Well-Preserved Duplex with Two-Car
New
For Sale
$1,195,000
227-229 Tremont Street, Newton, MA 02458
Two residential units feature fireplaces, sunrooms, formal dining rooms, and rear porches overlooking a fenced yard.
Property Size2,796 SF
Price / SF$427.40
Days on Market5
Property Features for 227-229 Tremont Street
General Information
Standard status
Active
Size
2,796 SF
Total Parking Spaces
2
Property subtype
Multi-family
Property Condition
Severity
Repairs Needed
Evidence
ready for your TLC
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1905
Buildings
1
Listing Agency:
Preservation Properties
Listed By:
Ed Lyon
(508) 287-2695
Source:
Demakis
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 9:11AM
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 Preservation Properties
Investment Insights
Based on property information with market context.
Built in 1905, this duplex contains 2,796 square feet across two residential units, each offering 1,398 square feet of living space. Both apartments include a living room with a wood-burning fireplace, sunroom, formal dining room, butler’s pantry, eat-in kitchen, two bedrooms, and a full bath. Kitchens and bathrooms are ready for updates. Natural wood moldings, south-facing windows, rear porches, and separate access to the basement add character and utility.
The property at 227-229 Tremont Street in Newton includes a long driveway leading to a two-car garage and a small fenced yard. The basement has a poured concrete foundation, high ceilings, and storage capacity, while the insulated attic provides additional storage. Building systems include two 10-year-old natural-gas steam boilers, gas-fired hot water tanks, and gas cooking.
The property at 227-229 Tremont Street in Newton includes a long driveway leading to a two-car garage and a small fenced yard. The basement has a poured concrete foundation, high ceilings, and storage capacity, while the insulated attic provides additional storage. Building systems include two 10-year-old natural-gas steam boilers, gas-fired hot water tanks, and gas cooking.
Key Highlights
- Duplex totaling 2,796 square feet with two 1,398‑square‑foot units
- Each apartment includes two bedrooms, a full bath, fireplace, sunroom, and formal dining room
- Two 10‑year‑old natural‑gas steam boilers with gas‑fired hot water tanks
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
$59,164
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
4.95%
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%
$1,183,280
$1.2M
Cap Rate 7%
$845,200
$845.2K
Cap Rate 9%
$657,378
$657.4K
Market Conditions
NOI Build-Up for 2,796 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
$88.9K $31.80/SF
− Vacancy
−$4.4K −$1.57/SF
EGI
$84.5K $30.23/SF
− OpEx
−$25.4K −$9.07/SF
NOI
$59.2K $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%
$1,183,280
Cap Rate 7%
$845,200
Cap Rate 9%
$657,378
Alternative Uses
Best Use
Multifamily LT 5
$845.2K
$739.6K – $986.1K
NOI $59,164 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$794.7K
$695.4K – $927.2K
NOI $55,631 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $115,866 @ 7.0% cap · market cap 9.70%
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
1,038
Businesses Nearby
Explore this area
Business Placement
Demographics for 02458, MA
12,817
Population
5,238
Households
2.4
Avg Household Size
40
Median Age
76%
College-Educated
97%
High-School Grad
2.0 sq mi
ZIP Area
6,409
Density / Sq Mi
$151,782
Median Household Income
$72,008
Median Earnings
$2,313
Median Rent
$1,116,600
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 - Two residential units feature fireplaces, sunrooms, formal dining rooms, and rear porches overlooking a fenced yard.
Where is this duplex located?
The property is located at 227-229 Tremont Street Newton, MA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Duplex totaling 2,796 square feet with two 1,398‑square‑foot units; Each apartment includes two bedrooms, a full bath, fireplace, sunroom, and formal dining room; Two 10‑year‑old natural‑gas steam boilers with gas‑fired hot water tanks
