Turnkey Four-Unit Residential
For Sale
$2,695,000
144 Salem St, Boston, MA 02113
Other - Boston, MA
Property Size4,320 SF
Lot Size0.03 Acres
Price / SF$623.84
Days on Market45
Property Features for 144 Salem St
General Information
Property type
Other
Property subtype
Quadruplex
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
Interior features
Storage
Directions
Prince Street onto Salem Street. Also please use GPS.
Standard status
Active
APN
W:03 P:02279 S:000,3365398
Size
4,320 SF
Lot size
0.03 Acres
Building Details
Year built
1900
Roof type
Rubber
Architectural style
Other
Listing Agency:
Engel & Völkers Boston
(617) 936-4194
Listed By:
Valerie Post
Added: Jul 7
Changed: Jul 15
Last Checked: Aug 20 at 12:06PM
MLS# 73544551
Copyright © 2026 Engel & Völkers. 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 turnkey four-unit residential property is arranged across four levels with a large walkout basement. The building totals 4,320 square feet (per public information) and has undergone interior and exterior renovations. Each unit has been renovated with quartz countertops, updated kitchens and baths, new flooring, and stainless steel appliances, plus in-unit washers/dryers and dishwashers.
The property is located at 144 Salem St in Boston, MA 02113, in the North End area. The public remarks note proximity to Old North Church, Salem Street, and Prince Street.
The current configuration and renovation level make the building well-suited for an owner-operator or investor seeking a stabilized, turnkey multi-family asset. The listing states the building generates over $14,500 in monthly rental income and is offered for sale with a minimum 24 hours’ notice required for all showings.
The property is located at 144 Salem St in Boston, MA 02113, in the North End area. The public remarks note proximity to Old North Church, Salem Street, and Prince Street.
The current configuration and renovation level make the building well-suited for an owner-operator or investor seeking a stabilized, turnkey multi-family asset. The listing states the building generates over $14,500 in monthly rental income and is offered for sale with a minimum 24 hours’ notice required for all showings.
Key Highlights
- Four‑unit building in Boston’s North End with over $14,500 in monthly rental income
- 4,000+ sq. ft. spread across four levels
- All units renovated with quartz countertops, updated kitchens and baths, new flooring, and stainless steel appliances
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
4.05%
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 4.05%
Second Best
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,486 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,437 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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 - Renovated four-unit building with in-unit laundry and a walkout basement, generating stated monthly rental income.
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 $2,695,000.
What are key features of this property?
This property features: Four‑unit building in Boston’s North End with over $14,500 in monthly rental income; 4,000+ sq. ft. spread across four levels; All units renovated with quartz countertops, updated kitchens and baths, new flooring, and stainless steel appliances
