Duplex Property with Approved
For Sale
$1,199,000
401 W 4th St, Boston, MA 02127
Residential Income, Boston, MA
Property Size2,795 SF
Lot Size0.03 Acres
Price / SF$428.98
Days on Market21
Property Features for 401 W 4th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R1
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 1, Bathroom 2, Bedroom 5
Directions
F st and W 4th st.
Subdivision
South Boston
Standard status
Active
APN
W:06 P:01094 S:000,1412683
Size
2,795 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10222
Building Details
Year built
1900
Floors in Building
4
Number of units
2
Listing Agency:
Keller Williams Realty
Listed By:
Keller Williams
(617) 969-9000
Added: Aug 13
Changed: Sep 2
Last Checked: Sep 2 at 11:06AM
MLS# 73563437
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 vacant residential property contains 2,795 square feet within a building constructed in 1900. The existing configuration includes three floors of living space and a partially finished walk-out basement. Approved plans are included for conversion into a four-floor, two-family residence, with each planned unit arranged as a duplex. The property is classified under R1 zoning and is identified as under construction.
The 0.0342-acre parcel is located at 401 W 4th St in Boston’s 02127 postal area. The approved design provides for further living-area expansion by using the stated by-right FAR of 2.0. The plans also support a range of ownership strategies, including separate condominium sales or continued rental use.
The 0.0342-acre parcel is located at 401 W 4th St in Boston’s 02127 postal area. The approved design provides for further living-area expansion by using the stated by-right FAR of 2.0. The plans also support a range of ownership strategies, including separate condominium sales or continued rental use.
Key Highlights
- Approved plans for a four‑floor, two‑family residence
- Planned layout includes two duplex units
- 2,795 SF building on a 0.0342‑acre parcel
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
$70,628
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
5.89%
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%
$1,412,560
$1.4M
Cap Rate 7%
$1,008,971
$1.0M
Cap Rate 9%
$784,756
$784.8K
Market Conditions
NOI Build-Up for 2,795 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
$105.7K $37.80/SF
− Vacancy
−$4.8K −$1.70/SF
EGI
$100.9K $36.10/SF
− OpEx
−$30.3K −$10.83/SF
NOI
$70.6K $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%
$1,412,560
Cap Rate 7%
$1,008,971
Cap Rate 9%
$784,756
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$882.9K – $1.18M
NOI $70,628 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$938.0K
$820.8K – $1.09M
NOI $65,660 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,503 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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 - Vacant residential building with approved plans for a two-family layout and additional living-area expansion potential.
Where is this duplex located?
The property is located at 401 W 4th St Boston, MA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Approved plans for a four‑floor, two‑family residence; Planned layout includes two duplex units; 2,795 SF building on a 0.0342‑acre parcel
