Multifamily Property with Vacant
New
For Sale
$1,050,000
190 Bennington, Boston, MA 02128
EBR-4 zoning, flexible unit layouts, and a vacant third floor create a repositioning opportunity.
Property Size2,601 SF
Lot Size0.06 Acres
Price / SF$403.69
Days on Market5
Property Features for 190 Bennington
General Information
Standard status
Active
Size
2,601 SF
Lot size
0.06 Acres
Property subtype
Multi-family
Zoning
EBR-4
Property Condition
Severity
Repairs Needed
Evidence
fixer-upper
Additional Details
Public Transit
Yes
Building Details
Year Built
1910
Listing Agency:
Carlton's Wharf & Co.
Listed By:
Brian Rivas
(781) 635-9022
Source:
Lindorealtygroup
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 6 at 10:10AM
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 Carlton's Wharf & Co.
Investment Insights
Based on property information with market context.
This 2,601-square-foot multifamily property was built in 1910 on a 2,500-square-foot lot. Each unit includes two bedrooms, one bathroom, a separate living room, and a kitchen, while rear rooms are currently used as third bedrooms. The third floor is vacant, and the property is described as a fixer-upper. Basement ceilings are high, with potential for additional living space at the rear and ground level.
The property is located in the lower Eagle Hill neighborhood, 0.3 miles from Bremen St. Park and the Airport MBTA station. The transit connection provides access to Downtown Boston and Logan International Airport. EBR-4 zoning and applicable ADU codes provide stated flexibility to consider a fourth level or alternative residential configuration.
The property is located in the lower Eagle Hill neighborhood, 0.3 miles from Bremen St. Park and the Airport MBTA station. The transit connection provides access to Downtown Boston and Logan International Airport. EBR-4 zoning and applicable ADU codes provide stated flexibility to consider a fourth level or alternative residential configuration.
Key Highlights
- EBR‑4‑zoned multifamily property with stated flexibility to add a fourth level
- 2,601 SF building on a 2,500 SF lot; built in 1910
- Each unit has 2 bedrooms, 1 bath, separate living room, and kitchen
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
$61,103
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
5.82%
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%
$1,222,060
$1.2M
Cap Rate 7%
$872,900
$872.9K
Cap Rate 9%
$678,922
$678.9K
Market Conditions
NOI Build-Up for 2,601 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
$115.5K $44.40/SF
− Vacancy
−$4.4K −$1.69/SF
EGI
$111.1K $42.71/SF
− OpEx
−$50.0K −$19.22/SF
NOI
$61.1K $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%
$1,222,060
Cap Rate 7%
$872,900
Cap Rate 9%
$678,922
Alternative Uses
Best Use
Apartment 5plus
$872.9K
$763.8K – $1.02M
NOI $61,103 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,334 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,902
Businesses Nearby
Explore this area
Business Placement
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
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?
Multifamily property - EBR-4 zoning, flexible unit layouts, and a vacant third floor create a repositioning opportunity.
Where is this multifamily property located?
The property is located at 190 Bennington Boston, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: EBR‑4‑zoned multifamily property with stated flexibility to add a fourth level; 2,601 SF building on a 2,500 SF lot; built in 1910; Each unit has 2 bedrooms, 1 bath, separate living room, and kitchen
