Renovated Duplex Near Harvard
For Sale
$1,800,000
24 Chester St, Boston, MA 02134
Two residential units offer in-unit laundry, central air, hardwood flooring, and updated kitchen finishes.
Property Size4,086 SF
Price / SF$440.53
Days on Market207
Property Features for 24 Chester St
General Information
Standard status
Active
Size
4,086 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
R4
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$21,156
Amenities
laundry in-unit
granite countertop kitchen
stainless steel appliances
hardwood floors
central air
off-street parking
false
Wood
Yes
Shingle
1.0
Public Transportation, Park, Highway Access, Public School, T-Station, University
for Gas Range
6
Building Details
Year Built
1900
Year Renovated
2006
Stories
3
Listing Agency:
Nuage Real Estate Group
(617) 678-3889
Listed By:
Christie Xie
Source:
Arborviewrealtyinc
Added: Feb 4
Changed: Aug 29
Last Checked: Apr 22 at 10:48AM
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 Nuage Real Estate Group
Investment Insights
Based on property information with market context.
Located at 24 Chester St in Boston, this two-unit property was renovated in 2006 and features hardwood floors, central air for heating and cooling, and laundry within each unit. The kitchens include granite countertops and stainless steel appliances, while off-street parking is available in the rear lot. The property has maintained 100% occupancy throughout the years, with the current lease ending 8/31/26.
The property is minutes from the Harvard Ave MBTA station and the cafes, bars, and restaurants along Harvard Avenue and Brighton Avenue. Boston University, Boston College, and other nearby universities are also identified in the surrounding context. Walk Score is 97, Transit Score is 69, and Bike Score is 83.
The property is minutes from the Harvard Ave MBTA station and the cafes, bars, and restaurants along Harvard Avenue and Brighton Avenue. Boston University, Boston College, and other nearby universities are also identified in the surrounding context. Walk Score is 97, Transit Score is 69, and Bike Score is 83.
Key Highlights
- Two‑unit duplex at 24 Chester St, Boston, MA 02134
- Renovated in 2006 with hardwood floors and central air
- Granite‑countertop kitchens with stainless steel appliances
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
$103,250
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
5.74%
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%
$2,065,000
$2.1M
Cap Rate 7%
$1,475,000
$1.5M
Cap Rate 9%
$1,147,222
$1.1M
Market Conditions
NOI Build-Up for 4,086 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
$154.5K $37.80/SF
− Vacancy
−$7.0K −$1.70/SF
EGI
$147.5K $36.10/SF
− OpEx
−$44.3K −$10.83/SF
NOI
$103.3K $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%
$2,065,000
Cap Rate 7%
$1,475,000
Cap Rate 9%
$1,147,222
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.29M – $1.72M
NOI $103,250 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,988 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,172 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,791
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer in-unit laundry, central air, hardwood flooring, and updated kitchen finishes.
Where is this duplex located?
The property is located at 24 Chester St Boston, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Two‑unit duplex at 24 Chester St, Boston, MA 02134; Renovated in 2006 with hardwood floors and central air; Granite‑countertop kitchens with stainless steel appliances
