Five-Story Quadplex with Owner
For Sale
$1,750,000
Pending
191 Webster, Boston, MA 02128
Five-story four-family building with a two-story owner residence, separate utilities, fenced yards, and a recently updated roof and skylight.
Property Size3,740 SF
Days on Market32
Property Features for 191 Webster
General Information
Standard status
Pending
Size
3,740 SF
Property subtype
Residential Income
Zoning
EBR-3
Additional Details
Fenced Yard
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,078
Building Details
Building Size
3,740 SF
Year Built
1905
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
Chinatti Realty Group, Inc.
(978) 289-3667
Listed By:
Susan Ferri
(978) 289-3667
Source:
Threehillsres
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 19 at 8:02AM
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 Chinatti Realty Group, Inc.
Investment Insights
Based on property information with market context.
A five-story quadplex offering four residential units, with a two-story owner’s residence on the top floors. Apartments feature soaring ceilings, oversized windows, and period details. The property includes separate utilities, along with fenced front and rear yards.
Set at 191 Webster Street, the building’s waterfront setting is directly across from Brophy Park, with Piers Park and Jeffries Yacht Club within walking distance. The listing notes convenient access to MBTA Blue Line service and the East Boston Ferry for connections to downtown Boston and the Seaport.
Additional reported improvements include a roof and skylight that are approximately two years old, supporting long-term ownership planning alongside the building’s established residential configuration.
Set at 191 Webster Street, the building’s waterfront setting is directly across from Brophy Park, with Piers Park and Jeffries Yacht Club within walking distance. The listing notes convenient access to MBTA Blue Line service and the East Boston Ferry for connections to downtown Boston and the Seaport.
Additional reported improvements include a roof and skylight that are approximately two years old, supporting long-term ownership planning alongside the building’s established residential configuration.
Key Highlights
- Five‑story four‑family building with a two‑story owner’s residence (Year built: 1905).
- Roof and skylight are 2 years old.
- Separate utilities for the units.
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
$94,507
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
5.40%
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%
$1,890,140
$1.9M
Cap Rate 7%
$1,350,100
$1.4M
Cap Rate 9%
$1,050,078
$1.1M
Market Conditions
NOI Build-Up for 3,740 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
$141.4K $37.80/SF
− Vacancy
−$6.4K −$1.70/SF
EGI
$135.0K $36.10/SF
− OpEx
−$40.5K −$10.83/SF
NOI
$94.5K $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%
$1,890,140
Cap Rate 7%
$1,350,100
Cap Rate 9%
$1,050,078
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.58M
NOI $94,507 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.46M
NOI $87,860 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,036 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,325
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?
Quadplex - Five-story four-family building with a two-story owner residence, separate utilities, fenced yards, and a recently updated roof and skylight.
Where is this quadplex located?
The property is located at 191 Webster Boston, MA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Five‑story four‑family building with a two‑story owner’s residence (Year built: 1905).; Roof and skylight are 2 years old.; Separate utilities for the units.
