Fully Occupied
New
For Sale
$1,200,000
119 George St, Boston, MA 02119
Lease renewals are underway across the residential units, supporting continuity for the existing occupancy.
Property Size2,628 SF
Price / SF$338.98
Days on Market5
Property Features for 119 George St
General Information
Standard status
Active
Size
2,628 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Gross Income
$192,180
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,140
Amenities
shared coin-op
Building Details
Building Size
2,628 SF
Year Built
1905
Listing Agency:
MIG
(617) 651-5406
Listed By:
Nichols Realty Team
Source:
Classifiedrealtygroup
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 5:15AM
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 MIG
Investment Insights
Based on property information with market context.
Built in 1905, this three-family property at 119 George St features fully occupied residential units with lease renewals currently in progress. The property also includes shared coin-operated laundry and 912 square feet of additional below-grade space, bringing the total area to 3,540 square feet.
Located in Boston’s Roxbury neighborhood, the property is near hospitals and universities, with access to I-93. Logan Airport is a short drive away, and downtown dining and entertainment are nearby.
Located in Boston’s Roxbury neighborhood, the property is near hospitals and universities, with access to I-93. Logan Airport is a short drive away, and downtown dining and entertainment are nearby.
Key Highlights
- Three‑family property with all units currently occupied
- Lease renewals are already underway
- 3,540 total square feet, including 912 square feet of below‑grade space
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
$89,453
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
7.45%
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%
$1,789,060
$1.8M
Cap Rate 7%
$1,277,900
$1.3M
Cap Rate 9%
$993,922
$993.9K
Market Conditions
NOI Build-Up for 3,540 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
$133.8K $37.80/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$127.8K $36.10/SF
− OpEx
−$38.3K −$10.83/SF
NOI
$89.5K $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%
$1,789,060
Cap Rate 7%
$1,277,900
Cap Rate 9%
$993,922
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,453 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,162 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,553 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,159
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
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 - Lease renewals are underway across the residential units, supporting continuity for the existing occupancy.
Where is this triplex located?
The property is located at 119 George St Boston, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑family property with all units currently occupied; Lease renewals are already underway; 3,540 total square feet, including 912 square feet of below‑grade space
