Building Details

Building Size 2,860 SF

Year Built 1910

Listing Agency: IVerty Realty, LLC

Listed By: Mela Dieujuste · License #452508574 Show Phone

Source: Iverty

Added: Sep 9 Changed: Sep 14 Last Checked: Sep 14 at 7:36AM

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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 IVerty Realty, LLC

Investment Insights

Based on property information with market context.

This 1910 residential income property contains three units: two three-bedroom residences and one one-bedroom residence. The first floor is vacant and connects to a substantial lower level with room for additional bedrooms and a bathroom. The remaining two units are occupied, creating an owner-occupancy configuration with income-producing residences elsewhere in the property.

The property is located at 197 Blue Hills Pkwy in Milton, within the Milton Public Schools district. It sits next to Tucker School and between the Neponset bike path and the Blue Hills Reservation. Mattapan Station, local bus service, highway access, Churchill’s, trails, and neighborhood parks are all identified nearby.

Key Highlights

• Three units: two 3‑bedroom residences and one 1‑bedroom residence
• First‑floor unit is vacant and connects to a lower level
• Lower level has room for additional bedrooms and a bathroom

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

$51,232

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

4.27%

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%

$1,024,640 $1.0M

Cap Rate 7%

$731,886 $731.9K

Cap Rate 9%

$569,244 $569.2K

Market Conditions

NOI Build-Up for 2,860 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

$77.2K $27.00/SF

− Vacancy

−$4.0K −$1.41/SF

EGI

$73.2K $25.59/SF

− OpEx

−$22.0K −$7.68/SF

NOI

$51.2K $17.91/SF

Area

Norfolk County, MA

Vacancy

5.22%

Lease Rate

$27.00 /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%

$1,024,640

Cap Rate 7%

$731,886

Cap Rate 9%

$569,244

Alternative Uses

Best Use

Multifamily LT 5

$731.9K

$640.4K – $853.9K (±1% cap)

NOI $51,232 @ 7.0% cap · market cap 4.27%

Second Best

Apartment 5plus

$675.3K

$590.9K – $787.8K (±1% cap)

NOI $47,270 @ 7.0% cap · market cap 3.94%

Theoretical Best

Office A

$1.69M

$1.48M – $1.98M (±1% cap)

NOI $118,518 @ 7.0% cap · market cap 9.88%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Triplexes

Suggested Use

Top Pick Law Firm Restaurant Parking Lot & Garage Spa & Massage Center Hair Salon Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

370

Businesses Nearby

Explore this area Business Placement

Demographics for 02186, MA

28,637

Population

9,447

Households

3

Avg Household Size

41

Median Age

70%

College-Educated

96%

High-School Grad

13.7 sq mi

ZIP Area

2,090

Density / Sq Mi

$177,222

Median Household Income

$83,510

Median Earnings

$1,545

Median Rent

$896,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Two occupied units complement a vacant first-floor residence suited to owner occupancy.

Where is this triplex located?

The property is located at 197 Blue Hills Pkwy Milton, MA.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Three units: two 3‑bedroom residences and one 1‑bedroom residence; First‑floor unit is vacant and connects to a lower level; Lower level has room for additional bedrooms and a bathroom