Three-Unit Property with
For Sale
$2,400,000
194 Emerson Street, Boston, MA 02127
Fully occupied triplex with separate gas and electric meters, in-unit laundry, hardwood floors, and private outdoor decks.
Property Size3,440 SF
Price / SF$697.67
Days on Market240
Property Features for 194 Emerson Street
General Information
Standard status
Active
Size
3,440 SF
Property subtype
Multi-family / 3 Family
Zoning
R3
Occupancy
100%
Net Operating Income
$156,300
Units
Unit Mix
1 x 2BR/1BA, 2 x 3BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$22,250
Amenities
in-unit laundry
deck
fenced yard
City/Town Sewer, Public, Circuit Breakers, Thermostat
No
Tile, Hardwood
3.0
Insulated Windows
Full, Interior Access
3
3.00
Rubber
Level
Deck - Wood
0 to 1/10 Mile To Beach, Beach Ownership(Public)
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Compass
Listed By:
Aranson Maguire Group
(207) 252-6771
Source:
Compass
Added: Jan 7
Changed: Sep 2
Last Checked: Aug 30 at 7:37PM
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.
Built in 1890, this 3,440-square-foot triplex contains three floor-through apartments. The first-floor residence offers 2 bedrooms and 1 full bathroom, along with a separate living room, kitchen/dining area, laundry room, hardwood flooring, and a rear deck overlooking a fenced yard. The second- and third-floor apartments each provide 3 bedrooms and 1 bathroom, in-unit laundry, original hardwood floors, and private rear decks.
Separate gas and electrical meters serve the property, with those utilities providing heat and hot water. All three units are rented through August 31, 2026. The property is zoned R3 and sits 0 to 1/10 mile from a public beach, with E Broadway one block away and proximity to M St beach and Castle Island.
Separate gas and electrical meters serve the property, with those utilities providing heat and hot water. All three units are rented through August 31, 2026. The property is zoned R3 and sits 0 to 1/10 mile from a public beach, with E Broadway one block away and proximity to M St beach and Castle Island.
Key Highlights
- 3,440‑square‑foot triplex built in 1890
- Unit mix includes one 2‑bedroom apartment and two 3‑bedroom apartments
- All units rented through August 31, 2026
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
$86,926
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
3.62%
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%
$1,738,520
$1.7M
Cap Rate 7%
$1,241,800
$1.2M
Cap Rate 9%
$965,844
$965.8K
Market Conditions
NOI Build-Up for 3,440 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
$130.0K $37.80/SF
− Vacancy
−$5.9K −$1.70/SF
EGI
$124.2K $36.10/SF
− OpEx
−$37.3K −$10.83/SF
NOI
$86.9K $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%
$1,738,520
Cap Rate 7%
$1,241,800
Cap Rate 9%
$965,844
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $86,926 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.35M
NOI $80,813 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$2.58M
$2.25M – $3.01M
NOI $180,311 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,566
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?
Triplex - Fully occupied triplex with separate gas and electric meters, in-unit laundry, hardwood floors, and private outdoor decks.
Where is this triplex located?
The property is located at 194 Emerson Street Boston, MA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 3,440‑square‑foot triplex built in 1890; Unit mix includes one 2‑bedroom apartment and two 3‑bedroom apartments; All units rented through August 31, 2026
