Three-Unit Brick
For Sale
$1,349,000
Pending
528 Dorchester Ave, Boston, MA 02127
Updated kitchens and baths complement hardwood floors and energy-efficient improvements.
Property Size1,988 SF
Days on Market131
Property Features for 528 Dorchester Ave
General Information
Standard status
Pending
Size
1,988 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,869
Building Details
Building Size
1,988 SF
Year Built
1929
Stories
3
Units
3
Listing Agency:
(617) 645-5370
Listed By:
Jackie Rooney · License #449501011
(617) 645-5370
Source:
Elliman
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 31 at 4:03PM
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 Jackie Rooney
Investment Insights
Based on property information with market context.
This brick, semi-detached triplex contains 1,988 square feet across three one-bedroom, one-bath apartments. The interiors feature hardwood floors, updated kitchens and baths, and energy-efficient improvements. The property was built in 1929, with leases expiring on 8/31/2026.
Located at 528 Dorchester Ave in Boston, the property is near the Red Line T station and offers access to public transportation. WalkScore is 99, TransitScore is 100, and BikeScore is 82, placing the property in a highly walkable, transit-oriented setting.
Located at 528 Dorchester Ave in Boston, the property is near the Red Line T station and offers access to public transportation. WalkScore is 99, TransitScore is 100, and BikeScore is 82, placing the property in a highly walkable, transit-oriented setting.
Key Highlights
- Three one‑bedroom, one‑bath apartments in a brick semi‑detached triplex
- 1,988 sq ft total building area
- Hardwood floors, updated kitchens and baths, and energy‑efficient improvements
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
$50,235
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
3.72%
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%
$1,004,700
$1.0M
Cap Rate 7%
$717,643
$717.6K
Cap Rate 9%
$558,167
$558.2K
Market Conditions
NOI Build-Up for 1,988 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
$75.1K $37.80/SF
− Vacancy
−$3.4K −$1.70/SF
EGI
$71.8K $36.10/SF
− OpEx
−$21.5K −$10.83/SF
NOI
$50.2K $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%
$1,004,700
Cap Rate 7%
$717,643
Cap Rate 9%
$558,167
Alternative Uses
Best Use
Multifamily LT 5
$717.6K
$627.9K – $837.3K
NOI $50,235 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$667.2K
$583.8K – $778.4K
NOI $46,702 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,203 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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 - Updated kitchens and baths complement hardwood floors and energy-efficient improvements.
Where is this triplex located?
The property is located at 528 Dorchester Ave Boston, MA.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Three one‑bedroom, one‑bath apartments in a brick semi‑detached triplex; 1,988 sq ft total building area; Hardwood floors, updated kitchens and baths, and energy‑efficient improvements
