7-Unit Apartment
For Sale
$5,495,000
104-106 Warren Street, Boston, MA 02135
Updated apartment property with new building systems, finished interiors, and separate water metering for each residence.
Property Size8,534 SF
Price / SF$643.90
Days on Market169
Property Features for 104-106 Warren Street
General Information
Standard status
Active
Size
8,534 SF
Total Parking Spaces
4
Property subtype
Multi-family / 5-9 Family
Net Operating Income
$285,307
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Sprinkler System
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$41,738
Amenities
City/Town Sewer, Public, Individually Metered
No
Wood
12.0
Full, Finished
12
12.00
City View(s), City, Yes
Rubber
City View(s), Porch
Porch
Building Details
Year Built
1920
Buildings
1
Listing Agency:
City Realty Group
Listed By:
Sean Rose · License #9567526
(617) 751-5119
Source:
Compass
Added: Mar 19
Changed: Sep 2
Last Checked: Sep 1 at 10:44PM
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 City Realty Group
Investment Insights
Based on property information with market context.
This 7-unit apartment property was built in 1920 and has 8,534 square feet. Building improvements include new utilities, a full sprinkler system, energy-efficient windows, designer kitchens and bathrooms, new hardwood flooring, and gas HVAC. Separate water meters serve the units, with tenants responsible for utilities, including water and sewer.
The property is at 104-106 Warren Street in Boston’s Allston area, approximately 200 feet from Warren Street Station on the Green Line. Its surrounding context includes Boston College, Boston University, Saint Elizabeth’s Medical Center, New Balance Headquarters, and the Boston Landing mixed-use project.
The property is at 104-106 Warren Street in Boston’s Allston area, approximately 200 feet from Warren Street Station on the Green Line. Its surrounding context includes Boston College, Boston University, Saint Elizabeth’s Medical Center, New Balance Headquarters, and the Boston Landing mixed-use project.
Key Highlights
- 7‑unit apartment building with 8,534 square feet
- New utilities, gas HVAC, and energy‑efficient windows
- Full sprinkler system and separate water meters
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
$200,481
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
3.65%
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%
$4,009,620
$4.0M
Cap Rate 7%
$2,864,014
$2.9M
Cap Rate 9%
$2,227,567
$2.2M
Market Conditions
NOI Build-Up for 8,534 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
$378.9K $44.40/SF
− Vacancy
−$14.4K −$1.69/SF
EGI
$364.5K $42.71/SF
− OpEx
−$164.0K −$19.22/SF
NOI
$200.5K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$4,009,620
Cap Rate 7%
$2,864,014
Cap Rate 9%
$2,227,567
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.51M – $3.34M
NOI $200,481 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.39M
$5.59M – $7.46M
NOI $447,318 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,257
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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?
Apartment building - Updated apartment property with new building systems, finished interiors, and separate water metering for each residence.
Where is this apartment building located?
The property is located at 104-106 Warren Street Boston, MA.
What is the asking price?
The asking price for this property is $5,495,000.
What are key features of this property?
This property features: 7‑unit apartment building with 8,534 square feet; New utilities, gas HVAC, and energy‑efficient windows; Full sprinkler system and separate water meters
