Corner-Lot Two-Family
For Sale
$1,450,000
9 Spruce St, Belmont, MA 02478
Residential Income, Belmont, MA
Property Size2,872 SF
Lot Size0.16 Acres
Price / SF$504.87
Days on Market48
Property Features for 9 Spruce St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SC
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 3
Parking
6
Directions
Oak to Spruce or Pine to Spruce
Standard status
Active
APN
M:05 P:000049 S:,356325
Size
2,872 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16595
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Listing Agency:
REMAX Andrew Realty Services · RE/MAX International
(781) 395-7676
Listed By:
John Veneziano
(781) 395-7676
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 30 at 11:06AM
MLS# 73549260
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1915, this 2,872-square-foot duplex occupies a 0.1588-acre corner lot in Belmont. Each residence includes three bedrooms, hardwood flooring, natural woodwork, architectural detailing, a pantry, in-unit laundry, and a private enclosed back porch. The second-floor home also has a walk-up unfinished attic for storage.
The corner configuration gives each unit access from a different street, creating distinct entrances and added separation between the residences. The property is located at 9 Spruce St in Belmont, near Cushing Square’s restaurants, cafes, and shops, with Oakley Country Club also nearby. Zoning is SC.
The corner configuration gives each unit access from a different street, creating distinct entrances and added separation between the residences. The property is located at 9 Spruce St in Belmont, near Cushing Square’s restaurants, cafes, and shops, with Oakley Country Club also nearby. Zoning is SC.
Key Highlights
- 2,872‑square‑foot duplex on a 0.1588‑acre corner lot
- Each unit includes 3 bedrooms, a pantry, in‑unit laundry, and a private enclosed back porch
- Separate street access provides each residence with its own entrance
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 separately accessed residences offer three bedrooms, laundry, pantries, hardwood floors, and enclosed back porches.
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: 2,872‑square‑foot duplex on a 0.1588‑acre corner lot; Each unit includes 3 bedrooms, a pantry, in‑unit laundry, and a private enclosed back porch; Separate street access provides each residence with its own entrance
