Triplex Property with Corner
New
For Sale
$850,000
135 Irving St, Framingham, MA 01702
Three-family property with updated boilers, hot water heaters, and two separate driveways.
Property Size3,612 SF
Days on Market7
Property Features for 135 Irving St
General Information
Standard status
Active
Size
3,612 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,159
Building Details
Building Size
3,612 SF
Year Built
1890
Stories
5
Units
3
Listing Agency:
(508) 439-3099
Listed By:
Melanie K. Fleet
(508) 439-3099
Source:
Elliman
Added: Aug 5
Changed: Aug 8
Last Checked: Aug 11 at 10:18AM
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 Melanie K. Fleet
Investment Insights
Based on property information with market context.
This three-family property was built in 1890 and occupies an 8,000+ square-foot flat corner lot. The interiors require complete renovation, while newer boilers and hot water heaters provide completed mechanical updates. Two separate driveways offer parking for 4+ vehicles. The property is being sold AS IS.
The building is located across from Irving Street Park and one block from Arlington Street Playground. Downtown Framingham commuter rail service, restaurants, coffee shops, shopping, and everyday conveniences are minutes away. WalkScore is 33, BikeScore is 35, and TransitScore is 19. Buyers should conduct their own due diligence regarding zoning, historic considerations, permitted uses, and future development potential.
The building is located across from Irving Street Park and one block from Arlington Street Playground. Downtown Framingham commuter rail service, restaurants, coffee shops, shopping, and everyday conveniences are minutes away. WalkScore is 33, BikeScore is 35, and TransitScore is 19. Buyers should conduct their own due diligence regarding zoning, historic considerations, permitted uses, and future development potential.
Key Highlights
- Three‑family property built in 1890
- 8,000+ sq. ft. flat corner lot
- Newer boilers and hot water heaters
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
$76,431
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
8.99%
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%
$1,528,620
$1.5M
Cap Rate 7%
$1,091,871
$1.1M
Cap Rate 9%
$849,233
$849.2K
Market Conditions
NOI Build-Up for 3,612 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
$114.9K $31.80/SF
− Vacancy
−$5.7K −$1.57/SF
EGI
$109.2K $30.23/SF
− OpEx
−$32.8K −$9.07/SF
NOI
$76.4K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,528,620
Cap Rate 7%
$1,091,871
Cap Rate 9%
$849,233
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$955.4K – $1.27M
NOI $76,431 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$1.03M
$898.3K – $1.20M
NOI $71,867 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,680 @ 7.0% cap · market cap 17.61%
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
1,703
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
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 - Three-family property with updated boilers, hot water heaters, and two separate driveways.
Where is this triplex located?
The property is located at 135 Irving St Framingham, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three‑family property built in 1890; 8,000+ sq. ft. flat corner lot; Newer boilers and hot water heaters
