Two-Unit Residential Income
For Sale
$940,000
391 Poplar St, Boston, MA 02131
Two two-bedroom units plus a finished basement with two additional bedrooms, full bath, and walk-up attic.
Property Size2,080 SF
Days on Market49
Property Features for 391 Poplar St
General Information
Standard status
Active
Size
2,080 SF
Total Parking Spaces
2
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,763
Building Details
Building Size
2,080 SF
Year Built
1920
Listing Agency:
DOSU Realty LLC
Listed By:
Johnson Folorunso
(617) 792-1662
Source:
Classifiedrealtygroup
Added: Jul 19
Changed: Sep 4
Last Checked: Sep 5 at 4:45AM
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 DOSU Realty LLC
Investment Insights
Based on property information with market context.
This versatile two-unit residential income property features a first-floor unit with two bedrooms and a second-floor unit with two bedrooms. Both units include fresh paint, hardwood floors, and kitchens equipped with brand-new appliances, along with private balconies for natural light.
The home offers additional usable space through a fully finished basement with two more bedrooms and a full bathroom with a standing shower. A walk-up attic adds further flexibility.
Outside, the property includes a backyard and off-street parking, and it is set in a quiet neighborhood with easy access to local schools, shopping, public transportation, and major highways. Sold as-is.
The home offers additional usable space through a fully finished basement with two more bedrooms and a full bathroom with a standing shower. A walk-up attic adds further flexibility.
Outside, the property includes a backyard and off-street parking, and it is set in a quiet neighborhood with easy access to local schools, shopping, public transportation, and major highways. Sold as-is.
Key Highlights
- Year built 1920 multi‑family with two 2‑bedroom units (first and second floor)
- Both units have fresh paint, hardwood floors, and kitchens with brand‑new appliances
- Each unit includes a private balcony for natural light
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
$52,560
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
5.59%
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%
$1,051,200
$1.1M
Cap Rate 7%
$750,857
$750.9K
Cap Rate 9%
$584,000
$584.0K
Market Conditions
NOI Build-Up for 2,080 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
$78.6K $37.80/SF
− Vacancy
−$3.5K −$1.70/SF
EGI
$75.1K $36.10/SF
− OpEx
−$22.5K −$10.83/SF
NOI
$52.6K $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%
$1,051,200
Cap Rate 7%
$750,857
Cap Rate 9%
$584,000
Alternative Uses
Best Use
Multifamily LT 5
$750.9K
$657.0K – $876.0K
NOI $52,560 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$698.0K
$610.8K – $814.4K
NOI $48,863 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,025 @ 7.0% cap · market cap 11.60%
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
989
Businesses Nearby
Explore this area
Business Placement
Demographics for 02131, MA
30,544
Population
13,264
Households
2.3
Avg Household Size
39
Median Age
52%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
10,909
Density / Sq Mi
$109,237
Median Household Income
$65,268
Median Earnings
$1,999
Median Rent
$634,200
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 two-bedroom units plus a finished basement with two additional bedrooms, full bath, and walk-up attic.
Where is this duplex located?
The property is located at 391 Poplar St Boston, MA.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Year built 1920 multi‑family with two 2‑bedroom units (first and second floor); Both units have fresh paint, hardwood floors, and kitchens with brand‑new appliances; Each unit includes a private balcony for natural light
