Two-Family Home with Corner
For Sale
$1,450,000
9 Spruce St, Belmont, MA 02478
Two separate units each offer 3 bedrooms, in-unit laundry, and private enclosed back porches on a corner lot.
Property Size2,872 SF
Price / SF$504.87
Days on Market50
Property Features for 9 Spruce St
General Information
Standard status
Active
Size
2,872 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Building Size
2,872 SF
Year Built
1915
Listing Agency:
REMAX Andrew Realty Services
(781) 956-6862
Listed By:
McTague Realty Group
(781) 956-6862
Source:
Iverty
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 31 at 3:01PM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
This character-filled two-family home features two spacious units, each with 3 bedrooms, beautiful hardwood floors, and period-inspired natural woodwork and architectural details. Both units include a pantry and in-unit laundry, along with a private enclosed back porch. The property is set on a corner lot, with each unit accessed from a different street, giving each home a more distinct, single-family feel with added separation.
The second-floor unit also includes a walk-up unfinished attic that can provide additional storage or potential for future expansion. The property is located in Belmont, described as being near Cushing Square and close to Oakley Country Club.
For buyers seeking a residential income property with two self-contained living spaces and practical on-site storage, the layout offers functional interior amenities across both units, plus an unfinished attic in the upper unit.
The second-floor unit also includes a walk-up unfinished attic that can provide additional storage or potential for future expansion. The property is located in Belmont, described as being near Cushing Square and close to Oakley Country Club.
For buyers seeking a residential income property with two self-contained living spaces and practical on-site storage, the layout offers functional interior amenities across both units, plus an unfinished attic in the upper unit.
Key Highlights
- Two‑family home built in 1915 with character and timeless architectural details
- Each unit has 3 bedrooms with hardwood floors and natural woodwork
- Both units include in‑unit laundry and a pantry
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
$60,773
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
4.19%
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%
$1,215,460
$1.2M
Cap Rate 7%
$868,186
$868.2K
Cap Rate 9%
$675,256
$675.3K
Market Conditions
NOI Build-Up for 2,872 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
$91.3K $31.80/SF
− Vacancy
−$4.5K −$1.57/SF
EGI
$86.8K $30.23/SF
− OpEx
−$26.0K −$9.07/SF
NOI
$60.8K $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%
$1,215,460
Cap Rate 7%
$868,186
Cap Rate 9%
$675,256
Alternative Uses
Best Use
Multifamily LT 5
$868.2K
$759.7K – $1.01M
NOI $60,773 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$816.3K
$714.3K – $952.4K
NOI $57,143 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,015 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
700
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?
Duplex - Two separate units each offer 3 bedrooms, in-unit laundry, and private enclosed back porches on a corner lot.
Where is this duplex located?
The property is located at 9 Spruce St Belmont, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Two‑family home built in 1915 with character and timeless architectural details; Each unit has 3 bedrooms with hardwood floors and natural woodwork; Both units include in‑unit laundry and a pantry
