Winchester Two-Family
For Sale
$1,150,000
63-65 Harvard Street, Winchester, MA 01890
Two-unit property in Winchester with strong rental income potential.
Property Size2,186 SF
Price / SF$526.08
Days on Market112
Property Features for 63-65 Harvard Street
General Information
Standard status
Active
Size
2,186 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Zoning
RG
Net Operating Income
$72,000
Taxes and HOA fees
Annual Taxes
$11,374
Building Details
Building Size
2,186 SF
Year Built
1880
Stories
3
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 9
Changed: Aug 23
Last Checked: Aug 28 at 7:47AM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
This two-family home in Winchester presents an opportunity for owner-occupancy with rental income or long-term investment. The property features a larger unit spanning the second and third floors, offering three bedrooms and two full baths. This unit provides a living space comparable to a single-family home. The first-floor unit includes two bedrooms and one full bath, suitable for rental income, extended family, or multi-generational living. Each unit has its own garage space, and there is a long driveway with additional parking. The layout provides separation and functionality. The property's location offers access to Winchester Public Schools.
Key Highlights
- Two‑family home in a desirable location with access to Winchester Public Schools.
- Larger unit (2nd & 3rd floors) features 3 bedrooms and 2 full baths, offering single‑family home living space.
- First‑floor unit includes 2 bedrooms and 1 full bath, suitable for rental income or multi‑generational living.
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
$46,257
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
4.02%
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%
$925,140
$925.1K
Cap Rate 7%
$660,814
$660.8K
Cap Rate 9%
$513,967
$514.0K
Market Conditions
NOI Build-Up for 2,186 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
$69.5K $31.80/SF
− Vacancy
−$3.4K −$1.57/SF
EGI
$66.1K $30.23/SF
− OpEx
−$19.8K −$9.07/SF
NOI
$46.3K $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%
$925,140
Cap Rate 7%
$660,814
Cap Rate 9%
$513,967
Alternative Uses
Best Use
Multifamily LT 5
$660.8K
$578.2K – $771.0K
NOI $46,257 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$621.3K
$543.7K – $724.9K
NOI $43,494 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,587 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
913
Businesses Nearby
Explore this area
Business Placement
Demographics for 01890, MA
22,970
Population
8,283
Households
2.8
Avg Household Size
43
Median Age
78%
College-Educated
97%
High-School Grad
6.0 sq mi
ZIP Area
3,828
Density / Sq Mi
$218,176
Median Household Income
$107,083
Median Earnings
$2,271
Median Rent
$1,181,700
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 - Two-unit property in Winchester with strong rental income potential.
Where is this duplex located?
The property is located at 63-65 Harvard Street Winchester, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two‑family home in a desirable location with access to Winchester Public Schools.; Larger unit (2nd & 3rd floors) features **3 bedrooms and 2 full baths**, offering single‑family home living space.; First‑floor unit includes 2 bedrooms and 1 full bath, suitable for rental income or multi‑generational living.
