Renovated Four-Unit
For Sale
$2,595,000
144 Salem St, Boston, MA 02113
Updated kitchens and baths, in-unit laundry, and stainless steel appliances support a modern residential income property.
Property Size4,000 SF
Price / SF$648.75
Days on Market41
Property Features for 144 Salem St
General Information
Standard status
Active
Size
4,000 SF
Property subtype
ApartmentComplex
Additional Details
Gross Income
$174,000
Multifamily Units
4
Amenities
4.0 Stories
$12,291 Taxes
Public
Built in 1900
Building Details
Year Built
1900
Buildings
1
Stories
4
Listing Agency:
Engel & Volkers Boston
(617) 936-4194
Listed By:
Post Advisory Group
Source:
Donahuere
Added: Jul 3
Changed: Aug 5
Last Checked: Aug 11 at 4:41AM
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.
This four-unit quadplex at 144 Salem St in Boston’s North End spans four levels and more than 4,000 square feet. Built in 1900, the property has received interior and exterior renovations, with each unit updated with quartz countertops, refreshed kitchens and baths, new flooring, stainless steel appliances, dishwashers, and in-unit washers and dryers. A walkout basement adds functional building space.
The property provides a renovated multifamily configuration in a well-established Boston location. Its four-unit layout and updated interiors offer a straightforward residential income property format, while the combination of in-unit laundry, dishwashers, and contemporary finishes supports day-to-day residential use.
The property provides a renovated multifamily configuration in a well-established Boston location. Its four-unit layout and updated interiors offer a straightforward residential income property format, while the combination of in-unit laundry, dishwashers, and contemporary finishes supports day-to-day residential use.
Key Highlights
- Four‑unit quadplex across four levels
- More than 4,000+ sq. ft. of building area
- Interior and exterior renovations 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
$101,077
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
3.90%
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%
$2,021,540
$2.0M
Cap Rate 7%
$1,443,957
$1.4M
Cap Rate 9%
$1,123,078
$1.1M
Market Conditions
NOI Build-Up for 4,000 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
$151.2K $37.80/SF
− Vacancy
−$6.8K −$1.70/SF
EGI
$144.4K $36.10/SF
− OpEx
−$43.3K −$10.83/SF
NOI
$101.1K $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%
$2,021,540
Cap Rate 7%
$1,443,957
Cap Rate 9%
$1,123,078
Alternative Uses
Best Use
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $101,077 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$1.34M
$1.17M – $1.57M
NOI $93,968 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$3.00M
$2.62M – $3.49M
NOI $209,664 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
12,999
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 - Updated kitchens and baths, in-unit laundry, and stainless steel appliances support a modern residential income property.
Where is this quadplex located?
The property is located at 144 Salem St Boston, MA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: Four‑unit quadplex across four levels; More than 4,000+ sq. ft. of building area; Interior and exterior renovations completed
