Renovated Residential Income
For Sale
$1,450,000
129 North Washington St, Boston, MA 02113
Penthouse residence with three bedrooms, multiple fireplaces, and a private roof deck overlooking the skyline.
Property Size1,778 SF
Price / SF$815.52
Days on Market39
Property Features for 129 North Washington St
General Information
Standard status
Active
Size
1,778 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Amenities
roof deck
fireplaces
Central Air
2 Fireplaces
Forced Air
3.0 Stories
$22,419 Taxes
Public
Built in 1899
Building Details
Year Built
1899
Listing Agency:
Core Property Group, LLC
(617) 523-1200
Listed By:
Giancarlo Tiberi
Source:
Donahuere
Added: Jul 28
Changed: Aug 30
Last Checked: Sep 4 at 2:05AM
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 Core Property Group, LLC
Investment Insights
Based on property information with market context.
Built in 1899, this renovated penthouse provides 1,778 square feet of residential space arranged across two levels. The home includes three bedrooms, two full baths, one half bath, and two fireplaces. The principal level combines living and dining areas with red oak flooring, recessed lighting, natural light, and a fireplace. Its kitchen is equipped with quartz counters, a Thermador appliance package, and a dry bar with beverage refrigerator. A third bedroom and half bath are also located on this floor.
Two bedroom suites occupy the upper level, each with an en-suite bath featuring a double vanity and closet space. An exclusive roof deck adds outdoor space and skyline views. The property is located at 129 North Washington St in Boston, Massachusetts 02113.
Two bedroom suites occupy the upper level, each with an en-suite bath featuring a double vanity and closet space. An exclusive roof deck adds outdoor space and skyline views. The property is located at 129 North Washington St in Boston, Massachusetts 02113.
Key Highlights
- 1,778‑square‑foot renovated penthouse residence
- Three bedrooms, two full baths, and one half bath
- Two fireplaces and red oak hardwood floors
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
$41,769
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
2.88%
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%
$835,380
$835.4K
Cap Rate 7%
$596,700
$596.7K
Cap Rate 9%
$464,100
$464.1K
Market Conditions
NOI Build-Up for 1,778 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
$78.9K $44.40/SF
− Vacancy
−$3.0K −$1.69/SF
EGI
$75.9K $42.71/SF
− OpEx
−$34.2K −$19.22/SF
NOI
$41.8K $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%
$835,380
Cap Rate 7%
$596,700
Cap Rate 9%
$464,100
Alternative Uses
Best Use
Apartment 5plus
$596.7K
$522.1K – $696.2K
NOI $41,769 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,196 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
17,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 02113, MA
7,126
Population
4,664
Households
1.5
Avg Household Size
29
Median Age
80%
College-Educated
98%
High-School Grad
0.1 sq mi
ZIP Area
71,260
Density / Sq Mi
$110,321
Median Household Income
$72,264
Median Earnings
$2,498
Median Rent
$693,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Penthouse residence with three bedrooms, multiple fireplaces, and a private roof deck overlooking the skyline.
Where is this residential income property located?
The property is located at 129 North Washington St Boston, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 1,778‑square‑foot renovated penthouse residence; Three bedrooms, two full baths, and one half bath; Two fireplaces and red oak hardwood floors
