Renovated Four-Unit
New
For Sale
$2,595,000
144 Salem St, Boston, MA 02113
Updated residential units feature in-unit laundry, stainless steel appliances, and refreshed kitchens and baths.
Property Size4,320 SF
Price / SF$600.69
Days on Market4
Property Features for 144 Salem St
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-Family
Zoning
R4
Net Operating Income
$173,940
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,291
Amenities
in-unit washers/dryers
large walkout basement
Building Details
Building Size
4,320 SF
Year Built
1900
Buildings
1
Stories
4
Listing Agency:
REMAX Andrew Realty Services
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 8:03AM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
This R4-zoned quadplex contains 4,320 square feet across four levels, with four residential units and a large walkout basement. Each unit has received renovations that include quartz countertops, updated kitchens and bathrooms, new flooring, stainless steel appliances, dishwashers, and in-unit washers and dryers. Interior and exterior improvements further update the property, originally built in 1900.
The building is located on Salem St in Boston’s North End, near Old North Church, Salem Street, and Prince Street. Its established urban setting places the property close to the neighborhood’s retail, dining, and residential environment.
The combination of four units, renovated interiors, a walkout basement, and R4 zoning provides a clearly defined multifamily configuration with additional lower-level space.
The building is located on Salem St in Boston’s North End, near Old North Church, Salem Street, and Prince Street. Its established urban setting places the property close to the neighborhood’s retail, dining, and residential environment.
The combination of four units, renovated interiors, a walkout basement, and R4 zoning provides a clearly defined multifamily configuration with additional lower-level space.
Key Highlights
- Four‑unit quadplex with 4,320 SF across four levels
- R4 zoning and a large walkout basement
- Renovated kitchens and baths with quartz countertops
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
4.21%
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 4.21%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,486 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,437 @ 7.0% cap · market cap 8.73%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Updated residential units feature in-unit laundry, stainless steel appliances, and refreshed kitchens and baths.
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 with 4,320 SF across four levels; R4 zoning and a large walkout basement; Renovated kitchens and baths with quartz countertops
