Turnkey Gut-Renovated
For Sale
$1,300,000
1903 Columbus Ave, Boston, MA 02119
Fully gut-renovated in 2022 with new plumbing, electrical, HVAC, roofing, and updated kitchens and baths.
Property Size2,568 SF
Price / SF$506.23
Days on Market155
Property Features for 1903 Columbus Ave
General Information
Standard status
Active
Size
2,568 SF
Property subtype
Multi-Family
Zoning
R3
Net Operating Income
$108,000
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,255
Building Details
Building Size
2,568 SF
Year Built
2022
Year Renovated
2022
Stories
3
Listing Agency:
Prestige Realty Experts Inc.
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 6
Changed: Sep 6
Last Checked: Sep 7 at 5:56AM
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 Prestige Realty Experts Inc.
Investment Insights
Based on property information with market context.
Turnkey multifamily property that was fully gut-renovated in 2022. The building has new plumbing, electrical, HVAC systems, and roofing, along with updated interior finishes. Units feature contemporary kitchen updates, updated bathrooms, and efficient layouts designed to support day-to-day livability.
Located in Roxbury with convenient access to public transportation, major highways, and nearby local shops and restaurants.
With major capital improvements already completed and no deferred maintenance noted, the property is positioned for low-maintenance ownership. This offering includes a fully renovated condition with upgraded unit interiors throughout.
Located in Roxbury with convenient access to public transportation, major highways, and nearby local shops and restaurants.
With major capital improvements already completed and no deferred maintenance noted, the property is positioned for low-maintenance ownership. This offering includes a fully renovated condition with upgraded unit interiors throughout.
Key Highlights
- Built in 2022 and fully gut‑renovated in 2022
- Major systems replaced in 2022, including plumbing, electrical, HVAC, and roofing
- Updated unit interiors with contemporary kitchens
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
$60,328
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
4.64%
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%
$1,206,560
$1.2M
Cap Rate 7%
$861,829
$861.8K
Cap Rate 9%
$670,311
$670.3K
Market Conditions
NOI Build-Up for 2,568 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
$114.0K $44.40/SF
− Vacancy
−$4.3K −$1.69/SF
EGI
$109.7K $42.71/SF
− OpEx
−$49.4K −$19.22/SF
NOI
$60.3K $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%
$1,206,560
Cap Rate 7%
$861,829
Cap Rate 9%
$670,311
Alternative Uses
Best Use
Apartment 5plus
$861.8K
$754.1K – $1.01M
NOI $60,328 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,604 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
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 - Fully gut-renovated in 2022 with new plumbing, electrical, HVAC, roofing, and updated kitchens and baths.
Where is this multifamily property located?
The property is located at 1903 Columbus Ave Boston, MA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Built in 2022 and fully gut‑renovated in 2022; Major systems replaced in 2022, including plumbing, electrical, HVAC, and roofing; Updated unit interiors with contemporary kitchens
