Three-Deck Triplex with Rear
For Sale
$1,199,000
Pending
15 Bailey Street, Boston, MA 02124
Classic three-decker with rear decks overlooking a landscaped yard and off-street parking.
Property Size3,801 SF
Days on Market39
Property Features for 15 Bailey Street
General Information
Standard status
Pending
Size
3,801 SF
Property subtype
3 Family
Additional Details
Multifamily Units
3
Building Details
Building Size
3,801 SF
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Dorchester
(617) 680-1039
Listed By:
Tara O Riordan · License #452508574
(617) 680-1039
Source:
Iverty
Added: Jul 15
Changed: Aug 8
Last Checked: Jul 23 at 5:19AM
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 Coldwell Banker Realty - Dorchester
Investment Insights
Based on property information with market context.
This classic three-decker triplex offers three residential units, each featuring two bedrooms, a living room, a dining room, a full kitchen, and a full bath. The building includes rear decks that overlook a landscaped yard, providing an outdoor area for each unit. Off-street parking is available. Unit 3 is noted as having a newer kitchen and bath.
Located in Dorchester, the property is described as being within a short distance to the T, shopping, the YMCA, local parks, and restaurants.
The offering is presented as a maintained building with multiple upgrades across the units and the property. Total area is listed as 6,300 square feet, with the parcel size shown as 3,801 square feet.
Located in Dorchester, the property is described as being within a short distance to the T, shopping, the YMCA, local parks, and restaurants.
The offering is presented as a maintained building with multiple upgrades across the units and the property. Total area is listed as 6,300 square feet, with the parcel size shown as 3,801 square feet.
Key Highlights
- Year built 1900 classic three‑decker with 3 residential units
- Each unit features 2 bedrooms, living room, dining room, full kitchen, and full bath
- Total building area of 6,300 SF
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
$96,049
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
8.01%
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%
$1,920,980
$1.9M
Cap Rate 7%
$1,372,129
$1.4M
Cap Rate 9%
$1,067,211
$1.1M
Market Conditions
NOI Build-Up for 3,801 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
$143.7K $37.80/SF
− Vacancy
−$6.5K −$1.70/SF
EGI
$137.2K $36.10/SF
− OpEx
−$41.2K −$10.83/SF
NOI
$96.0K $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%
$1,920,980
Cap Rate 7%
$1,372,129
Cap Rate 9%
$1,067,211
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.60M
NOI $96,049 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,293 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,233 @ 7.0% cap · market cap 16.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,728
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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 - Classic three-decker with rear decks overlooking a landscaped yard and off-street parking.
Where is this triplex located?
The property is located at 15 Bailey Street 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: Year built 1900 classic three‑decker with 3 residential units; Each unit features 2 bedrooms, living room, dining room, full kitchen, and full bath; Total building area of 6,300 SF
