Two-Unit Duplex with Leased
For Sale
$869,000
35-37 Westminster St, Boston, MA 02136
Residential Income, Boston, MA
Property Size2,987 SF
Lot Size0.10 Acres
Price / SF$290.93
Days on Market47
Property Features for 35-37 Westminster St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 6, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2
Parking
4
Elementary school
Conley Elementary
Middle school
New Mission/Boston Community
High school
New Mission/Boston Community
Directions
Please use GPS.
Standard status
Active
APN
W:18 P:08028 S:000,1338520
Size
2,987 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6797
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Listing Agency:
Keller Williams Realty
Listed By:
Steve Zeboski
(781) 843-3200
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 5 at 3:06PM
MLS# 73552835
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family duplex contains 2,987 square feet on a 0.0957-acre lot and was built in 1910. The property includes seven bedrooms and three bathrooms across its two residential units. The roof is approximately 15 years old, and newer heating systems have been installed.
Unit 1 is subject to a 3-year lease, while Unit 2 will be delivered vacant. The property is located in Boston, Massachusetts, within the 02136 postal area and is zoned R2.
Unit 1 is subject to a 3-year lease, while Unit 2 will be delivered vacant. The property is located in Boston, Massachusetts, within the 02136 postal area and is zoned R2.
Key Highlights
- 2,987 square feet across two residential units
- 0.0957‑acre lot in Boston, MA 02136
- Seven bedrooms and three bathrooms
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
$75,479
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
8.69%
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%
$1,509,580
$1.5M
Cap Rate 7%
$1,078,271
$1.1M
Cap Rate 9%
$838,656
$838.7K
Market Conditions
NOI Build-Up for 2,987 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
$112.9K $37.80/SF
− Vacancy
−$5.1K −$1.70/SF
EGI
$107.8K $36.10/SF
− OpEx
−$32.3K −$10.83/SF
NOI
$75.5K $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%
$1,509,580
Cap Rate 7%
$1,078,271
Cap Rate 9%
$838,656
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$943.5K – $1.26M
NOI $75,479 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$1.00M
$877.1K – $1.17M
NOI $70,171 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,567 @ 7.0% cap · market cap 18.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 02136, MA
35,102
Population
14,031
Households
2.5
Avg Household Size
39
Median Age
32%
College-Educated
88%
High-School Grad
4.6 sq mi
ZIP Area
7,631
Density / Sq Mi
$96,862
Median Household Income
$50,793
Median Earnings
$1,772
Median Rent
$566,300
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 - R2-zoned property with one unit leased and the other delivered vacant.
Where is this duplex located?
The property is located at 35-37 Westminster St Boston, MA.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: 2,987 square feet across two residential units; 0.0957‑acre lot in Boston, MA 02136; Seven bedrooms and three bathrooms
