Approved Triplex Conversion with
For Sale
$1,599,000
14 Meehan St, Boston, MA 02130
Nineteenth-century 3-story brick building with approvals to convert into three residential units with parking.
Property Size5,120 SF
Days on Market48
Property Features for 14 Meehan St
General Information
Standard status
Active
Size
5,120 SF
Total Parking Spaces
2
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,847
Building Details
Building Size
5,120 SF
Year Built
1896
Stories
3
Listing Agency:
Olde Towne Real Estate Co.
Listed By:
Douglas Bosse · License #9008583
(617) 201-6838
Source:
Classifiedrealtygroup
Added: Jul 20
Changed: Aug 8
Last Checked: Jul 31 at 2:53AM
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 Olde Towne Real Estate Co.
Investment Insights
Based on property information with market context.
This historically significant, 19th-century 3-story brick building has a documented past with multiple uses over the years, including horse stalls, car storage, and a mixed-use office/residential setup. Approvals are now in place to convert the property into a 3-unit residential building with parking, and the plans and approvals are being sold with the property to complete the renovation.
The proposed configuration calls for three 3-bedroom units with multiple bathrooms, exposed brick finishes, and a full basement. The building is located in the Stonybrook neighborhood, close to Forest Hills T, and near local amenities including the Midway Cafe, coffee shops, Third Cliff Bakery, and Planet Fitness.
Showings require 48 hours’ notice for all appointments.
The proposed configuration calls for three 3-bedroom units with multiple bathrooms, exposed brick finishes, and a full basement. The building is located in the Stonybrook neighborhood, close to Forest Hills T, and near local amenities including the Midway Cafe, coffee shops, Third Cliff Bakery, and Planet Fitness.
Showings require 48 hours’ notice for all appointments.
Key Highlights
- 1896, 3‑story brick building with approvals to convert into 3 residential units with parking
- Previously used for horse stalls; later used for car storage and as a mixed‑use office/residential building
- Plans and approvals included to renovate and finish 3 three‑bedroom industrial‑style units with multiple bathrooms
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
$129,379
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
8.09%
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%
$2,587,580
$2.6M
Cap Rate 7%
$1,848,271
$1.8M
Cap Rate 9%
$1,437,544
$1.4M
Market Conditions
NOI Build-Up for 5,120 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
$193.5K $37.80/SF
− Vacancy
−$8.7K −$1.70/SF
EGI
$184.8K $36.10/SF
− OpEx
−$55.4K −$10.83/SF
NOI
$129.4K $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%
$2,587,580
Cap Rate 7%
$1,848,271
Cap Rate 9%
$1,437,544
Alternative Uses
Best Use
Multifamily LT 5
$1.85M
$1.62M – $2.16M
NOI $129,379 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$1.72M
$1.50M – $2.00M
NOI $120,279 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,370 @ 7.0% cap · market cap 16.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,528
Businesses Nearby
Explore this area
Business Placement
Demographics for 02130, MA
38,284
Population
18,802
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
94%
High-School Grad
3.5 sq mi
ZIP Area
10,938
Density / Sq Mi
$130,533
Median Household Income
$73,238
Median Earnings
$2,434
Median Rent
$763,700
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 - Nineteenth-century 3-story brick building with approvals to convert into three residential units with parking.
Where is this triplex located?
The property is located at 14 Meehan St Boston, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 1896, 3‑story brick building with approvals to convert into 3 residential units with parking; Previously used for horse stalls; later used for car storage and as a mixed‑use office/residential building; Plans and approvals included to renovate and finish 3 three‑bedroom industrial‑style units with multiple bathrooms
