Updated Duplex with Spacious
New
For Sale
$850,000
248 Princeton St, Boston, MA 02128
Two-family home with flexible living areas, outdoor space, basement storage, and convenient access to neighborhood amenities and transportation.
Property Size1,966 SF
Price / SF$432.35
Days on Market3
Property Features for 248 Princeton St
General Information
Standard status
Active
Size
1,966 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
sunroom
deck
partially finished basement with full bathroom and laundry area
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Mauricio Menezes, One Way Realty
Listed By:
Hillman Homes
(617) 609-8894
Source:
Hillmanhomesma
Added: Sep 11
Last Checked: Sep 12 at 7:09AM
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 Mauricio Menezes, One Way Realty
Investment Insights
Based on property information with market context.
This two-family property in East Boston’s Eagle Hill neighborhood was built in 1900 and offers 1,966 square feet across two residential units. Each unit includes two bedrooms, one full bathroom, open-concept living space, and tall ceilings. A sunroom adds flexible space for an office or other household use, while the deck overlooks the backyard. The partially finished basement includes a full bathroom, laundry area, and storage; any expanded use remains subject to buyer due diligence and required municipal approvals. The property can be delivered vacant.
The home is near restaurants, parks, schools, Day Square, Central Square, Liberty Plaza, Shaw’s, Market Basket, and other shopping destinations. Constitution Beach and Revere Beach are also within convenient reach. Transportation access includes the Airport Blue Line station, Logan International Airport, Route 1A, and I-90, with connections to Downtown Boston and surrounding communities. Street parking is available throughout the surrounding area.
The home is near restaurants, parks, schools, Day Square, Central Square, Liberty Plaza, Shaw’s, Market Basket, and other shopping destinations. Constitution Beach and Revere Beach are also within convenient reach. Transportation access includes the Airport Blue Line station, Logan International Airport, Route 1A, and I-90, with connections to Downtown Boston and surrounding communities. Street parking is available throughout the surrounding area.
Key Highlights
- Two‑family property with 1,966 square feet and two bedrooms plus one full bathroom per unit
- Built in 1900; property can be delivered vacant
- Sunroom, deck, and spacious backyard provide additional flexible and outdoor areas
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
$49,679
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
5.84%
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%
$993,580
$993.6K
Cap Rate 7%
$709,700
$709.7K
Cap Rate 9%
$551,989
$552.0K
Market Conditions
NOI Build-Up for 1,966 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
$74.3K $37.80/SF
− Vacancy
−$3.3K −$1.70/SF
EGI
$71.0K $36.10/SF
− OpEx
−$21.3K −$10.83/SF
NOI
$49.7K $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%
$993,580
Cap Rate 7%
$709,700
Cap Rate 9%
$551,989
Alternative Uses
Best Use
Multifamily LT 5
$709.7K
$621.0K – $828.0K
NOI $49,679 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$659.8K
$577.3K – $769.8K
NOI $46,185 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,050 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,601
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 home with flexible living areas, outdoor space, basement storage, and convenient access to neighborhood amenities and transportation.
Where is this duplex located?
The property is located at 248 Princeton St Boston, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑family property with 1,966 square feet and two bedrooms plus one full bathroom per unit; Built in 1900; property can be delivered vacant; Sunroom, deck, and spacious backyard provide additional flexible and outdoor areas
