Triplex Near MBTA Green
For Sale
$3,395,000
1789 Commonwealth Avenue, Boston, MA 02135
Three-unit property with established transit access near Boston College, dining, and shopping.
Property Size6,206 SF
Lot Size0.50 Acres
Price / SF$547.05
Days on Market145
Property Features for 1789 Commonwealth Avenue
General Information
Standard status
Active
Size
6,206 SF
Total Parking Spaces
6
Lot size
0.50 Acres
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
ask
Net Operating Income
$188,400
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$27,430
Amenities
City/Town Sewer, Public
No
Wood
1
Yes
6.0
Living Room, Kitchen
6
6.00
Other
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty - Newton
(617) 969-2447
Listed By:
Todd Glaskin · License #9009395
(617) 969-2447
Source:
Compass
Added: Apr 9
Changed: Aug 31
Last Checked: Aug 31 at 3:08AM
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 - Newton
Investment Insights
Based on property information with market context.
This three-unit residential income property contains 6,206 square feet and dates to 1900. Two of the three units are pre-leased for the September 2026 through August 2027 term, providing defined occupancy for a portion of the building. The property is positioned for continued residential use or evaluation as a condominium location, subject to applicable approvals.
Located at 1789 Commonwealth Avenue, the property has immediate access to the MBTA Green Line. Boston College is nearby, along with dining and shopping in the Brookline and Boston area. The site is described as an oversized parcel for its neighborhood and includes ample parking, supporting the property's three-unit configuration.
Located at 1789 Commonwealth Avenue, the property has immediate access to the MBTA Green Line. Boston College is nearby, along with dining and shopping in the Brookline and Boston area. The site is described as an oversized parcel for its neighborhood and includes ample parking, supporting the property's three-unit configuration.
Key Highlights
- 6,206‑square‑foot triplex with 3 residential units
- Two units pre‑leased for September 2026 through August 2027
- Built in 1900
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
$156,821
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
4.62%
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%
$3,136,420
$3.1M
Cap Rate 7%
$2,240,300
$2.2M
Cap Rate 9%
$1,742,456
$1.7M
Market Conditions
NOI Build-Up for 6,206 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
$234.6K $37.80/SF
− Vacancy
−$10.6K −$1.70/SF
EGI
$224.0K $36.10/SF
− OpEx
−$67.2K −$10.83/SF
NOI
$156.8K $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%
$3,136,420
Cap Rate 7%
$2,240,300
Cap Rate 9%
$1,742,456
Alternative Uses
Best Use
Multifamily LT 5
$2.24M
$1.96M – $2.61M
NOI $156,821 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,792 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$4.65M
$4.07M – $5.42M
NOI $325,294 @ 7.0% cap · market cap 9.58%
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
2,233
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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 - Three-unit property with established transit access near Boston College, dining, and shopping.
Where is this triplex located?
The property is located at 1789 Commonwealth Avenue Boston, MA.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: 6,206‑square‑foot triplex with 3 residential units; Two units pre‑leased for September 2026 through August 2027; Built in 1900
