Renovated Two-Family with Bonus
New
For Sale
$1,450,000
588 Gallivan Blvd, Boston, MA 02124
Renovated duplex with spacious units, flexible lower-level areas, and convenient access to neighborhood dining, retail, and transit.
Property Size4,094 SF
Price / SF$354.18
Days on Market4
Property Features for 588 Gallivan Blvd
General Information
Standard status
Active
Size
4,094 SF
Property subtype
2 Family - 2 Units Up/Down
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 4BR/2BA, 1 x 5BR/3BA
Multifamily Units
2
Building Details
Building Size
4,094 SF
Year Built
1928
Year Renovated
2021
Buildings
1
Listing Agency:
IVerty Realty, LLC
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 12 at 2:51PM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
Renovated in 2021, this 4,094-square-foot duplex contains two generously sized residential units. The first unit includes four bedrooms, two full bathrooms, and lower-level bonus space with legal egress, a full bathroom, and a kitchenette. The second offers five bedrooms and three full bathrooms, with a private stairway to a third-floor bedroom and en-suite bathroom.
Both units have central air conditioning, gas heat, and on-demand hot water heaters. The property is located in Dorchester’s Adams Village, within walking distance of neighborhood restaurants, Crunch Fitness, and everyday retail. Route 93 is minutes away by car, MBTA bus service runs nearby, and Ashmont Red Line Station is within walking distance. The property is to be delivered vacant.
Both units have central air conditioning, gas heat, and on-demand hot water heaters. The property is located in Dorchester’s Adams Village, within walking distance of neighborhood restaurants, Crunch Fitness, and everyday retail. Route 93 is minutes away by car, MBTA bus service runs nearby, and Ashmont Red Line Station is within walking distance. The property is to be delivered vacant.
Key Highlights
- Renovated in 2021
- Two units totaling 4,094 square feet
- Unit 1: four bedrooms, two full bathrooms, legal‑egress bonus space, bathroom, and kitchenette
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
$103,453
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
7.13%
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%
$2,069,060
$2.1M
Cap Rate 7%
$1,477,900
$1.5M
Cap Rate 9%
$1,149,478
$1.1M
Market Conditions
NOI Build-Up for 4,094 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
$154.8K $37.80/SF
− Vacancy
−$7.0K −$1.70/SF
EGI
$147.8K $36.10/SF
− OpEx
−$44.3K −$10.83/SF
NOI
$103.5K $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%
$2,069,060
Cap Rate 7%
$1,477,900
Cap Rate 9%
$1,149,478
Alternative Uses
Best Use
Multifamily LT 5
$1.48M
$1.29M – $1.72M
NOI $103,453 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,176 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,591 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,018
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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 - Renovated duplex with spacious units, flexible lower-level areas, and convenient access to neighborhood dining, retail, and transit.
Where is this duplex located?
The property is located at 588 Gallivan Blvd Boston, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Renovated in 2021; Two units totaling 4,094 square feet; Unit 1: four bedrooms, two full bathrooms, legal‑egress bonus space, bathroom, and kitchenette
