Updated Two-Family
For Sale
$899,900
9 Billings Street, Boston, MA 02132
Well-maintained duplex with separate utilities, outdoor areas, parking, and transit access near Boston’s medical institutions.
Property Size1,924 SF
Price / SF$467.72
Days on Market13
Property Features for 9 Billings Street
General Information
Standard status
Active
Size
1,924 SF
Property subtype
Multi-family
Amenities
upper and lower front decks
upper and lower rear porches
large storage shed
Building Details
Year Built
1938
Buildings
1
Tenancy
Multi
Listing Agency:
Gilmore Murphy Realty LLC
Listed By:
Condon-Droney Team
(508) 823-9400
Source:
Ballowhutchinsonrealestate
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 8 at 3:45PM
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 Gilmore Murphy Realty LLC
Investment Insights
Based on property information with market context.
This two-family duplex at 9 Billings Street includes two residential units with two bedrooms each. The second unit also has an additional room currently arranged as a third bedroom. Interior features include hardwood flooring, eat-in kitchens, insulated windows, and independent central heating and air conditioning. Each unit has a separate electric meter rated at 100 amps, while common-area electric service is separately metered at 50 amps.
Recent work includes interior and exterior painting, replacement kitchen and bathroom flooring, new toilets and vanities, and a new hot water heater. The roof and heating system are approximately 14 years old. Upper and lower front decks, rear porches, off-street parking, and a large storage shed expand the property’s usable features.
The property is located at 9 Billings Street in Boston’s West Roxbury area. An MBTA bus stop is two houses away, and the West Roxbury commuter rail station is approximately ½ mile from the property. The Longwood Medical Area and multiple hospitals and medical institutions are also nearby.
Recent work includes interior and exterior painting, replacement kitchen and bathroom flooring, new toilets and vanities, and a new hot water heater. The roof and heating system are approximately 14 years old. Upper and lower front decks, rear porches, off-street parking, and a large storage shed expand the property’s usable features.
The property is located at 9 Billings Street in Boston’s West Roxbury area. An MBTA bus stop is two houses away, and the West Roxbury commuter rail station is approximately ½ mile from the property. The Longwood Medical Area and multiple hospitals and medical institutions are also nearby.
Key Highlights
- Two units with 2 bedrooms each; Unit 2 includes an additional room staged as a third bedroom
- Separate 100‑amp electric meters for each unit plus 50‑amp common‑area electric
- Upper and lower front decks with upper and lower rear porches
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
$48,618
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
5.40%
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%
$972,360
$972.4K
Cap Rate 7%
$694,543
$694.5K
Cap Rate 9%
$540,200
$540.2K
Market Conditions
NOI Build-Up for 1,924 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
$72.7K $37.80/SF
− Vacancy
−$3.3K −$1.70/SF
EGI
$69.5K $36.10/SF
− OpEx
−$20.8K −$10.83/SF
NOI
$48.6K $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%
$972,360
Cap Rate 7%
$694,543
Cap Rate 9%
$540,200
Alternative Uses
Best Use
Multifamily LT 5
$694.5K
$607.7K – $810.3K
NOI $48,618 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$645.7K
$565.0K – $753.3K
NOI $45,199 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,848 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Explore this area
Business Placement
Demographics for 02132, MA
27,111
Population
11,967
Households
2.3
Avg Household Size
44
Median Age
64%
College-Educated
95%
High-School Grad
4.9 sq mi
ZIP Area
5,533
Density / Sq Mi
$139,545
Median Household Income
$75,760
Median Earnings
$2,140
Median Rent
$714,000
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 - Well-maintained duplex with separate utilities, outdoor areas, parking, and transit access near Boston’s medical institutions.
Where is this duplex located?
The property is located at 9 Billings Street Boston, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Two units with 2 bedrooms each; Unit 2 includes an additional room staged as a third bedroom; Separate 100‑amp electric meters for each unit plus 50‑amp common‑area electric; Upper and lower front decks with upper and lower rear porches
