Updated Two-Family
For Sale
$1,098,000
Pending
40-42 Elmira Street, Boston, MA 02135
Two-unit residential income property with updated kitchens and baths, decks, and 2-car parking.
Property Size2,300 SF
Days on Market56
Property Features for 40-42 Elmira Street
General Information
Standard status
Pending
Size
2,300 SF
Total Parking Spaces
2
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R2
Net Operating Income
$78,000
Taxes and HOA fees
Annual Taxes
$11,079
Amenities
No
Wood, Tile, Vinyl
Range, Dishwasher, Refrigerator, Freezer
2.0
Insulated Windows
Full, Interior Access, Concrete Floor, Unfinished Basement
Living Room, Dining Room, Kitchen, Office/Den
2
2.00
Shingle
Porch, Deck
Building Details
Year Built
1925
Listing Agency:
Compass
Listed By:
Eirinn Carroll · License #9574942
(860) 508-6703
Source:
Compass
Added: Jul 14
Changed: Aug 8
Last Checked: Jul 24 at 1:28PM
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.
Meticulously maintained two-family residence featuring updated kitchens and baths, replacement windows, decks, and a new roof. Unit 1 includes a foyer with coat closet, spacious living and dining areas with original built-ins and woodwork, and large updated windows. The kitchen has recent appliances and dishwashers with direct access to the rear porch and yard. Unit 1 offers bedrooms off a central hall near the bathroom, each with sizable closets and multiple windows.
Unit 2 offers a similar layout with an additional bedroom and a 3-season front porch. Both units are supported by smart, practical layouts designed for comfortable day-to-day living. The property also includes a sunny yard and 2-car parking.
Located on a quiet side street near Boston Landing in Brighton Center, the home provides convenient access to nearby employers, schools, dining, parks, and public transit, with Interstate 90 also within minutes.
Unit 2 offers a similar layout with an additional bedroom and a 3-season front porch. Both units are supported by smart, practical layouts designed for comfortable day-to-day living. The property also includes a sunny yard and 2-car parking.
Located on a quiet side street near Boston Landing in Brighton Center, the home provides convenient access to nearby employers, schools, dining, parks, and public transit, with Interstate 90 also within minutes.
Key Highlights
- 2‑family home built in 1925 with 2 total full baths
- Updated kitchens with appliances including range, dishwasher, refrigerator, and freezer
- Insulated windows and wood/tile/vinyl flooring throughout
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
$58,119
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
5.29%
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%
$1,162,380
$1.2M
Cap Rate 7%
$830,271
$830.3K
Cap Rate 9%
$645,767
$645.8K
Market Conditions
NOI Build-Up for 2,300 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
$86.9K $37.80/SF
− Vacancy
−$3.9K −$1.70/SF
EGI
$83.0K $36.10/SF
− OpEx
−$24.9K −$10.83/SF
NOI
$58.1K $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%
$1,162,380
Cap Rate 7%
$830,271
Cap Rate 9%
$645,767
Alternative Uses
Best Use
Multifamily LT 5
$830.3K
$726.5K – $968.7K
NOI $58,119 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$771.9K
$675.4K – $900.5K
NOI $54,032 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,557 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,652
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
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 - Two-unit residential income property with updated kitchens and baths, decks, and 2-car parking.
Where is this duplex located?
The property is located at 40-42 Elmira Street Boston, MA.
What is the asking price?
The asking price for this property is $1,098,000.
What are key features of this property?
This property features: 2‑family home built in 1925 with 2 total full baths; Updated kitchens with appliances including range, dishwasher, refrigerator, and freezer; Insulated windows and wood/tile/vinyl flooring throughout
