Triplex with Hardwood
For Sale
$1,100,000
Pending
15 McLellan Street, Boston, MA 02121
R3-zoned triplex includes hardwood flooring, stained-glass windows, and three parking spaces.
Property Size4,025 SF
Days on Market181
Property Features for 15 McLellan Street
General Information
Standard status
Pending
Size
4,025 SF
Total Parking Spaces
3
Property subtype
Multi-family / 3 Family
Zoning
R3
Net Operating Income
$30,000
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,695
Amenities
No
Hardwood, Wood
Refrigerator, Freezer, Washer, Dryer, Dishwasher
3.0
Stained Glass Window(s)
Full
Pantry, Living Room, Dining Room, Kitchen, Laundry Room, Office/Den
3
3.00
Frame
Shingle
Porch, Deck
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Engel & Volkers Boston
(617) 936-4194
Listed By:
Rodney Scott · License #9068385
(617) 936-4194
Source:
Compass
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 31 at 10:18PM
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.
Built in 1910, this R3-zoned triplex includes three residential units with practical room layouts featuring living rooms, dining rooms, kitchens, pantries, laundry rooms, and office or den areas. Hardwood flooring, stained-glass windows, full bathrooms, and a mix of included appliances add character and functionality. The frame-and-shingle exterior includes porches and decks, and the property can be delivered vacant.
Located at 15 McLellan Street in Boston’s Dorchester area, the property is an 11-minute walk from the Four Corners/Geneva commuter rail station and has MBTA bus access on Blue Hill Avenue. Franklin Park, shopping, dining, and additional parks are nearby. Three parking spaces are included.
Located at 15 McLellan Street in Boston’s Dorchester area, the property is an 11-minute walk from the Four Corners/Geneva commuter rail station and has MBTA bus access on Blue Hill Avenue. Franklin Park, shopping, dining, and additional parks are nearby. Three parking spaces are included.
Key Highlights
- Three‑unit residential property built in 1910
- R3 zoning with 3 parking spaces
- Hardwood flooring and stained‑glass windows
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
$94,555
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
8.60%
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%
$1,891,100
$1.9M
Cap Rate 7%
$1,350,786
$1.4M
Cap Rate 9%
$1,050,611
$1.1M
Market Conditions
NOI Build-Up for 4,025 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
$178.7K $44.40/SF
− Vacancy
−$6.8K −$1.69/SF
EGI
$171.9K $42.71/SF
− OpEx
−$77.4K −$19.22/SF
NOI
$94.6K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,891,100
Cap Rate 7%
$1,350,786
Cap Rate 9%
$1,050,611
Alternative Uses
Best Use
Multifamily LT 5
$1.45M
$1.27M – $1.70M
NOI $101,709 @ 7.0% cap · market cap 9.25%
Second Best
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,555 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$3.01M
$2.64M – $3.52M
NOI $210,974 @ 7.0% cap · market cap 19.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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 - R3-zoned triplex includes hardwood flooring, stained-glass windows, and three parking spaces.
Where is this triplex located?
The property is located at 15 McLellan Street Boston, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three‑unit residential property built in 1910; R3 zoning with 3 parking spaces; Hardwood flooring and stained‑glass windows
