New Construction Four-Unit
New
For Sale
$5,200,000
185 E St, Boston, MA 02127
Four luxury residences provide varied layouts, private outdoor areas, parking, and all-electric building systems.
Property Size7,858 SF
Days on Market4
Property Features for 185 E St
General Information
Standard status
Active
Size
7,858 SF
Total Parking Spaces
8
Property subtype
Investment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/2BA, 2 x 4BR/3.5BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1.00
Amenities
heated garage
private outdoor spaces
in-unit laundry
wheelchair accessibility
electric fireplaces
Building Details
Building Size
7,858 SF
Year Built
2026
Buildings
1
Stories
6
Units
4
Listing Agency:
(617) 913-4259
Listed By:
James Riel
(617) 913-4259
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 11:40AM
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 James Riel
Investment Insights
Based on property information with market context.
Completed in 2026, this four-unit multifamily property contains two approximately 850 SF residences with two bedrooms and two bathrooms each, plus two upper duplexes exceeding 1,800 SF with four bedrooms and 3.5 bathrooms across two levels. The building includes eight parking spaces in a heated garage and paver driveway, private outdoor areas, in-unit laundry, and wheelchair accessibility in Units 1 and 2. Upper residences include deeded roof rights with views toward the Boston skyline.
Interiors feature custom Italian kitchens, full-height stone backsplashes, white oak flooring and millwork, Grohe plumbing fixtures, radiant-heated primary bathroom floors, custom closets, balconies, and select terraces, Juliet balconies, electric fireplaces, and built-in cabinetry. All-electric systems serve the property.
Located at E Street and W. 9th in South Boston, the building is within a 10-minute walk of the Broadway Red Line and minutes from Tatte, PKL, and Castle Island Brewing. Walk Score is 89, Bike Score is 79, and Transit Score is 75, with access to the Seaport, downtown Boston, and major transportation routes.
Interiors feature custom Italian kitchens, full-height stone backsplashes, white oak flooring and millwork, Grohe plumbing fixtures, radiant-heated primary bathroom floors, custom closets, balconies, and select terraces, Juliet balconies, electric fireplaces, and built-in cabinetry. All-electric systems serve the property.
Located at E Street and W. 9th in South Boston, the building is within a 10-minute walk of the Broadway Red Line and minutes from Tatte, PKL, and Castle Island Brewing. Walk Score is 89, Bike Score is 79, and Transit Score is 75, with access to the Seaport, downtown Boston, and major transportation routes.
Key Highlights
- 2026‑built four‑unit multifamily property with two approximately 850 SF homes and two 1,800+ SF upper duplexes
- Unit mix includes 2‑bedroom, 2‑bath residences and 4‑bedroom, 3.5‑bath duplex residences
- 8 parking spaces across a heated garage and paver driveway
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
$198,566
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
3.82%
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%
$3,971,320
$4.0M
Cap Rate 7%
$2,836,657
$2.8M
Cap Rate 9%
$2,206,289
$2.2M
Market Conditions
NOI Build-Up for 7,858 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
$297.0K $37.80/SF
− Vacancy
−$13.4K −$1.70/SF
EGI
$283.7K $36.10/SF
− OpEx
−$85.1K −$10.83/SF
NOI
$198.6K $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%
$3,971,320
Cap Rate 7%
$2,836,657
Cap Rate 9%
$2,206,289
Alternative Uses
Best Use
Multifamily LT 5
$2.84M
$2.48M – $3.31M
NOI $198,566 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$2.64M
$2.31M – $3.08M
NOI $184,600 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$5.88M
$5.15M – $6.86M
NOI $411,885 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,950
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?
Quadplex - Four luxury residences provide varied layouts, private outdoor areas, parking, and all-electric building systems.
Where is this quadplex located?
The property is located at 185 E St Boston, MA.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 2026‑built four‑unit multifamily property with two approximately 850 SF homes and two 1,800+ SF upper duplexes; Unit mix includes 2‑bedroom, 2‑bath residences and 4‑bedroom, 3.5‑bath duplex residences; 8 parking spaces across a heated garage and paver driveway
