Fully Tenanted Triplex with
For Sale
$1,400,000
194 Boylston Street, Boston, MA 02130
Three fully occupied units each offer three bedrooms, one bath, and an enclosed three-season porch.
Property Size3,264 SF
Price / SF$428.92
Days on Market188
Property Features for 194 Boylston Street
General Information
Standard status
Active
Size
3,264 SF
Total Parking Spaces
1
Property subtype
Multi-family / 3 Family
Zoning
R3
Occupancy
100%
Net Operating Income
$77,865
Financials
Cap Rate
7.5%
Business Included
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$17,160
Amenities
No
Wood, Tile
Range, Dishwasher, Refrigerator, Freezer, Washer, Dryer
3.0
Box/Bay/Bow Window(s), Insulated Windows
Washer & Dryer Hookup, Electric Dryer Hookup, Washer Hookup
Full, Interior Access, Concrete Floor, Unfinished Basement
Ceiling Fan(s), Pantry, Storage, Stone/Granite/Solid Counters, Bathroom With Tub & Shower, Upgraded Countertops, Floored Attic, Upgraded Cabinets, Living Room, Kitchen, Laundry Room, Window AC
3
3.00
Frame
Shingle
Gentle Sloping
Balcony/Deck, Rain Gutters, Garden, Stone Wall, Other (See Remarks), Garden Area, Porch - Enclosed
Enclosed
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Josh Brett · License #9506646
(617) 543-4185
Source:
Compass
Added: Mar 2
Changed: Aug 8
Last Checked: Mar 25 at 10:56AM
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 Compass
Investment Insights
Based on property information with market context.
This fully tenanted three-family triplex features three occupied units in good rental condition. Each unit includes three bedrooms, a living room, and one bathroom, along with an enclosed three-season porch. Interior details include original molding and wood floors, supporting a finished, residential feel throughout.
The property includes parking and is located near Stony Brook Station, described as minutes from the Stony Brook Orange Line T-station. The surrounding area is identified as Jamaica Plain, with reference to the Brewery District and nearby arts, culture, dining, and exercise venues.
The building is being offered with existing tenants. The remarks also cite projected market rents of $3,700–$3,900 per unit, along with an indicated ROI/cap rate range of 7 to 7.5. Pictures are noted as taken when units were vacant.
The property includes parking and is located near Stony Brook Station, described as minutes from the Stony Brook Orange Line T-station. The surrounding area is identified as Jamaica Plain, with reference to the Brewery District and nearby arts, culture, dining, and exercise venues.
The building is being offered with existing tenants. The remarks also cite projected market rents of $3,700–$3,900 per unit, along with an indicated ROI/cap rate range of 7 to 7.5. Pictures are noted as taken when units were vacant.
Key Highlights
- Fully tenanted Jamaica Plain triplex with 3 occupied units
- Each unit offers 3 bedrooms, 1 bathroom, living room, and an enclosed three‑season porch
- Parking provided near Stony Brook Station
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
$82,479
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
5.89%
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%
$1,649,580
$1.6M
Cap Rate 7%
$1,178,271
$1.2M
Cap Rate 9%
$916,433
$916.4K
Market Conditions
NOI Build-Up for 3,264 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
$123.4K $37.80/SF
− Vacancy
−$5.6K −$1.70/SF
EGI
$117.8K $36.10/SF
− OpEx
−$35.3K −$10.83/SF
NOI
$82.5K $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%
$1,649,580
Cap Rate 7%
$1,178,271
Cap Rate 9%
$916,433
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.37M
NOI $82,479 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$1.10M
$958.5K – $1.28M
NOI $76,678 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $171,086 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,808
Businesses Nearby
Explore this area
Business Placement
Demographics for 02130, MA
38,284
Population
18,802
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
94%
High-School Grad
3.5 sq mi
ZIP Area
10,938
Density / Sq Mi
$130,533
Median Household Income
$73,238
Median Earnings
$2,434
Median Rent
$763,700
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 fully occupied units each offer three bedrooms, one bath, and an enclosed three-season porch.
Where is this triplex located?
The property is located at 194 Boylston Street Boston, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Fully tenanted Jamaica Plain triplex with 3 occupied units; Each unit offers 3 bedrooms, 1 bathroom, living room, and an enclosed three‑season porch; Parking provided near Stony Brook Station
