Updated Two-Family
For Sale
$948,000
96-98 South St, Quincy, MA 02169
Three-level duplex with two kitchens, a sunroom, deck, and finished attic space.
Property Size2,156 SF
Price / SF$439.70
Days on Market66
Property Features for 96-98 South St
General Information
Standard status
Active
Size
2,156 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
RESB
Net Operating Income
$57,600
Taxes and HOA fees
Annual Taxes
$9,064
Building Details
Building Size
2,156 SF
Year Built
1930
Stories
3
Listing Agency:
J.M.I. Investment Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 26
Changed: Aug 29
Last Checked: Aug 30 at 1:45PM
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 J.M.I. Investment Properties
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex provides approximately 2156 sqft of total living area across three levels, including 256 sqft of finished attic space. Both units feature spacious bedrooms, eat-in kitchens, practical layouts, and abundant natural light. The second-floor residence adds a sunroom and deck, while the heated third-floor in-law room offers flexible space for a home office, guest area, or additional living use.
Recent improvements completed within 5 years include kitchen updates, stoves, interior paint, and replacement windows. The property uses gas heat and gas hot water and was built in 1930. Located at 96-98 South St in Quincy, the property is near public transportation, major highways, shopping, restaurants, and schools. RESB zoning supports its residential configuration.
Recent improvements completed within 5 years include kitchen updates, stoves, interior paint, and replacement windows. The property uses gas heat and gas hot water and was built in 1930. Located at 96-98 South St in Quincy, the property is near public transportation, major highways, shopping, restaurants, and schools. RESB zoning supports its residential configuration.
Key Highlights
- Two‑family duplex with approximately 2156 sqft of total living area
- 256 sqft of finished attic space within the three‑level layout
- Second‑floor unit includes a sunroom and deck
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
$36,406
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
3.84%
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%
$728,120
$728.1K
Cap Rate 7%
$520,086
$520.1K
Cap Rate 9%
$404,511
$404.5K
Market Conditions
NOI Build-Up for 2,156 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
$55.6K $25.80/SF
− Vacancy
−$3.6K −$1.68/SF
EGI
$52.0K $24.12/SF
− OpEx
−$15.6K −$7.24/SF
NOI
$36.4K $16.89/SF
Area
Quincy, MA
Vacancy
6.50%
Lease Rate
$25.80 /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%
$728,120
Cap Rate 7%
$520,086
Cap Rate 9%
$404,511
Alternative Uses
Best Use
Multifamily LT 5
$520.1K
$455.1K – $606.8K
NOI $36,406 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$477.7K
$418.0K – $557.3K
NOI $33,440 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$1.27M
$1.12M – $1.49M
NOI $89,207 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,364
Businesses Nearby
Explore this area
Business Placement
Demographics for 02169, MA
62,140
Population
30,198
Households
2.1
Avg Household Size
39
Median Age
48%
College-Educated
92%
High-School Grad
12.1 sq mi
ZIP Area
5,136
Density / Sq Mi
$92,080
Median Household Income
$60,166
Median Earnings
$1,975
Median Rent
$552,200
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 - Three-level duplex with two kitchens, a sunroom, deck, and finished attic space.
Where is this duplex located?
The property is located at 96-98 South St Quincy, MA.
What is the asking price?
The asking price for this property is $948,000.
What are key features of this property?
This property features: Two‑family duplex with approximately 2156 sqft of total living area; 256 sqft of finished attic space within the three‑level layout; Second‑floor unit includes a sunroom and deck
