Two-Family Residential Income
For Sale
$1,100,000
498 Beech St, Boston, MA 02131
Recently updated two-family home with separate utilities, central A/C, in-unit laundry, and off-street parking for six vehicles.
Property Size1,968 SF
Price / SF$558.94
Days on Market207
Property Features for 498 Beech St
General Information
Standard status
Active
Size
1,968 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$87,200
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,384
Building Details
Building Size
1,968 SF
Year Built
1920
Stories
2
Tenancy
Multi
Listing Agency:
Ellis Realty Advisors
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 4
Changed: Sep 26
Last Checked: Sep 26 at 4:42AM
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 Ellis Realty Advisors
Investment Insights
Based on property information with market context.
This recently updated two-family home is configured as two separate units, with each unit offering 3 bedrooms and 1 full bath. Interiors include stainless steel appliances and quartz countertops, along with updated finishes and ample storage. Additional in-unit conveniences include central A/C and in-unit laundry, and the property has separate utilities for each unit. Outside, the home sits on a generous lot with a paved driveway providing six off-street parking spaces.
The property is located near George Wright Golf Course and is also close to local restaurants, shops, and everyday amenities.
For buyers seeking a straightforward residential income asset, the property’s two-unit layout, separate utilities, and multiple on-site parking spaces support comfortable tenant use. The home’s current updates and unit amenities make it well-suited for an owner or investor focused on maintaining a high-quality rental experience. The seller also notes potential for future condo conversion, providing an additional pathway to consider when evaluating the property’s long-term use.
The property is located near George Wright Golf Course and is also close to local restaurants, shops, and everyday amenities.
For buyers seeking a straightforward residential income asset, the property’s two-unit layout, separate utilities, and multiple on-site parking spaces support comfortable tenant use. The home’s current updates and unit amenities make it well-suited for an owner or investor focused on maintaining a high-quality rental experience. The seller also notes potential for future condo conversion, providing an additional pathway to consider when evaluating the property’s long-term use.
Key Highlights
- Recently updated two‑family home (built 1920) with 3 bedrooms and 1 full bath in each unit
- Unit 1 grossed $50,000/year (Airbnb for part of the year); Unit 2 grossed $37,300/year; total $87,200/year
- Separate utilities, central A/C, and in‑unit laundry for both units
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
$49,730
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
4.52%
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%
$994,600
$994.6K
Cap Rate 7%
$710,429
$710.4K
Cap Rate 9%
$552,556
$552.6K
Market Conditions
NOI Build-Up for 1,968 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
$74.4K $37.80/SF
− Vacancy
−$3.3K −$1.70/SF
EGI
$71.0K $36.10/SF
− OpEx
−$21.3K −$10.83/SF
NOI
$49.7K $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%
$994,600
Cap Rate 7%
$710,429
Cap Rate 9%
$552,556
Alternative Uses
Best Use
Multifamily LT 5
$710.4K
$621.6K – $828.8K
NOI $49,730 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$660.5K
$577.9K – $770.5K
NOI $46,232 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,155 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
384
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Recently updated two-family home with separate utilities, central A/C, in-unit laundry, and off-street parking for six vehicles.
Where is this duplex located?
The property is located at 498 Beech St Boston, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Recently updated two‑family home (built 1920) with 3 bedrooms and 1 full bath in each unit; Unit 1 grossed $50,000/year (Airbnb for part of the year); Unit 2 grossed $37,300/year; total $87,200/year; Separate utilities, central A/C, and in‑unit laundry for both units
