Two-Family Duplex with
New
For Sale
$1,249,000
31 Willoughby St, Boston, MA 02135
Two residences offer updated kitchens and baths, in-unit laundry, and practical living and dining layouts.
Property Size2,434 SF
Lot Size0.11 Acres
Price / SF$513.15
Days on Market4
Property Features for 31 Willoughby St
General Information
Standard status
Active
Size
2,434 SF
Total Parking Spaces
2
Lot size
0.11 Acres
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$84,900
Amenities
in-unit laundry
Building Details
Building Size
2,434 SF
Year Built
1954
Buildings
1
Listing Agency:
IVerty Realty, LLC
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 12 at 2:27PM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This up-down duplex contains two 3-bedroom, 1-bath residences with more than 2,400 square feet of combined living area. Each unit includes a modern kitchen and bath, a separate living room and dining room arrangement, and in-unit laundry. The property also includes a full basement, walk-up attic, and a 2-car garage for parking and storage.
The roof was replaced in 2019, and the exterior received a full painting in 2026. Set on a 4,979-square-foot corner lot at 31 Willoughby St, the property is near Boston College, public transportation, shopping, and highway access. Boston, Cambridge, and Allston are also described as minutes away. Current gross monthly rent is supported by the two residences, with the option to occupy one unit while renting the other.
The roof was replaced in 2019, and the exterior received a full painting in 2026. Set on a 4,979-square-foot corner lot at 31 Willoughby St, the property is near Boston College, public transportation, shopping, and highway access. Boston, Cambridge, and Allston are also described as minutes away. Current gross monthly rent is supported by the two residences, with the option to occupy one unit while renting the other.
Key Highlights
- Two 3‑bedroom, 1‑bath units in an up‑down duplex configuration
- 2,434 square feet of combined property size
- 2‑car garage provides off‑street parking
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
$61,505
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
4.92%
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%
$1,230,100
$1.2M
Cap Rate 7%
$878,643
$878.6K
Cap Rate 9%
$683,389
$683.4K
Market Conditions
NOI Build-Up for 2,434 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
$92.0K $37.80/SF
− Vacancy
−$4.1K −$1.70/SF
EGI
$87.9K $36.10/SF
− OpEx
−$26.4K −$10.83/SF
NOI
$61.5K $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%
$1,230,100
Cap Rate 7%
$878,643
Cap Rate 9%
$683,389
Alternative Uses
Best Use
Multifamily LT 5
$878.6K
$768.8K – $1.03M
NOI $61,505 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$816.9K
$714.8K – $953.0K
NOI $57,180 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$1.82M
$1.59M – $2.13M
NOI $127,581 @ 7.0% cap · market cap 10.21%
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
1,124
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
Median Home Value
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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 residences offer updated kitchens and baths, in-unit laundry, and practical living and dining layouts.
Where is this duplex located?
The property is located at 31 Willoughby St Boston, MA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1‑bath units in an up‑down duplex configuration; 2,434 square feet of combined property size; 2‑car garage provides off‑street parking
