Four-Unit Multifamily Apartment
For Sale
$2,450,000
15 Cooper St, Boston, MA 02113
Four-unit building featuring one 1-bed/1-bath and three 2-bed/1-bath apartments in Boston’s North End.
Property Size3,660 SF
Days on Market31
Property Features for 15 Cooper St
General Information
Standard status
Active
Size
3,660 SF
Property subtype
Multifamily
Additional Details
Cap Rate
5.01%
Highway Access
Yes
Multifamily Units
4
Amenities
Historic North End location
"Walker's Paradise" 100 Walk Score
Easy access to public transit and close to multiple highways
Building Details
Building Size
3,660 SF
Units
4
Tenancy
Multi
Listing Agency:
(617) 896-7277
Listed By:
Tony Pepdjonovic · License #License(s): MA: 9525302
(617) 896-7277
Source:
Marcusmillichap
Added: Jul 22
Changed: Aug 8
Last Checked: Aug 21 at 4:03AM
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 Tony Pepdjonovic
Investment Insights
Based on property information with market context.
15 Cooper Street is a four-unit multifamily property comprising one 1-bed/1-bath apartment and three 2-bed/1-bath apartments. The building offers a straightforward unit mix for residential income, with all apartments configured as 1-bath layouts.
The property is located in Boston’s historic North End and is described as having a perfect 100 Walk Score (“Walker’s Paradise”). It is within walking distance of local amenities, well-known restaurants, and neighborhood attractions, with easy access to public transportation and multiple major highways.
This is a compact four-unit asset with consistent bathroom configuration across the unit mix.
The property is located in Boston’s historic North End and is described as having a perfect 100 Walk Score (“Walker’s Paradise”). It is within walking distance of local amenities, well-known restaurants, and neighborhood attractions, with easy access to public transportation and multiple major highways.
This is a compact four-unit asset with consistent bathroom configuration across the unit mix.
Key Highlights
- Four‑unit building at 15 Cooper Street with 1x 1‑bed/1‑bath and 3x 2‑bed/1‑bath apartments
- Located in Boston’s historic North End
- 100 Walk Score (Walker’s Paradise)
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
$92,486
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
3.77%
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%
$1,849,720
$1.8M
Cap Rate 7%
$1,321,229
$1.3M
Cap Rate 9%
$1,027,622
$1.0M
Market Conditions
NOI Build-Up for 3,660 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
$138.3K $37.80/SF
− Vacancy
−$6.2K −$1.70/SF
EGI
$132.1K $36.10/SF
− OpEx
−$39.6K −$10.83/SF
NOI
$92.5K $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%
$1,849,720
Cap Rate 7%
$1,321,229
Cap Rate 9%
$1,027,622
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.16M – $1.54M
NOI $92,486 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,981 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $191,843 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
12,999
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit building featuring one 1-bed/1-bath and three 2-bed/1-bath apartments in Boston’s North End.
Where is this quadplex located?
The property is located at 15 Cooper St Boston, MA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Four‑unit building at 15 Cooper Street with 1x 1‑bed/1‑bath and 3x 2‑bed/1‑bath apartments; Located in Boston’s historic North End; 100 Walk Score (Walker’s Paradise)
