Three-Unit Residential Income
For Sale
$1,150,000
109 Capen St, Boston, MA 02124
Fully occupied three-family property with separate utilities, multiple meters, and three gas forced-air heating systems.
Property Size3,369 SF
Days on Market52
Property Features for 109 Capen St
General Information
Standard status
Active
Size
3,369 SF
Total Parking Spaces
1
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,703
Amenities
hardwood floors
shared basement laundry
front porch
rear porch
common backyard
on-street parking
Building Details
Building Size
3,369 SF
Year Built
1905
Tenancy
Multi
Listing Agency:
Keller Williams Realty Boston Northwest
Listed By:
Ciampa Group
(617) 497-8900
Source:
Classifiedrealtygroup
Added: Jul 24
Changed: Sep 4
Last Checked: Sep 13 at 5:40AM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
This three-family residential income property is fully occupied and configured with three bedrooms and one full bathroom in each unit. The units include hardwood floors and share a basement laundry area, along with front and rear porches and a common backyard. Recent improvements include fresh painting in 2025.
Separate utilities support independent service for the building, including three gas meters and four electric meters (including a common panel), with three gas forced-air heating systems. On-street parking is available, and the property is described as convenient to shopping, restaurants, public transportation, and major commuter routes.
Showings require 48-hour notice for all requests. Unit 3 is under lease through 9/30/2026.
Separate utilities support independent service for the building, including three gas meters and four electric meters (including a common panel), with three gas forced-air heating systems. On-street parking is available, and the property is described as convenient to shopping, restaurants, public transportation, and major commuter routes.
Showings require 48-hour notice for all requests. Unit 3 is under lease through 9/30/2026.
Key Highlights
- Fully occupied 3‑family property with $9,500/month rental income and all units featuring 3 bedrooms and 1 full bathroom
- Unit 3 is under lease through 9/30/2026; units occupied through housing voucher programs
- Separate utilities with 3 gas meters and 4 electric meters (including a common panel), plus 3 gas forced‑air heating systems
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
Multi-tenant
Tenancy
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
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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 property with separate utilities, multiple meters, and three gas forced-air heating systems.
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: Fully occupied 3‑family property with $9,500/month rental income and all units featuring 3 bedrooms and 1 full bathroom; Unit 3 is under lease through 9/30/2026; units occupied through housing voucher programs; Separate utilities with 3 gas meters and 4 electric meters (including a common panel), plus 3 gas forced‑air heating systems
