Duplex with Finished Third
New
For Sale
$1,250,000
249 Crafts St, Newton, MA 02460
Two-unit residence with generous interiors, private outdoor areas, and additional finished living space above.
Property Size3,365 SF
Days on Market4
Property Features for 249 Crafts St
General Information
Standard status
Active
Size
3,365 SF
Total Parking Spaces
6
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$9,923
Building Details
Building Size
3,365 SF
Year Built
1910
Listing Agency:
Hammond Residential Real Estate
Listed By:
The Kennedy Lynch Team
(978) 371-1234
Source:
Classifiedrealtygroup
Added: Sep 11
Last Checked: Sep 14 at 6:54AM
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 Hammond Residential Real Estate
Investment Insights
Based on property information with market context.
Built in 1910, this Newton duplex combines two residential units with generously proportioned rooms, high ceilings, detailed moldings, and abundant natural light. The first unit includes a living room with double French doors and built-in bookcases, a dining room with additional built-ins, an eat-in kitchen with pantry, wooden cabinetry, and granite countertops, plus two bedrooms, a full bathroom, and deck access. The second unit offers a living room, dining area, kitchen with wood-burning stove, porch access, two bedrooms, and a full bathroom with tub and shower. A finished third floor adds a large living area, two more bedrooms, a full bathroom, and an additional room suitable for office use.
Exterior features include a fenced yard, driveway parking for 6+ cars, and an unfinished walkout basement with laundry and storage space. The property is located at 249 Crafts St in Newton, near Newtonville, an express bus, commuter rail, shopping, schools, and restaurants.
Exterior features include a fenced yard, driveway parking for 6+ cars, and an unfinished walkout basement with laundry and storage space. The property is located at 249 Crafts St in Newton, near Newtonville, an express bus, commuter rail, shopping, schools, and restaurants.
Key Highlights
- Two‑unit duplex at 249 Crafts St, Newton, MA 02460
- Built in 1910 with high ceilings, detailed moldings, and natural light
- Finished third floor includes living area, two bedrooms, full bathroom, and office room
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
$71,205
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
5.70%
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%
$1,424,100
$1.4M
Cap Rate 7%
$1,017,214
$1.0M
Cap Rate 9%
$791,167
$791.2K
Market Conditions
NOI Build-Up for 3,365 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
$107.0K $31.80/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$101.7K $30.23/SF
− OpEx
−$30.5K −$9.07/SF
NOI
$71.2K $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%
$1,424,100
Cap Rate 7%
$1,017,214
Cap Rate 9%
$791,167
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$890.1K – $1.19M
NOI $71,205 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$956.5K
$836.9K – $1.12M
NOI $66,952 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,445 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,602
Businesses Nearby
Explore this area
Business Placement
Demographics for 02460, MA
9,204
Population
4,171
Households
2.2
Avg Household Size
43
Median Age
78%
College-Educated
98%
High-School Grad
1.3 sq mi
ZIP Area
7,080
Density / Sq Mi
$154,329
Median Household Income
$82,458
Median Earnings
$2,606
Median Rent
$1,124,300
Median Home Value
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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-unit residence with generous interiors, private outdoor areas, and additional finished living space above.
Where is this duplex located?
The property is located at 249 Crafts St Newton, MA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑unit duplex at 249 Crafts St, Newton, MA 02460; Built in 1910 with high ceilings, detailed moldings, and natural light; Finished third floor includes living area, two bedrooms, full bathroom, and office room
