Three-Unit Multifamily
For Sale
$1,150,000
109 Capen St, Boston, MA 02124
Residential Income, Boston, MA
Property Size3,369 SF
Lot Size0.05 Acres
Price / SF$341.35
Days on Market50
Property Features for 109 Capen St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 9, Bathroom 2, Bathroom 3, Bedroom 5, Bathroom 1
Parking
1
Directions
Gallivan Blvd to Selden to Capen
Subdivision
Dorchester
Standard status
Active
APN
W:17 P:02547 S:001,1309093
Size
3,369 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10703
Amenities
hardwood floors
shared basement laundry
front porch
rear porch
common backyard
on-street parking
Building Details
Year built
1905
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Realty Boston Northwest
(617) 497-8900
Listed By:
Christina Hill
(978) 369-5775
Added: Jul 23
Changed: Sep 3
Last Checked: Sep 10 at 8:06AM
MLS# 73553914
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.
This 3,369-square-foot triplex contains three residential units, each arranged with 3 bedrooms and 1 full bathroom. Built in 1905 and freshly painted in 2025, the property includes hardwood floors, front and rear porches, a shared basement laundry area, and a common backyard. Each unit is supported by separate utility metering, with 3 gas meters, 4 electric meters including a common panel, and three gas forced-air heating systems.
All three units are occupied through housing voucher programs, and Unit 3 is leased through 9/30/2026. The property sits on a 0.0524-acre lot in Boston and carries R3 zoning. Shopping, restaurants, public transportation, and major commuter routes are located nearby. Showings require 48-hour notice.
All three units are occupied through housing voucher programs, and Unit 3 is leased through 9/30/2026. The property sits on a 0.0524-acre lot in Boston and carries R3 zoning. Shopping, restaurants, public transportation, and major commuter routes are located nearby. Showings require 48-hour notice.
Key Highlights
- Three‑unit triplex with 3 bedrooms and 1 full bathroom in each unit
- 3,369 square feet on a 0.0524‑acre lot
- All units occupied through housing voucher programs; Unit 3 leased through 9/30/2026
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
$85,132
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
7.40%
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%
$1,702,640
$1.7M
Cap Rate 7%
$1,216,171
$1.2M
Cap Rate 9%
$945,911
$945.9K
Market Conditions
NOI Build-Up for 3,369 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
$127.3K $37.80/SF
− Vacancy
−$5.7K −$1.70/SF
EGI
$121.6K $36.10/SF
− OpEx
−$36.5K −$10.83/SF
NOI
$85.1K $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%
$1,702,640
Cap Rate 7%
$1,216,171
Cap Rate 9%
$945,911
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.06M – $1.42M
NOI $85,132 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$1.13M
$989.3K – $1.32M
NOI $79,145 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,590 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
990
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-family building with separate utilities, shared laundry, porches, and a common backyard.
Where is this triplex located?
The property is located at 109 Capen St Boston, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three‑unit triplex with 3 bedrooms and 1 full bathroom in each unit; 3,369 square feet on a 0.0524‑acre lot; All units occupied through housing voucher programs; Unit 3 leased through 9/30/2026
