Renovated Two-Unit
For Sale
$1,190,000
51-53 S Waverly St, Boston, MA 02135
R2-zoned property with matching updated residences, private outdoor areas, and a usable backyard.
Property Size2,160 SF
Price / SF$550.93
Days on Market92
Property Features for 51-53 S Waverly St
General Information
Standard status
Active
Size
2,160 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$55,461
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$14,832
Building Details
Building Size
2,160 SF
Year Built
1930
Year Renovated
2021
Stories
3
Listing Agency:
www.HomeZu.com
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 1 at 3:59PM
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 www.HomeZu.com
Investment Insights
Based on property information with market context.
This R2-zoned duplex contains 2,160 square feet across two matching residences, each configured with 3 bedrooms and 1 bathroom. Both units were updated in 2021 and feature hardwood flooring, modern kitchens and bathrooms, plus private porches or decks. The property was built in 1930 and includes a square backyard.
Located at 51-53 S Waverly St in Boston, the duplex is near Boston Landing, Lower Allston, New Balance, Bose, Harvard Business School, and the expanding SEAS campus. Access to the Mass Pike via I-90 provides a direct regional connection, including routes toward Boston University and Downtown Boston.
Located at 51-53 S Waverly St in Boston, the duplex is near Boston Landing, Lower Allston, New Balance, Bose, Harvard Business School, and the expanding SEAS campus. Access to the Mass Pike via I-90 provides a direct regional connection, including routes toward Boston University and Downtown Boston.
Key Highlights
- Two‑unit duplex with 2,160 square feet
- Matching 3BR/1BA layouts in both units
- 2021 updates to kitchens, bathrooms, and interiors
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
$54,582
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
4.59%
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%
$1,091,640
$1.1M
Cap Rate 7%
$779,743
$779.7K
Cap Rate 9%
$606,467
$606.5K
Market Conditions
NOI Build-Up for 2,160 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
$81.6K $37.80/SF
− Vacancy
−$3.7K −$1.70/SF
EGI
$78.0K $36.10/SF
− OpEx
−$23.4K −$10.83/SF
NOI
$54.6K $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%
$1,091,640
Cap Rate 7%
$779,743
Cap Rate 9%
$606,467
Alternative Uses
Best Use
Multifamily LT 5
$779.7K
$682.3K – $909.7K
NOI $54,582 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$724.9K
$634.3K – $845.7K
NOI $50,743 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,219 @ 7.0% cap · market cap 9.51%
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
1,929
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R2-zoned property with matching updated residences, private outdoor areas, and a usable backyard.
Where is this duplex located?
The property is located at 51-53 S Waverly St Boston, MA.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,160 square feet; Matching 3BR/1BA layouts in both units; 2021 updates to kitchens, bathrooms, and interiors
