Corner-Lot Duplex with
For Sale
$1,019,000
48 Hardwick Terrace, Boston, MA 02135
Two leased units offer six bedrooms, separate utilities, hardwood floors, and unfinished basement storage.
Property Size2,352 SF
Price / SF$433.25
Days on Market141
Property Features for 48 Hardwick Terrace
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
R2
Occupancy
100%
Net Operating Income
$37,832
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR+Office/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,256
Building Details
Building Size
2,352 SF
Year Built
1940
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
FRAME Residential
Listed By:
Matthew Petty
Source:
Dohertyproperties
Added: Apr 15
Changed: Aug 29
Last Checked: Sep 1 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 FRAME Residential
Investment Insights
Based on property information with market context.
Built in 1940, this 2,352-square-foot duplex occupies a corner lot with yard space and two off-street parking spaces. The first-floor unit includes three bedrooms and one bathroom, while the second-floor unit provides three bedrooms, an office, and one bathroom. Both residences feature eat-in kitchens, front-facing living rooms, large bedrooms, and hardwood flooring throughout. A full unfinished basement provides additional storage. The roof was replaced in spring 2025, and new electric panels were installed in January 2026. Utilities are separately metered and paid by the tenants, and both units are leased through August 31, 2026.
The property is in Oak Square with access to the Mass Pike, Soldier's Field Road, and the 57, 64, and 501 bus lines. Brighton Center and Newton Corner are also accessible from the property, along with storefronts, dining, and entertainment.
The property is in Oak Square with access to the Mass Pike, Soldier's Field Road, and the 57, 64, and 501 bus lines. Brighton Center and Newton Corner are also accessible from the property, along with storefronts, dining, and entertainment.
Key Highlights
- 2,352‑square‑foot duplex built in 1940
- Two units: first floor has 3 bedrooms and 1 bathroom; second floor has 3 bedrooms, an office, and 1 bathroom
- Corner lot with yard space and 2 off‑street parking spaces
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
$59,433
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
5.83%
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%
$1,188,660
$1.2M
Cap Rate 7%
$849,043
$849.0K
Cap Rate 9%
$660,367
$660.4K
Market Conditions
NOI Build-Up for 2,352 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
$88.9K $37.80/SF
− Vacancy
−$4.0K −$1.70/SF
EGI
$84.9K $36.10/SF
− OpEx
−$25.5K −$10.83/SF
NOI
$59.4K $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%
$1,188,660
Cap Rate 7%
$849,043
Cap Rate 9%
$660,367
Alternative Uses
Best Use
Multifamily LT 5
$849.0K
$742.9K – $990.6K
NOI $59,433 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$789.3K
$690.7K – $920.9K
NOI $55,253 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,282 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,050
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 leased units offer six bedrooms, separate utilities, hardwood floors, and unfinished basement storage.
Where is this duplex located?
The property is located at 48 Hardwick Terrace Boston, MA.
What is the asking price?
The asking price for this property is $1,019,000.
What are key features of this property?
This property features: 2,352‑square‑foot duplex built in 1940; Two units: first floor has 3 bedrooms and 1 bathroom; second floor has 3 bedrooms, an office, and 1 bathroom; Corner lot with yard space and 2 off‑street parking spaces
