Three-Unit Corner
For Sale
$825,000
135 Irving St, Framingham, MA 01702
Residential Income, Framingham, MA
Property Size3,612 SF
Lot Size0.19 Acres
Price / SF$228.41
Days on Market55
Property Features for 135 Irving St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CB
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 3
Parking
5
Directions
Hollis/Rt 126 to Irving
Standard status
Active
APN
M:135 B:95 L:1185 U:000,489515
Size
3,612 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10159
Building Details
Year built
1890
Floors in Building
5
Number of units
3
Listing Agency:
Keller Williams Realty
Listed By:
Keller Williams
(617) 969-9000
Added: Aug 3
Changed: Sep 17
Last Checked: Sep 26 at 1:06AM
MLS# 73558176
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-family residential income property contains 3,612 square feet on a flat corner parcel of approximately 0.19 acres. Built in 1890, the property includes newer boilers and hot water heaters, along with two separate driveways and parking for 4+ vehicles. Long-term tenants are in place, and the property is offered AS IS.
Located in downtown Framingham, the property sits across from Irving Street Park and one block from Arlington Street Playground. The downtown Framingham commuter rail station, restaurants, coffee shops, shopping, and everyday conveniences are minutes away. The site is zoned CB, and buyers are responsible for their own due diligence regarding zoning, historic considerations, permitted uses, and future development potential.
Located in downtown Framingham, the property sits across from Irving Street Park and one block from Arlington Street Playground. The downtown Framingham commuter rail station, restaurants, coffee shops, shopping, and everyday conveniences are minutes away. The site is zoned CB, and buyers are responsible for their own due diligence regarding zoning, historic considerations, permitted uses, and future development potential.
Key Highlights
- 3‑family property with 3,612 square feet
- Flat 0.19‑acre corner lot measuring 8,000+ sq. ft.
- 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
$71,867
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
8.71%
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%
$1,437,340
$1.4M
Cap Rate 7%
$1,026,671
$1.0M
Cap Rate 9%
$798,522
$798.5K
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
$137.8K $38.16/SF
− Vacancy
−$7.2K −$1.98/SF
EGI
$130.7K $36.18/SF
− OpEx
−$58.8K −$16.28/SF
NOI
$71.9K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$1,437,340
Cap Rate 7%
$1,026,671
Cap Rate 9%
$798,522
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$955.4K – $1.27M
NOI $76,431 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$1.03M
$898.3K – $1.20M
NOI $71,867 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,680 @ 7.0% cap · market cap 18.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,703
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Flat corner lot with updated major mechanical systems, two driveways, and on-site parking.
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 $825,000.
What are key features of this property?
This property features: 3‑family property with 3,612 square feet; Flat 0.19‑acre corner lot measuring 8,000+ sq. ft.; Newer boilers and hot water heaters
