Vacant Renovated Triple-Decker
For Sale
$1,299,000
22 Rowell St, Boston, MA 02125
Turnkey triple-decker with vacant, recently renovated Units 1 and 2 and an updated unit configuration.
Property Size3,432 SF
Days on Market46
Property Features for 22 Rowell St
General Information
Standard status
Active
Size
3,432 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,843
Building Details
Building Size
3,432 SF
Year Built
1920
Stories
3
Tenancy
Multi
Listing Agency:
MIG
Listed By:
Nichols Realty Team
(617) 651-5406
Source:
Classifiedrealtygroup
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 2 at 2:26PM
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.
This classic triple-decker offers three residential units and presents a turnkey setup for an owner-occupant or investor. Units 1 and 2 are currently vacant and have been recently renovated, and both include stainless steel appliances. Unit 2 features a modern open layout, while Unit 3 is described as offering a more traditional presentation and city views.
Located at 22 Rowell St in Boston, the property is described as a short walk to the Red Line, minutes to downtown Boston, and steps from local dining.
As presented, the building combines renovated, move-in-ready space on two levels with a third unit characterized by traditional style and city views. The property is offered for sale.
Located at 22 Rowell St in Boston, the property is described as a short walk to the Red Line, minutes to downtown Boston, and steps from local dining.
As presented, the building combines renovated, move-in-ready space on two levels with a third unit characterized by traditional style and city views. The property is offered for sale.
Key Highlights
- 1920‑built triple‑decker with a long‑term rental history
- Units 1 and 2 are vacant and recently renovated
- Units 1 and 2 feature sleek stainless steel appliances
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
$86,724
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
6.68%
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%
$1,734,480
$1.7M
Cap Rate 7%
$1,238,914
$1.2M
Cap Rate 9%
$963,600
$963.6K
Market Conditions
NOI Build-Up for 3,432 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
$129.7K $37.80/SF
− Vacancy
−$5.8K −$1.70/SF
EGI
$123.9K $36.10/SF
− OpEx
−$37.2K −$10.83/SF
NOI
$86.7K $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%
$1,734,480
Cap Rate 7%
$1,238,914
Cap Rate 9%
$963,600
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.45M
NOI $86,724 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,625 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $179,892 @ 7.0% cap · market cap 13.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,747
Businesses Nearby
Explore this area
Business Placement
Demographics for 02125, MA
34,926
Population
14,999
Households
2.3
Avg Household Size
32
Median Age
42%
College-Educated
87%
High-School Grad
2.2 sq mi
ZIP Area
15,875
Density / Sq Mi
$71,810
Median Household Income
$52,106
Median Earnings
$1,897
Median Rent
$645,400
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 - Turnkey triple-decker with vacant, recently renovated Units 1 and 2 and an updated unit configuration.
Where is this triplex located?
The property is located at 22 Rowell St Boston, MA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 1920‑built triple‑decker with a long‑term rental history; Units 1 and 2 are vacant and recently renovated; Units 1 and 2 feature sleek stainless steel appliances
