Two-Family Duplex with Roof
For Sale
$999,000
28 Port Norfolk Street, Boston, MA 02122
Legal two-family property with one renovated unit, one gutted unit, and a roof deck.
Property Size3,760 SF
Lot Size0.17 Acres
Price / SF$265.69
Days on Market195
Property Features for 28 Port Norfolk Street
General Information
Standard status
Active
Size
3,760 SF
Total Parking Spaces
4
Lot size
0.17 Acres
Property subtype
Multi-family / 2 Family
Zoning
1F-5000
Property Condition
Severity
Major Repairs Needed
Evidence
Unit 1 is mostly gutted and requires substantial work to be habitable.
Additional Details
Land Use
residential
Taxes and HOA fees
Annual Taxes
$8,524
Amenities
roof deck
No
3.0
2
1
2.50
3
Frame
Level
Ocean, River
Ocean, River, 1/10 to 3/10 To Beach, Beach Ownership(Public)
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Compass
(617) 774-9733
Listed By:
Joe Castro
(617) 774-9733
Source:
Compass
Added: Feb 19
Changed: Aug 30
Last Checked: Aug 31 at 9:57PM
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 Compass
Investment Insights
Based on property information with market context.
This legal two-family duplex contains 3,760 square feet of living space within a frame structure built in 1900. One residence is renovated, while the other is mostly gutted and requires substantial work before it can be occupied. A roof deck of nearly 400 square feet adds exterior amenity space. The property is positioned along the far-right edge of a large 7,400+ square foot parcel and carries 1F-5000 zoning.
Located at 28 Port Norfolk Street in Boston’s Port Norfolk neighborhood, the property is part of a waterfront community near the Neponset River and Dorchester Bay. Tenean Beach, Joseph Finnegan Park, Pope John Paul II Park, and the Lower Neponset River Trail are identified nearby. Development and redevelopment options remain subject to buyer due diligence.
Located at 28 Port Norfolk Street in Boston’s Port Norfolk neighborhood, the property is part of a waterfront community near the Neponset River and Dorchester Bay. Tenean Beach, Joseph Finnegan Park, Pope John Paul II Park, and the Lower Neponset River Trail are identified nearby. Development and redevelopment options remain subject to buyer due diligence.
Key Highlights
- Legal 2‑family duplex with 3,760 sqft of living space
- Large 7,400+ sqft parcel with the building positioned at the far‑right edge
- One unit renovated; the other is mostly gutted and requires substantial work
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
$88,330
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
8.84%
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%
$1,766,600
$1.8M
Cap Rate 7%
$1,261,857
$1.3M
Cap Rate 9%
$981,444
$981.4K
Market Conditions
NOI Build-Up for 3,760 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
$166.9K $44.40/SF
− Vacancy
−$6.3K −$1.69/SF
EGI
$160.6K $42.71/SF
− OpEx
−$72.3K −$19.22/SF
NOI
$88.3K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,766,600
Cap Rate 7%
$1,261,857
Cap Rate 9%
$981,444
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.58M
NOI $95,013 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,330 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$2.82M
$2.46M – $3.28M
NOI $197,084 @ 7.0% cap · market cap 19.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 02122, MA
24,385
Population
10,039
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
14,344
Density / Sq Mi
$82,945
Median Household Income
$53,897
Median Earnings
$2,052
Median Rent
$656,400
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 - Legal two-family property with one renovated unit, one gutted unit, and a roof deck.
Where is this duplex located?
The property is located at 28 Port Norfolk Street Boston, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Legal 2‑family duplex with 3,760 sqft of living space; Large 7,400+ sqft parcel with the building positioned at the far‑right edge; One unit renovated; the other is mostly gutted and requires substantial work
