Renovated Two-Family
For Sale
$1,369,000
62 Welles Ave, Boston, MA 02124
Updated interiors include private decks and garage parking.
Property Size2,800 SF
Price / SF$488.93
Days on Market154
Property Features for 62 Welles Ave
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
R2
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
private deck
in-unit washer/dryer
Building Details
Building Size
2,800 SF
Year Built
1890
Stories
2
Listing Agency:
Berkshire Hathaway HomeServices Warren Residential
Listed By:
Gretchen Devine
Source:
Cjbarrett
Added: Apr 2
Changed: Aug 29
Last Checked: May 28 at 5:47AM
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 Berkshire Hathaway HomeServices Warren Residential
Investment Insights
Based on property information with market context.
This renovated duplex contains two residences, each with 3 bedrooms, 2 full baths, and an open kitchen-and-living arrangement. The 2,800-square-foot property features hardwood flooring, high ceilings, large windows, and contemporary finishes throughout. Each unit has a private deck, while the property provides two garage parking spaces plus additional driveway parking. Final work planned before closing includes in-unit washer and dryer appliances, stainless steel appliances, cabinet doors, and shower glass.
Constructed in 1890, the home is located on Welles Avenue in Boston’s Dorchester Center. Public transportation, major highways, shops, and restaurants are nearby. The configuration supports use as a two-unit residential property for an investor or an owner-occupant, as directly supported by the available property information.
Constructed in 1890, the home is located on Welles Avenue in Boston’s Dorchester Center. Public transportation, major highways, shops, and restaurants are nearby. The configuration supports use as a two-unit residential property for an investor or an owner-occupant, as directly supported by the available property information.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 full baths per residence
- 2,800 SF property with renovated interiors and modern finishes
- Private deck provided for each unit
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
$70,754
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
5.17%
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%
$1,415,080
$1.4M
Cap Rate 7%
$1,010,771
$1.0M
Cap Rate 9%
$786,156
$786.2K
Market Conditions
NOI Build-Up for 2,800 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
$105.8K $37.80/SF
− Vacancy
−$4.8K −$1.70/SF
EGI
$101.1K $36.10/SF
− OpEx
−$30.3K −$10.83/SF
NOI
$70.8K $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%
$1,415,080
Cap Rate 7%
$1,010,771
Cap Rate 9%
$786,156
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$884.4K – $1.18M
NOI $70,754 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$939.7K
$822.2K – $1.10M
NOI $65,778 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,765 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,494
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 - Updated interiors include private decks and garage parking.
Where is this duplex located?
The property is located at 62 Welles Ave Boston, MA.
What is the asking price?
The asking price for this property is $1,369,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 full baths per residence; 2,800 SF property with renovated interiors and modern finishes; Private deck provided for each unit
