Renovated Duplex With Commercial
For Sale
$1,449,721
22-24 Shelby St, Boston, MA 02128
Ground-floor commercial space is paired with two residential apartments in a mixed-use configuration.
Property Size3,230 SF
Price / SF$448.83
Days on Market82
Property Features for 22-24 Shelby St
General Information
Standard status
Active
Size
3,230 SF
Property subtype
Multi-Family
Zoning
RC
Net Operating Income
$134,400
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,260
Building Details
Building Size
3,230 SF
Year Built
1940
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
City Realty Group
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 10
Changed: Aug 29
Last Checked: Aug 29 at 1:05PM
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 City Realty Group
Investment Insights
Based on property information with market context.
This 3,230-square-foot duplex was built in 1940 and now combines a first-floor commercial unit with two residential apartments above. Both apartments feature open-concept layouts, hardwood floors, two full bathrooms, central HVAC, and stainless steel appliances. The property underwent extensive renovation a few years ago, providing updated space across its mixed-use configuration.
Located at 22-24 Shelby St in Boston, the property is minutes from Logan Airport and major highways, with a train station within walking distance. Restaurants, shopping, and local amenities are nearby, while the East Boston Police Headquarters is one block away.
Located at 22-24 Shelby St in Boston, the property is minutes from Logan Airport and major highways, with a train station within walking distance. Restaurants, shopping, and local amenities are nearby, while the East Boston Police Headquarters is one block away.
Key Highlights
- Mixed‑use duplex with a first‑floor commercial unit and two apartments above
- 3,230 square feet on a 0.05‑acre parcel
- Each apartment has an open‑concept layout, hardwood floors, and two full bathrooms
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
$81,620
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
5.63%
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%
$1,632,400
$1.6M
Cap Rate 7%
$1,166,000
$1.2M
Cap Rate 9%
$906,889
$906.9K
Market Conditions
NOI Build-Up for 3,230 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
$122.1K $37.80/SF
− Vacancy
−$5.5K −$1.70/SF
EGI
$116.6K $36.10/SF
− OpEx
−$35.0K −$10.83/SF
NOI
$81.6K $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%
$1,632,400
Cap Rate 7%
$1,166,000
Cap Rate 9%
$906,889
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,620 @ 7.0% cap · market cap 5.63%
Second Best
Mixed Use
$1.13M
$985.7K – $1.31M
NOI $78,852 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,304 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,538
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
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 - Ground-floor commercial space is paired with two residential apartments in a mixed-use configuration.
Where is this duplex located?
The property is located at 22-24 Shelby St Boston, MA.
What is the asking price?
The asking price for this property is $1,449,721.
What are key features of this property?
This property features: Mixed‑use duplex with a first‑floor commercial unit and two apartments above; 3,230 square feet on a 0.05‑acre parcel; Each apartment has an open‑concept layout, hardwood floors, and two full bathrooms
