Renovated Triplex with Shared
For Sale
$1,800,000
114-116 Thornton Street, Boston, MA 02119
Three updated residences provide four bedrooms, two baths, and shared basement laundry.
Property Size3,852 SF
Price / SF$467.29
Days on Market12
Property Features for 114-116 Thornton Street
General Information
Standard status
Active
Size
3,852 SF
Property subtype
Multifamily
Units
Unit Mix
3 x 4BR/2BA
Multifamily Units
3
Additional Details
Cap Rate
6.64%
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,916
Amenities
gas heat
shared backyard
common laundry
granite countertops
stainless steel appliances
hardwood floors
eat-in kitchen
Building Details
Building Size
3,852 SF
Year Built
1890
Listing Agency:
Compass
Listed By:
Mission Realty Advisors
(617) 752-6845
Source:
Classifiedrealtygroup
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 26 at 4:08AM
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 Compass
Investment Insights
Based on property information with market context.
The property at 114-116 Thornton Street is a renovated triplex containing 3,852 square feet across three residences. Each unit includes four bedrooms, two bathrooms, a large living room, an eat-in kitchen, refinished hardwood flooring, granite countertops, and stainless steel appliances. Gas heat serves the building, while the basement provides common laundry with two washers and two dryers. A shared backyard adds outdoor space for residents.
Built in 1890, the property is located in Fort Hill, approximately one mile from Northeastern University. The setting offers access to the Longwood Medical Area, nearby universities, public transportation, Downtown Boston, Roxbury, and Mission Hill. The three-unit configuration provides a total of 12 bedrooms and 6 bathrooms, with approximately 1,284 square feet per residence.
Built in 1890, the property is located in Fort Hill, approximately one mile from Northeastern University. The setting offers access to the Longwood Medical Area, nearby universities, public transportation, Downtown Boston, Roxbury, and Mission Hill. The three-unit configuration provides a total of 12 bedrooms and 6 bathrooms, with approximately 1,284 square feet per residence.
Key Highlights
- Three residences with 4 bedrooms and 2 bathrooms each
- 3,852‑square‑foot multifamily property with approximately 1,284 square feet per unit
- Renovated interiors with granite countertops, stainless steel appliances, and refinished hardwood floors
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
$97,337
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
5.41%
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%
$1,946,740
$1.9M
Cap Rate 7%
$1,390,529
$1.4M
Cap Rate 9%
$1,081,522
$1.1M
Market Conditions
NOI Build-Up for 3,852 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
$145.6K $37.80/SF
− Vacancy
−$6.6K −$1.70/SF
EGI
$139.1K $36.10/SF
− OpEx
−$41.7K −$10.83/SF
NOI
$97.3K $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%
$1,946,740
Cap Rate 7%
$1,390,529
Cap Rate 9%
$1,081,522
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.22M – $1.62M
NOI $97,337 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,491 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$2.88M
$2.52M – $3.37M
NOI $201,906 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,714
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
Median Home Value
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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 - Three updated residences provide four bedrooms, two baths, and shared basement laundry.
Where is this triplex located?
The property is located at 114-116 Thornton Street Boston, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Three residences with 4 bedrooms and 2 bathrooms each; 3,852‑square‑foot multifamily property with approximately 1,284 square feet per unit; Renovated interiors with granite countertops, stainless steel appliances, and refinished hardwood floors
