Renovated Four-Unit
For Sale
$2,750,000
144-144A Salem Street, Boston, MA 02113
Fully leased residential income property with updated kitchens, baths, flooring, appliances, and a walkout basement.
Property Size4,320 SF
Price / SF$636.57
Days on Market235
Property Features for 144-144A Salem Street
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-family / 4 Family - 4 Units Up/Down
Zoning
R4
Net Operating Income
$169,140
Taxes and HOA fees
Annual Taxes
$12,291
Amenities
No, .00
No
4.0
Walk Out, Unfinished Basement
Storage
4
4.00
Rubber
Gentle Sloping
Building Details
Year Built
1900
Listing Agency:
Engel & Volkers Boston
(617) 936-4194
Listed By:
Post Advisory Group
(617) 936-4194
Source:
Compass
Added: Jan 8
Changed: Aug 31
Last Checked: Aug 31 at 2:20AM
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 Engel & Volkers Boston
Investment Insights
Based on property information with market context.
Located at 144-144A Salem Street in Boston’s North End, this four-unit residential income property contains 4,320 SF across four floors. The building has undergone interior and exterior renovation, with each unit updated with quartz countertops, new kitchens, bathrooms, flooring, stainless steel appliances, washers, dryers, and dishwashers. All units are fully rented.
Additional features include storage, a large walkout unfinished basement, and expansion possibilities. The property is near the Old North Church and the intersection of Salem Street and Prince Street. Zoning is R4, and the building was constructed in 1900.
Additional features include storage, a large walkout unfinished basement, and expansion possibilities. The property is near the Old North Church and the intersection of Salem Street and Prince Street. Zoning is R4, and the building was constructed in 1900.
Key Highlights
- Four‑unit building with 4,320 SF across four floors
- All units are fully rented
- Interior and exterior renovation completed
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
$109,163
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
3.97%
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%
$2,183,260
$2.2M
Cap Rate 7%
$1,559,471
$1.6M
Cap Rate 9%
$1,212,922
$1.2M
Market Conditions
NOI Build-Up for 4,320 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
$163.3K $37.80/SF
− Vacancy
−$7.3K −$1.70/SF
EGI
$155.9K $36.10/SF
− OpEx
−$46.8K −$10.83/SF
NOI
$109.2K $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%
$2,183,260
Cap Rate 7%
$1,559,471
Cap Rate 9%
$1,212,922
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $109,163 @ 7.0% cap · market cap 3.97%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,486 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,437 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,797
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 - Fully leased residential income property with updated kitchens, baths, flooring, appliances, and a walkout basement.
Where is this quadplex located?
The property is located at 144-144A Salem Street Boston, MA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Four‑unit building with 4,320 SF across four floors; All units are fully rented; Interior and exterior renovation completed
