Two-Family Home with Wrap-Around
For Sale
$1,299,000
Pending
31 Lantern Lane, Wellesley, MA 02481
Two units, each with 2 bedrooms, updated electrical, and a detached 2-car garage on a large lot.
Property Size2,233 SF
Lot Size0.30 Acres
Days on Market64
Property Features for 31 Lantern Lane
General Information
Standard status
Pending
Size
2,233 SF
Total Parking Spaces
8
Lot size
0.30 Acres
Property subtype
Multi Family Home
Zoning
SR10
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,831
Building Details
Building Size
2,233 SF
Year Built
1910
Stories
2
Units
2
Listing Agency:
eXp Realty LLC - Corporate Office
(617) 799-0566
Listed By:
Ned Mahoney · License #449501458
(617) 799-0566
Source:
Alliancepartnersre
Added: Jun 21
Changed: Aug 23
Last Checked: Aug 22 at 10:36AM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
This two-family home features a wrap-around porch and two separate units, each offering 2 bedrooms. The property includes updated electrical service, along with a large detached 2-car garage for additional parking or storage. Set on a generous 13,000 SF lot, the exterior space provides room for outdoor use and flexibility.
Located in Wellesley, the home is described as having easy highway access, supporting convenient commuting.
Located in Wellesley, the home is described as having easy highway access, supporting convenient commuting.
Key Highlights
- Two‑family home built in 1910 with 2 bedrooms in each unit
- Updated electrical service
- Large detached 2‑car garage
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
$40,001
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
3.08%
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%
$800,020
$800.0K
Cap Rate 7%
$571,443
$571.4K
Cap Rate 9%
$444,456
$444.5K
Market Conditions
NOI Build-Up for 2,233 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
$60.3K $27.00/SF
− Vacancy
−$3.1K −$1.41/SF
EGI
$57.1K $25.59/SF
− OpEx
−$17.1K −$7.68/SF
NOI
$40.0K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$800,020
Cap Rate 7%
$571,443
Cap Rate 9%
$444,456
Alternative Uses
Best Use
Multifamily LT 5
$571.4K
$500.0K – $666.7K
NOI $40,001 @ 7.0% cap · market cap 3.08%
Second Best
Apartment 5plus
$527.2K
$461.3K – $615.1K
NOI $36,907 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,535 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Explore this area
Business Placement
Demographics for 02481, MA
17,280
Population
5,145
Households
3.4
Avg Household Size
36
Median Age
90%
College-Educated
98%
High-School Grad
6.1 sq mi
ZIP Area
2,833
Density / Sq Mi
$250,001
Median Household Income
$82,159
Median Earnings
$3,064
Median Rent
$1,642,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two units, each with 2 bedrooms, updated electrical, and a detached 2-car garage on a large lot.
Where is this duplex located?
The property is located at 31 Lantern Lane Wellesley, MA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Two‑family home built in 1910 with 2 bedrooms in each unit; Updated electrical service; Large detached 2‑car garage
