Updated Two-Family
For Sale
$1,250,000
20-22 Greenough Street, Newton, MA 02465
Well-maintained residential income property with porches, parking, and central A/C serving both units.
Property Size2,026 SF
Price / SF$616.98
Days on Market141
Property Features for 20-22 Greenough Street
General Information
Standard status
Active
Size
2,026 SF
Total Parking Spaces
4
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
central A/C
front and rear porches
Trex decks
refrigerator
washer & dryer
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Hammond Residential Real Estate
(617) 470-3165
Listed By:
Michael Rothstein
(617) 470-3165
Source:
Hammondre
Added: Apr 12
Changed: Aug 30
Last Checked: Aug 30 at 2:18AM
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 Hammond Residential Real Estate
Investment Insights
Based on property information with market context.
This 2,026-square-foot duplex, built in 1930, contains two residential units with a consistent layout: each offers two bedrooms, one bathroom, central A/C, and updated mechanical systems. Front and rear porches extend the usable living space, while Trex decks with composite railings were added in 2022. Most replacement windows and the roof date to approximately 12 years ago, and both units have newer gas HVAC. Hardy Back siding, a newer refrigerator, and a newer washer and dryer are also included.
The property is located at 20-22 Greenough Street in West Newton, with off-street parking for 3-4 cars. Access to the Mass Pike, West Newton shops, restaurants, cinema, and commuter rail station is noted. The property is within the Peirce Elementary School district.
The property is located at 20-22 Greenough Street in West Newton, with off-street parking for 3-4 cars. Access to the Mass Pike, West Newton shops, restaurants, cinema, and commuter rail station is noted. The property is within the Peirce Elementary School district.
Key Highlights
- Two‑unit duplex with two bedrooms and 1 bathroom in each unit
- 2,026 SF residential property built in 1930
- Central A/C and newer gas HVAC serving 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
$42,871
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
3.43%
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%
$857,420
$857.4K
Cap Rate 7%
$612,443
$612.4K
Cap Rate 9%
$476,344
$476.3K
Market Conditions
NOI Build-Up for 2,026 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
$64.4K $31.80/SF
− Vacancy
−$3.2K −$1.57/SF
EGI
$61.2K $30.23/SF
− OpEx
−$18.4K −$9.07/SF
NOI
$42.9K $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%
$857,420
Cap Rate 7%
$612,443
Cap Rate 9%
$476,344
Alternative Uses
Best Use
Multifamily LT 5
$612.4K
$535.9K – $714.5K
NOI $42,871 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$575.9K
$503.9K – $671.9K
NOI $40,311 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,957 @ 7.0% cap · market cap 6.72%
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
687
Businesses Nearby
Explore this area
Business Placement
Demographics for 02465, MA
12,415
Population
4,452
Households
2.8
Avg Household Size
42
Median Age
78%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
5,643
Density / Sq Mi
$174,518
Median Household Income
$93,021
Median Earnings
$2,251
Median Rent
$1,098,600
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 residential income property with porches, parking, and central A/C serving both units.
Where is this duplex located?
The property is located at 20-22 Greenough Street Newton, 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: Two‑unit duplex with two bedrooms and 1 bathroom in each unit; 2,026 SF residential property built in 1930; Central A/C and newer gas HVAC serving both units
