Three-Family House with Development
For Sale
$949,900
Pending
15 Nightingale St, Boston, MA 02124
Three-family house with flexible floor plans and development potential.
Property Size3,378 SF
Lot Size0.09 Acres
Days on Market268
Property Features for 15 Nightingale St
General Information
Standard status
Pending
Size
3,378 SF
Lot size
0.09 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,924
Building Details
Building Size
3,378 SF
Year Built
1905
Stories
3
Units
3
Listing Agency:
(713) 201-2286
Listed By:
Carmen Bell
(713) 201-2286
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 22 at 7:07AM
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 Carmen Bell
Investment Insights
Based on property information with market context.
This three-family house offers an opportunity to participate in the neighborhood's development. The property features flexible floor plans, with each unit containing two bedrooms, one bathroom, a kitchen, a living room, a dining room, and a butler's pantry. The units can be reconfigured to create additional bedrooms or home office space. Hardwood floors are present throughout the building. Additional amenities include off-street parking, a large private backyard suitable for entertaining, private storage, and private porches. Located near Harambee Park, which offers a tennis court, basketball court, and soccer field, the property is also in proximity to Franklin Park Zoo and the William Devine Golf Course. The property is suitable for investors and has potential for condo conversion.
Key Highlights
- Three‑family home with income potential or condo conversion opportunity.
- Flexible floor plans in each unit allow for customization (more bedrooms/office).
- Off‑street parking and large private backyard.
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
$85,360
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
8.99%
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%
$1,707,200
$1.7M
Cap Rate 7%
$1,219,429
$1.2M
Cap Rate 9%
$948,444
$948.4K
Market Conditions
NOI Build-Up for 3,378 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
$127.7K $37.80/SF
− Vacancy
−$5.7K −$1.70/SF
EGI
$121.9K $36.10/SF
− OpEx
−$36.6K −$10.83/SF
NOI
$85.4K $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%
$1,707,200
Cap Rate 7%
$1,219,429
Cap Rate 9%
$948,444
Alternative Uses
Best Use
Multifamily LT 5
$1.22M
$1.07M – $1.42M
NOI $85,360 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$1.13M
$992.0K – $1.32M
NOI $79,356 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $177,061 @ 7.0% cap · market cap 18.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,525
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
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 house with flexible floor plans and development potential.
Where is this triplex located?
The property is located at 15 Nightingale St Boston, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Three‑family home with income potential or condo conversion opportunity.; Flexible floor plans in each unit allow for customization (more bedrooms/office).; Off‑street parking and large private backyard.
