Two-Family Residential Income
For Sale
$889,000
Pending
21-23 Averton St, Boston, MA 02131
Two updated residential units feature sunrooms, bonus room, and off-street parking for multiple vehicles.
Property Size2,184 SF
Days on Market52
Property Features for 21-23 Averton St
General Information
Standard status
Pending
Size
2,184 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
R2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,479
Building Details
Building Size
2,184 SF
Year Built
1927
Stories
2
Units
2
Listing Agency:
Gibson Sotheby's International Realty
(617) 522-2200
Listed By:
The Boston Home Team
(617) 249-4237
Source:
Alliancepartnersre
Added: Jul 16
Changed: Aug 24
Last Checked: Aug 23 at 6:01AM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This Roslindale two-family property offers two separate residential units with practical, flexible layouts. Each unit includes an updated kitchen, a half bath, a formal dining area, and a living room with a sunroom that can function as a home office or exercise room. A central hallway connects the bedrooms and a full bath, with a bedroom at the rear. The upper unit includes an additional bonus room that can serve as a third bedroom or study. The property presents as clean, bright, and well kept.
The home includes outdoor space with a sizeable yard and off-street parking behind the buildings for approximately two to three cars, plus convenient on-street parking. Recent improvements include fresh exterior paint, a sealed and repointed foundation, masonry front steps, and a roof that is under 10 years old.
Nearby conveniences include Roslindale Village, commuter rail access, and green space at Bellevue Hill, Stony Brook Reservation, and Turtle Pond.
The home includes outdoor space with a sizeable yard and off-street parking behind the buildings for approximately two to three cars, plus convenient on-street parking. Recent improvements include fresh exterior paint, a sealed and repointed foundation, masonry front steps, and a roof that is under 10 years old.
Nearby conveniences include Roslindale Village, commuter rail access, and green space at Bellevue Hill, Stony Brook Reservation, and Turtle Pond.
Key Highlights
- Built in 1927, two‑family home with updated kitchens and convenient half bath in each unit
- Sunroom off the main living area in each unit, suitable for a home office or exercise room
- Upper unit includes a bonus room that can serve as a third bedroom or study
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
$55,188
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
6.21%
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%
$1,103,760
$1.1M
Cap Rate 7%
$788,400
$788.4K
Cap Rate 9%
$613,200
$613.2K
Market Conditions
NOI Build-Up for 2,184 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
$82.6K $37.80/SF
− Vacancy
−$3.7K −$1.70/SF
EGI
$78.8K $36.10/SF
− OpEx
−$23.7K −$10.83/SF
NOI
$55.2K $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%
$1,103,760
Cap Rate 7%
$788,400
Cap Rate 9%
$613,200
Alternative Uses
Best Use
Multifamily LT 5
$788.4K
$689.9K – $919.8K
NOI $55,188 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$733.0K
$641.3K – $855.1K
NOI $51,307 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,477 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 02131, MA
30,544
Population
13,264
Households
2.3
Avg Household Size
39
Median Age
52%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
10,909
Density / Sq Mi
$109,237
Median Household Income
$65,268
Median Earnings
$1,999
Median Rent
$634,200
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 - Two updated residential units feature sunrooms, bonus room, and off-street parking for multiple vehicles.
Where is this duplex located?
The property is located at 21-23 Averton St Boston, MA.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Built in 1927, two‑family home with updated kitchens and convenient half bath in each unit; Sunroom off the main living area in each unit, suitable for a home office or exercise room; Upper unit includes a bonus room that can serve as a third bedroom or study
