Side-by-Side Two-Family Income
For Sale
$2,549,000
20-22 Highgate St, Boston, MA 02134
Two leased units with 16 bedrooms, 6 baths, a large high-ceiling basement, and six off-street parking spaces.
Property Size5,010 SF
Lot Size0.14 Acres
Price / SF$508.78
Days on Market96
Property Features for 20-22 Highgate St
General Information
Standard status
Active
Size
5,010 SF
Total Parking Spaces
6
Lot size
0.14 Acres
Property subtype
Multi-Family
Zoning
R2
Occupancy
100%
Net Operating Income
$144,944
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$23,972
Building Details
Building Size
5,010 SF
Year Built
1885
Stories
6
Tenancy
Multi
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 3
Changed: Sep 5
Last Checked: Sep 5 at 4:38AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
This side-by-side two-family (units 20 and 22) is offered as a value-add and redevelopment opportunity. The property provides a total of 16 bedrooms and 6 bathrooms across both units, supported by a large basement described as having exceptional ceiling height. Six off-street parking spaces are available. All utilities are tenant paid.
The asset is positioned steps from Boston University, the Green Line, Barry’s Corner, and Harvard’s Enterprise Research Campus, with multiple nearby long-term development efforts referenced in the offering. The remarks also cite the $2B Allston Multimodal Project and Harvard’s planned 358-acre expansion.
Unit 20 is leased at $10,400 per month and Unit 22 is leased at $6,583 per month, with prior MLS rental history cited in support of potential upside. A pro forma is available upon request.
The asset is positioned steps from Boston University, the Green Line, Barry’s Corner, and Harvard’s Enterprise Research Campus, with multiple nearby long-term development efforts referenced in the offering. The remarks also cite the $2B Allston Multimodal Project and Harvard’s planned 358-acre expansion.
Unit 20 is leased at $10,400 per month and Unit 22 is leased at $6,583 per month, with prior MLS rental history cited in support of potential upside. A pro forma is available upon request.
Key Highlights
- Side‑by‑side two‑family property built in 1885 on a 5,951 SF R2 lot
- 16 bedrooms and 6 baths across two leased units
- Large basement with exceptional ceiling height
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
$126,599
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
4.97%
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%
$2,531,980
$2.5M
Cap Rate 7%
$1,808,557
$1.8M
Cap Rate 9%
$1,406,656
$1.4M
Market Conditions
NOI Build-Up for 5,010 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
$189.4K $37.80/SF
− Vacancy
−$8.5K −$1.70/SF
EGI
$180.9K $36.10/SF
− OpEx
−$54.3K −$10.83/SF
NOI
$126.6K $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%
$2,531,980
Cap Rate 7%
$1,808,557
Cap Rate 9%
$1,406,656
Alternative Uses
Best Use
Multifamily LT 5
$1.81M
$1.58M – $2.11M
NOI $126,599 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,695 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$3.75M
$3.28M – $4.38M
NOI $262,604 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,821
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units with 16 bedrooms, 6 baths, a large high-ceiling basement, and six off-street parking spaces.
Where is this duplex located?
The property is located at 20-22 Highgate St Boston, MA.
What is the asking price?
The asking price for this property is $2,549,000.
What are key features of this property?
This property features: Side‑by‑side two‑family property built in 1885 on a 5,951 SF R2 lot; 16 bedrooms and 6 baths across two leased units; Large basement with exceptional ceiling height
