Three-Family Home with Expansion
For Sale
$924,900
Pending
12 Spencer St, Boston, MA 02124
Three-family home with over 3,600 sq ft of living space.
Property Size3,672 SF
Lot Size0.09 Acres
Days on Market166
Property Features for 12 Spencer St
General Information
Standard status
Pending
Size
3,672 SF
Lot size
0.09 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,709
Building Details
Building Size
3,672 SF
Year Built
1915
Stories
3
Units
3
Listing Agency:
(508) 294-0281
Listed By:
Robert Chestnut · License #450000601
(508) 294-0281
Source:
Elliman
Added: Mar 10
Changed: Aug 15
Last Checked: Aug 21 at 7:45AM
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 Robert Chestnut
Investment Insights
Based on property information with market context.
This three-family home offers over 3,600 sq ft of living space. Located on a quiet street, this property contains three large 2-bedroom units, each of which can be reconfigured into a 3-bedroom unit. Each unit features two exterior decks. The property includes three gas FHA heating systems, updated CB panels, and gas hot water tanks. A walk-up 4th-floor attic provides additional potential for expansion, storage, or creative use. This property is mid-remodel, making it an ideal blank canvas to complete the finishing touches. This property is suited for generating rental income, condo conversion, or multi-generational living.
Key Highlights
- Large 3‑family home with over 3,600 sq ft of living space, ideal for investors or multi‑generational living.
- Each of the three 2‑bedroom units can be easily reconfigured into a 3‑bedroom unit.
- Each unit features two exterior decks.
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
$84,571
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
9.14%
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%
$1,691,420
$1.7M
Cap Rate 7%
$1,208,157
$1.2M
Cap Rate 9%
$939,678
$939.7K
Market Conditions
NOI Build-Up for 3,600 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
$159.8K $44.40/SF
− Vacancy
−$6.1K −$1.69/SF
EGI
$153.8K $42.71/SF
− OpEx
−$69.2K −$19.22/SF
NOI
$84.6K $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%
$1,691,420
Cap Rate 7%
$1,208,157
Cap Rate 9%
$939,678
Alternative Uses
Best Use
Multifamily LT 5
$1.30M
$1.14M – $1.52M
NOI $90,969 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,571 @ 7.0% cap · market cap 9.14%
Theoretical Best
Office A
$2.70M
$2.36M – $3.14M
NOI $188,698 @ 7.0% cap · market cap 20.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,523
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 home with over 3,600 sq ft of living space.
Where is this triplex located?
The property is located at 12 Spencer St Boston, MA.
What is the asking price?
The asking price for this property is $924,900.
What are key features of this property?
This property features: Large 3‑family home with over 3,600 sq ft of living space, ideal for investors or multi‑generational living.; Each of the three 2‑bedroom units can be easily reconfigured into a 3‑bedroom unit.; Each unit features two exterior decks.
