Contemporary 3-Unit Residential
For Sale
$2,895,000
153 Bowen Street, Boston, MA 02127
Newly built 2021 three-unit property offers private balconies, a common roof deck, and garage parking.
Property Size3,294 SF
Price / SF$878.87
Days on Market75
Property Features for 153 Bowen Street
General Information
Standard status
Active
Size
3,294 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
Res
Occupancy
100%
Net Operating Income
$147,600
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$28,179
Building Details
Building Size
3,294 SF
Year Built
2021
Stories
4
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 23
Changed: Sep 4
Last Checked: Sep 5 at 5:10AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
Built from the ground up in 2021, this contemporary three-unit residential property features two-bedroom, one-bath apartments. Each unit includes a private balcony, with a common roof deck for shared outdoor space. The building offers garage parking with three spaces.
Interiors include modern kitchens with breakfast bars, shaker-style cabinetry, and stainless-steel appliances. Hardwood floors run throughout, and the large bathrooms accommodate stackable washer and dryer units. With equal-size bedrooms, the layouts are designed to work well for roommate arrangements.
All units are currently tenanted. A rent roll and expense information are available upon request.
Interiors include modern kitchens with breakfast bars, shaker-style cabinetry, and stainless-steel appliances. Hardwood floors run throughout, and the large bathrooms accommodate stackable washer and dryer units. With equal-size bedrooms, the layouts are designed to work well for roommate arrangements.
All units are currently tenanted. A rent roll and expense information are available upon request.
Key Highlights
- Built in 2021, contemporary 3‑unit building
- All apartments include 2 bedrooms, 1 bathroom, plus a private balcony
- Common roof deck and garage parking included
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
$83,237
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
2.88%
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%
$1,664,740
$1.7M
Cap Rate 7%
$1,189,100
$1.2M
Cap Rate 9%
$924,856
$924.9K
Market Conditions
NOI Build-Up for 3,294 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
$124.5K $37.80/SF
− Vacancy
−$5.6K −$1.70/SF
EGI
$118.9K $36.10/SF
− OpEx
−$35.7K −$10.83/SF
NOI
$83.2K $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%
$1,664,740
Cap Rate 7%
$1,189,100
Cap Rate 9%
$924,856
Alternative Uses
Best Use
Multifamily LT 5
$1.19M
$1.04M – $1.39M
NOI $83,237 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$1.11M
$967.3K – $1.29M
NOI $77,383 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,658 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,967
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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 - Newly built 2021 three-unit property offers private balconies, a common roof deck, and garage parking.
Where is this triplex located?
The property is located at 153 Bowen Street Boston, MA.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: Built in 2021, contemporary 3‑unit building; All apartments include 2 bedrooms, 1 bathroom, plus a private balcony; Common roof deck and garage parking included
