Renovated Triplex
For Sale
$1,749,000
Pending
16 Mitchell St, Boston, MA 02127
Renovated triplex with updated, bright living spaces, offering potential for further improvements.
Property Size2,262 SF
Days on Market48
Property Features for 16 Mitchell St
General Information
Standard status
Pending
Size
2,262 SF
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$14,899
Building Details
Building Size
2,262 SF
Year Built
1905
Listing Agency:
Greater Metropolitan R. E.
Listed By:
Ryan Foley · License #9043438
(617) 523-2505
Source:
Classifiedrealtygroup
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 9 at 4:37AM
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 Greater Metropolitan R. E.
Investment Insights
Based on property information with market context.
16 Mitchell Street is a triplex offering renovated, bright living spaces with thoughtful updates. The units are described as move-in ready, while still presenting opportunities for additional improvements to enhance income and overall performance.
The property is positioned in South Boston along the Andrew Square corridor, with proximity to the Washington Village development. That nearby redevelopment is intended to bring new residential housing, retail, public spaces, and infrastructure improvements to the area.
Additional upside is noted through potential in-unit enhancements such as adding central air. There is also a possibility to expand into the basement to capture additional space and support long-term value.
The property is positioned in South Boston along the Andrew Square corridor, with proximity to the Washington Village development. That nearby redevelopment is intended to bring new residential housing, retail, public spaces, and infrastructure improvements to the area.
Additional upside is noted through potential in-unit enhancements such as adding central air. There is also a possibility to expand into the basement to capture additional space and support long-term value.
Key Highlights
- 1905‑built renovated triplex with updated, bright living spaces
- Move‑in ready units with strong rental appeal, with further value‑add potential
- Potential to add central‑air to help increase rental income and asset value
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
$57,159
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
3.27%
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%
$1,143,180
$1.1M
Cap Rate 7%
$816,557
$816.6K
Cap Rate 9%
$635,100
$635.1K
Market Conditions
NOI Build-Up for 2,262 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
$85.5K $37.80/SF
− Vacancy
−$3.8K −$1.70/SF
EGI
$81.7K $36.10/SF
− OpEx
−$24.5K −$10.83/SF
NOI
$57.2K $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%
$1,143,180
Cap Rate 7%
$816,557
Cap Rate 9%
$635,100
Alternative Uses
Best Use
Multifamily LT 5
$816.6K
$714.5K – $952.7K
NOI $57,159 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$759.1K
$664.2K – $885.7K
NOI $53,139 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,565 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,788
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 - Renovated triplex with updated, bright living spaces, offering potential for further improvements.
Where is this triplex located?
The property is located at 16 Mitchell St Boston, MA.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: 1905‑built renovated triplex with updated, bright living spaces; Move‑in ready units with strong rental appeal, with further value‑add potential; Potential to add central‑air to help increase rental income and asset value
