Renovated Duplex with
For Sale
$2,350,000
45-47 Bartlett Avenue, Belmont, MA 02478
Two residential units offer updated kitchens, private outdoor areas, and separate utility services.
Property Size3,390 SF
Price / SF$693.22
Days on Market145
Property Features for 45-47 Bartlett Avenue
General Information
Standard status
Active
Size
3,390 SF
Total Parking Spaces
10
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
RES
Units
Unit Mix
1 x 4BR/3.5BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,882
Amenities
No
Tile, Hardwood, Stone/Ceramic Tile
Disposal, Microwave, ENERGY STAR Qualified Refrigerator, ENERGY STAR Qualified Dryer, ENERGY STAR Qualified Dishwasher, ENERGY STAR Qualified Washer, Range
Insulated Doors
6.0
Insulated Windows
Electric Dryer Hookup
Full, Finished, Sump Pump
Stone/Granite/Solid Counters, Upgraded Cabinets, Upgraded Countertops, Walk-In Closet(s), Bathroom with Shower Stall, Bathroom With Tub, Open Floorplan, Smart Thermostat, Remodeled, Floored Attic, Walk-Up Attic, Storage, Living Room, Dining Room, Kitchen, Family Room, Laundry Room, Mudroom
5
1
5.50
6
Fenced
Block
Shingle
Corner Lot
Rain Gutters, Fenced Yard, Porch, Patio
Porch, Patio
Building Details
Year Built
1919
Buildings
1
Listing Agency:
Coldwell Banker Realty - Belmont
(617) 484-5300
Listed By:
DelRose McShane Team · License #9565976
(617) 484-5300
Source:
Compass
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 12:25AM
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 Coldwell Banker Realty - Belmont
Investment Insights
Based on property information with market context.
This 3,390-square-foot duplex pairs two renovated residences within a 1919 property. The first unit spans two levels with 4 bedrooms and 3.5 baths, including two suites. The second provides 3 bedrooms and 2 baths, along with a walk-up attic suited to storage. Both interiors feature open layouts, upgraded cabinetry, quartz counters, modern appliances, hardwood and tile finishes, and dedicated laundry areas.
The property includes a two-car garage, double-wide driveway, fenced outdoor areas, porch, and patio. Separate utilities serve the units. Major updates include heating and cooling systems, electrical, plumbing, windows, roof, and siding. Located on Bartlett Avenue in Belmont, the home is near PQ Park, Cushing Square, and commuter rail access in Waverley Square. RES zoning applies.
The property includes a two-car garage, double-wide driveway, fenced outdoor areas, porch, and patio. Separate utilities serve the units. Major updates include heating and cooling systems, electrical, plumbing, windows, roof, and siding. Located on Bartlett Avenue in Belmont, the home is near PQ Park, Cushing Square, and commuter rail access in Waverley Square. RES zoning applies.
Key Highlights
- 3,390 SF duplex with 2 residential units
- Unit 1 has 4 bedrooms and 3.5 baths across two levels
- Unit 2 includes 3 bedrooms, 2 baths, and a walk‑up attic
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
$71,734
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
3.05%
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%
$1,434,680
$1.4M
Cap Rate 7%
$1,024,771
$1.0M
Cap Rate 9%
$797,044
$797.0K
Market Conditions
NOI Build-Up for 3,390 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
$107.8K $31.80/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$102.5K $30.23/SF
− OpEx
−$30.7K −$9.07/SF
NOI
$71.7K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,434,680
Cap Rate 7%
$1,024,771
Cap Rate 9%
$797,044
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$896.7K – $1.20M
NOI $71,734 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$963.6K
$843.1K – $1.12M
NOI $67,450 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,481 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Explore this area
Business Placement
Demographics for 02478, MA
27,286
Population
10,811
Households
2.5
Avg Household Size
42
Median Age
80%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
5,932
Density / Sq Mi
$177,790
Median Household Income
$95,206
Median Earnings
$2,382
Median Rent
$1,108,800
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 residential units offer updated kitchens, private outdoor areas, and separate utility services.
Where is this duplex located?
The property is located at 45-47 Bartlett Avenue Belmont, MA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 3,390 SF duplex with 2 residential units; Unit 1 has 4 bedrooms and 3.5 baths across two levels; Unit 2 includes 3 bedrooms, 2 baths, and a walk‑up attic
