Updated Three-Unit
New
For Sale
$1,080,000
11 Courtland Rd, Boston, MA 02126
Three-family property with refreshed interiors, separate tenant-paid utilities, and a finished-feeling basement for added functionality.
Property Size4,162 SF
Price / SF$259.49
Days on Market2
Property Features for 11 Courtland Rd
General Information
Standard status
Active
Size
4,162 SF
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR, 1 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,082
Building Details
Building Size
4,162 SF
Year Built
1905
Buildings
1
Stories
3
Units
3
Listing Agency:
(617) 331-5109
Listed By:
Ahmad Najib
(617) 331-5109
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 5:44AM
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 Ahmad Najib
Investment Insights
Based on property information with market context.
Built in 1905, this three-family triplex contains 4,162± SF arranged across two three-bedroom apartments and a two-bedroom third-floor unit with stated three-bedroom potential. The first- and second-floor residences have updated kitchens and bathrooms, while the upper unit is described as being in good condition. Hardwood flooring, high ceilings, a full basement, and rear porches add to the building’s physical features.
Property improvements include a newer roof, 2019 windows, updated plumbing and electrical systems, newer heating and hot-water equipment, and new rear porches. Gas and electric service are separately metered and paid by tenants. One unit is lead compliant. The property is located at 11 Courtland Rd in Boston’s Mattapan neighborhood, with public transit, local amenities, and major roadways nearby. WalkScore is 76, TransitScore is 59, and BikeScore is 53.
Property improvements include a newer roof, 2019 windows, updated plumbing and electrical systems, newer heating and hot-water equipment, and new rear porches. Gas and electric service are separately metered and paid by tenants. One unit is lead compliant. The property is located at 11 Courtland Rd in Boston’s Mattapan neighborhood, with public transit, local amenities, and major roadways nearby. WalkScore is 76, TransitScore is 59, and BikeScore is 53.
Key Highlights
- 4,162± SF three‑family triplex at 11 Courtland Rd, Boston, MA 02126
- Unit mix includes 3BR, 3BR, and 2BR apartments; third‑floor unit has 3BR potential
- 2019 windows, newer roof, updated plumbing and electrical, and newer heating and hot‑water 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
$97,774
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
9.05%
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%
$1,955,480
$2.0M
Cap Rate 7%
$1,396,771
$1.4M
Cap Rate 9%
$1,086,378
$1.1M
Market Conditions
NOI Build-Up for 4,162 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
$184.8K $44.40/SF
− Vacancy
−$7.0K −$1.69/SF
EGI
$177.8K $42.71/SF
− OpEx
−$80.0K −$19.22/SF
NOI
$97.8K $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%
$1,955,480
Cap Rate 7%
$1,396,771
Cap Rate 9%
$1,086,378
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,171 @ 7.0% cap · market cap 9.74%
Second Best
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,774 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,155 @ 7.0% cap · market cap 20.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 02126, MA
22,734
Population
9,617
Households
2.4
Avg Household Size
38
Median Age
24%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
12,630
Density / Sq Mi
$67,206
Median Household Income
$42,397
Median Earnings
$1,659
Median Rent
$515,000
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?
Triplex - Three-family property with refreshed interiors, separate tenant-paid utilities, and a finished-feeling basement for added functionality.
Where is this triplex located?
The property is located at 11 Courtland Rd Boston, MA.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: 4,162± SF three‑family triplex at 11 Courtland Rd, Boston, MA 02126; Unit mix includes 3BR, 3BR, and 2BR apartments; third‑floor unit has 3BR potential; 2019 windows, newer roof, updated plumbing and electrical, and newer heating and hot‑water systems
