Renovated Three-Story Multifamily
For Sale
$1,699,000
76-78 Lewis Rd, Belmont, MA 02478
Historic corner-lot residence with landscaped grounds, four-car parking, and distinctive period features.
Property Size3,137 SF
Price / SF$541.60
Days on Market88
Property Features for 76-78 Lewis Rd
General Information
Standard status
Active
Size
3,137 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
R
Net Operating Income
$84,000
Taxes and HOA fees
Annual Taxes
$16,584
Amenities
fireplaces
sunrooms
bay windows
Building Details
Building Size
3,137 SF
Year Built
1923
Year Renovated
2018
Buildings
1
Stories
3
Listing Agency:
Sagan Harborside Sotheby's International Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 4
Changed: Aug 29
Last Checked: Aug 29 at 11:57PM
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 Sagan Harborside Sotheby's International Realty
Investment Insights
Based on property information with market context.
This three-story multifamily property occupies a corner lot and contains 3,137 square feet. The 1923 residence retains fireplaces, sunrooms, and bay windows, while renovations completed in 2018 add updated functionality to the historic structure. Professional landscaping and a dedicated parking area for four cars further support the property’s residential utility.
The property is located at 76-78 Lewis Rd in Belmont, Massachusetts, near the Harvard Lawn and Payson Park neighborhoods. R zoning supports its multifamily classification. Its combination of multiple levels, preserved architectural details, recent renovation work, and on-site parking creates a distinctive residential income property in a settled neighborhood setting.
The property is located at 76-78 Lewis Rd in Belmont, Massachusetts, near the Harvard Lawn and Payson Park neighborhoods. R zoning supports its multifamily classification. Its combination of multiple levels, preserved architectural details, recent renovation work, and on-site parking creates a distinctive residential income property in a settled neighborhood setting.
Key Highlights
- 3,137‑square‑foot multifamily property on a corner lot
- Three‑story configuration with distinct living areas
- Renovations completed in 2018
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
$62,416
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
3.67%
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%
$1,248,320
$1.2M
Cap Rate 7%
$891,657
$891.7K
Cap Rate 9%
$693,511
$693.5K
Market Conditions
NOI Build-Up for 3,137 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
$119.7K $38.16/SF
− Vacancy
−$6.2K −$1.98/SF
EGI
$113.5K $36.18/SF
− OpEx
−$51.1K −$16.28/SF
NOI
$62.4K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$1,248,320
Cap Rate 7%
$891,657
Cap Rate 9%
$693,511
Alternative Uses
Best Use
Apartment 5plus
$891.7K
$780.2K – $1.04M
NOI $62,416 @ 7.0% cap · market cap 3.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.62M – $2.17M
NOI $129,996 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 02478, MA
27,286
Population
10,811
Households
2.5
Avg Household Size
42
Median Age
80%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
5,932
Density / Sq Mi
$177,790
Median Household Income
$95,206
Median Earnings
$2,382
Median Rent
$1,108,800
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?
Multifamily property - Historic corner-lot residence with landscaped grounds, four-car parking, and distinctive period features.
Where is this multifamily property located?
The property is located at 76-78 Lewis Rd Belmont, MA.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: 3,137‑square‑foot multifamily property on a corner lot; Three‑story configuration with distinct living areas; Renovations completed in 2018
