported in the marketing materials by $192,000 in annual gross rent. With the primary capital work completed and consistent renovation timelines across the two units, the property is positioned for relatively low near-term physical execution risk compared with a non-updated offering.
Key Highlights
- Side‑by‑side two‑family on Ashford Street in Allston, steps from Boston University
- Stable rental history with $192,000 annual gross rent
- New roof completed in 2022
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
$105,019
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
3.89%
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%
$2,100,380
$2.1M
Cap Rate 7%
$1,500,271
$1.5M
Cap Rate 9%
$1,166,878
$1.2M
Market Conditions
NOI Build-Up for 4,156 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
$157.1K $37.80/SF
− Vacancy
−$7.1K −$1.70/SF
EGI
$150.0K $36.10/SF
− OpEx
−$45.0K −$10.83/SF
NOI
$105.0K $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%
$2,100,380
Cap Rate 7%
$1,500,271
Cap Rate 9%
$1,166,878
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,019 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$1.39M
$1.22M – $1.63M
NOI $97,633 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$3.11M
$2.72M – $3.63M
NOI $217,841 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 02134, MA
21,707
Population
9,027
Households
2.4
Avg Household Size
27
Median Age
76%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
18,089
Density / Sq Mi
$75,317
Median Household Income
$49,275
Median Earnings
$2,269
Median Rent
$586,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side two-family with renovated units and a recently replaced roof for straightforward rental operations.
Where is this duplex located?
The property is located at 20-22 Ashford St Boston, MA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Side‑by‑side two‑family on Ashford Street in Allston, steps from Boston University; Stable rental history with $192,000 annual gross rent; New roof completed in 2022
