Three-Unit Apartment
For Sale
$1,199,000
136-138 Greenwood, Boston, MA 02121
Three spacious three-bedroom units with lead-paint certification and parking are included.
Property Size3,504 SF
Days on Market40
Property Features for 136-138 Greenwood
General Information
Standard status
Active
Size
3,504 SF
Property subtype
3 Family - 3 Units Up/Down
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,589
Building Details
Building Size
3,504 SF
Year Built
1905
Buildings
1
Listing Agency:
Boston Realty Advisors
(617) 375-7900
Listed By:
Kevin Benzinger · License #9526383
Source:
Pondsiderealty
Added: Jul 24
Changed: Aug 31
Last Checked: Aug 31 at 12:14AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
The property at 136-138 Greenwood Street is a three-unit apartment building constructed in 1905. Each residence offers three bedrooms and one bathroom, and all units are lead-paint certified. An additional parcel is included, with 15+ parking spaces serving the property and potential for future development as described in the offering.
The building is positioned across from a neighborhood school on an established residential block in Dorchester. Residents have access to Red Line service and buses, with restaurants and shops located throughout the surrounding area. Downtown Boston is minutes away, connecting the property to the broader city market while retaining a residential setting.
The building is positioned across from a neighborhood school on an established residential block in Dorchester. Residents have access to Red Line service and buses, with restaurants and shops located throughout the surrounding area. Downtown Boston is minutes away, connecting the property to the broader city market while retaining a residential setting.
Key Highlights
- Three‑unit apartment building with three‑bedroom/one‑bath layouts
- All units are lead‑paint certified
- Additional parcel included in the sale
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
$88,544
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
7.38%
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%
$1,770,880
$1.8M
Cap Rate 7%
$1,264,914
$1.3M
Cap Rate 9%
$983,822
$983.8K
Market Conditions
NOI Build-Up for 3,504 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
$132.5K $37.80/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$126.5K $36.10/SF
− OpEx
−$37.9K −$10.83/SF
NOI
$88.5K $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%
$1,770,880
Cap Rate 7%
$1,264,914
Cap Rate 9%
$983,822
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.48M
NOI $88,544 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,316 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$2.62M
$2.30M – $3.06M
NOI $183,666 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,368
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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 spacious three-bedroom units with lead-paint certification and parking are included.
Where is this triplex located?
The property is located at 136-138 Greenwood Boston, MA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Three‑unit apartment building with three‑bedroom/one‑bath layouts; All units are lead‑paint certified; Additional parcel included in the sale
