Two-Family Home with Expansion
For Sale
$1,299,000
Pending
59 River St, Newton, MA 02465
Updated systems support two separate units, with room to expand into an unfinished attic.
Property Size2,637 SF
Days on Market60
Property Features for 59 River St
General Information
Standard status
Pending
Size
2,637 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,185
Building Details
Building Size
2,637 SF
Year Built
1880
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
(617) 610-3839
Listed By:
Kathleen Marotta
(617) 610-3839
Source:
Elliman
Added: Jun 25
Changed: Aug 7
Last Checked: Aug 4 at 8:06AM
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 Kathleen Marotta
Investment Insights
Based on property information with market context.
This stately two-family home offers two distinct living levels with high ceilings and hardwood floors throughout the first-floor unit. The first floor includes a living room, dining room, two bedrooms, an eat-in kitchen, and one bathroom. The second-floor unit features two bedrooms, a living room, an eat-in kitchen, and one bathroom, along with an oversized hallway that leads to an unfinished attic with four separate rooms.
Additional space may be realized by expanding into the third floor, supported by the unfinished attic configuration. The basement also has higher-than-usual ceilings, adding further possibilities for storage or functional use. Updated gas heating and hot water systems are in place. Outside, the property includes a detached two-car garage with an attached tool shed and a backyard suitable for gardening and seasonal enjoyment.
From an access standpoint, the home is conveniently located less than half a mile from West Newton Center and the Commuter Rail to Boston, with easy access to I-90. The current two-unit layout, combined with the unfinished attic and higher-ceiling basement, can appeal to buyers seeking flexible use and the option to grow the usable space over time.
Additional space may be realized by expanding into the third floor, supported by the unfinished attic configuration. The basement also has higher-than-usual ceilings, adding further possibilities for storage or functional use. Updated gas heating and hot water systems are in place. Outside, the property includes a detached two-car garage with an attached tool shed and a backyard suitable for gardening and seasonal enjoyment.
From an access standpoint, the home is conveniently located less than half a mile from West Newton Center and the Commuter Rail to Boston, with easy access to I-90. The current two-unit layout, combined with the unfinished attic and higher-ceiling basement, can appeal to buyers seeking flexible use and the option to grow the usable space over time.
Key Highlights
- Two‑family home built in 1880 with high ceilings and oversized windows across all levels
- First‑floor unit: living room, dining room, two bedrooms, eat‑in kitchen, and 1 bathroom
- Second‑floor unit: two bedrooms, living room, eat‑in kitchen, 1 bathroom, plus access to an unfinished attic with four rooms
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
$55,800
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
4.30%
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%
$1,116,000
$1.1M
Cap Rate 7%
$797,143
$797.1K
Cap Rate 9%
$620,000
$620.0K
Market Conditions
NOI Build-Up for 2,637 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
$83.9K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.7K $30.23/SF
− OpEx
−$23.9K −$9.07/SF
NOI
$55.8K $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%
$1,116,000
Cap Rate 7%
$797,143
Cap Rate 9%
$620,000
Alternative Uses
Best Use
Multifamily LT 5
$797.1K
$697.5K – $930.0K
NOI $55,800 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$749.5K
$655.8K – $874.5K
NOI $52,467 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,277 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Explore this area
Business Placement
Demographics for 02465, MA
12,415
Population
4,452
Households
2.8
Avg Household Size
42
Median Age
78%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
5,643
Density / Sq Mi
$174,518
Median Household Income
$93,021
Median Earnings
$2,251
Median Rent
$1,098,600
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 - Updated systems support two separate units, with room to expand into an unfinished attic.
Where is this duplex located?
The property is located at 59 River St Newton, MA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Two‑family home built in 1880 with high ceilings and oversized windows across all levels; First‑floor unit: living room, dining room, two bedrooms, eat‑in kitchen, and 1 bathroom; Second‑floor unit: two bedrooms, living room, eat‑in kitchen, 1 bathroom, plus access to an unfinished attic with four rooms
