Duplex with Skyline
For Sale
$1,100,000
207 Gladstone St, Boston, MA 02128
Two-family residence with separate utilities, off-street parking, hardwood floors, and expansive decks overlooking the Boston skyline and harbor.
Property Size2,390 SF
Price / SF$460.25
Days on Market12
Property Features for 207 Gladstone St
General Information
Standard status
Active
Size
2,390 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$24,000
Taxes and HOA fees
Annual Taxes
$10,890
Building Details
Building Size
2,390 SF
Year Built
1920
Stories
2
Listing Agency:
Ellis Realty Advisors
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 4:56AM
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 Ellis Realty Advisors
Investment Insights
Based on property information with market context.
This two-family residence, built in 1920, offers 2,390 square feet across two units. Each unit includes spacious living areas, generous bedrooms, hardwood flooring, flexible floor plans, and an expansive deck. Separate utilities, ample storage, and off-street parking add practical functionality, while R2 zoning supports the residential configuration.
The property is located on Gladstone Street in Boston’s Orient Heights area, with views toward the Boston skyline and harbor. The MBTA Blue Line, Logan Airport, Constitution Beach, restaurants, parks, and downtown Boston are all described as minutes away, giving the property access to transportation, recreation, and urban amenities.
The property is located on Gladstone Street in Boston’s Orient Heights area, with views toward the Boston skyline and harbor. The MBTA Blue Line, Logan Airport, Constitution Beach, restaurants, parks, and downtown Boston are all described as minutes away, giving the property access to transportation, recreation, and urban amenities.
Key Highlights
- Two‑family residence with 2,390 square feet
- Built in 1920 with R2 zoning
- Boston skyline and harbor views
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
$60,394
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
5.49%
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%
$1,207,880
$1.2M
Cap Rate 7%
$862,771
$862.8K
Cap Rate 9%
$671,044
$671.0K
Market Conditions
NOI Build-Up for 2,390 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
$90.3K $37.80/SF
− Vacancy
−$4.1K −$1.70/SF
EGI
$86.3K $36.10/SF
− OpEx
−$25.9K −$10.83/SF
NOI
$60.4K $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%
$1,207,880
Cap Rate 7%
$862,771
Cap Rate 9%
$671,044
Alternative Uses
Best Use
Multifamily LT 5
$862.8K
$754.9K – $1.01M
NOI $60,394 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$802.1K
$701.8K – $935.8K
NOI $56,146 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,274 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
Explore this area
Business Placement
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
Median Home Value
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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 - Two-family residence with separate utilities, off-street parking, hardwood floors, and expansive decks overlooking the Boston skyline and harbor.
Where is this duplex located?
The property is located at 207 Gladstone St Boston, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two‑family residence with 2,390 square feet; Built in 1920 with R2 zoning; Boston skyline and harbor views
