Restored Brownstone Duplex
For Sale
$1,649,000
118 F, Boston, MA 02127
For sale brownstone with two duplex units, restored exterior, and unit 2 featuring a rooftop deck.
Property Size3,228 SF
Price / SF$510.84
Days on Market99
Property Features for 118 F
General Information
Standard status
Active
Size
3,228 SF
Property subtype
Multi-Family
Net Operating Income
$109,200
Additional Details
Sprinkler System
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,955
Building Details
Building Size
3,228 SF
Year Built
1890
Stories
4
Tenancy
Multi
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 30
Changed: Sep 5
Last Checked: Sep 5 at 4:46AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
Introducing 118 F St, a meticulously maintained multifamily brownstone for sale. The property comprises two duplex units, with custom built-ins and generously appointed moldings and finishes throughout. Spacious master bedrooms feature 15+ foot cathedral ceilings and plentiful storage. Unit 2 includes a large roof deck positioned behind and atop the unit, offering outdoor space with city views.
The exterior has been fully restored to its original grandeur, with work including brick repointing, new windows, a new roof, and a full fire suppression system. A modest backyard is also included for BBQ and outdoor enjoyment. The property is located just off West Broadway, in an amenity-rich area.
The exterior has been fully restored to its original grandeur, with work including brick repointing, new windows, a new roof, and a full fire suppression system. A modest backyard is also included for BBQ and outdoor enjoyment. The property is located just off West Broadway, in an amenity-rich area.
Key Highlights
- Year built 1890 multifamily brownstone with two duplex units
- Rental income history reported at over $9,100/month
- Recently restored exterior work includes brick repointing, new windows, new roof, and full fire suppression system
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
$81,569
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
4.95%
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%
$1,631,380
$1.6M
Cap Rate 7%
$1,165,271
$1.2M
Cap Rate 9%
$906,322
$906.3K
Market Conditions
NOI Build-Up for 3,228 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
$122.0K $37.80/SF
− Vacancy
−$5.5K −$1.70/SF
EGI
$116.5K $36.10/SF
− OpEx
−$35.0K −$10.83/SF
NOI
$81.6K $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%
$1,631,380
Cap Rate 7%
$1,165,271
Cap Rate 9%
$906,322
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,569 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$1.08M
$947.9K – $1.26M
NOI $75,832 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$2.42M
$2.11M – $2.82M
NOI $169,199 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
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?
Quadplex - For sale brownstone with two duplex units, restored exterior, and unit 2 featuring a rooftop deck.
Where is this quadplex located?
The property is located at 118 F Boston, MA.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: Year built 1890 multifamily brownstone with two duplex units; Rental income history reported at over $9,100/month; Recently restored exterior work includes brick repointing, new windows, new roof, and full fire suppression system
