Three-Unit Multifamily
For Sale
$875,000
2-4 Howard Pl, Boston, MA 02125
Three residential levels provide distinct bedroom and bathroom configurations for flexible occupancy planning.
Property Size3,169 SF
Price / SF$276.11
Days on Market117
Property Features for 2-4 Howard Pl
General Information
Standard status
Active
Size
3,169 SF
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$79,200
Units
Unit Mix
2 x 3BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,526
Building Details
Building Size
3,169 SF
Year Built
1905
Stories
3
Listing Agency:
Property Consultants
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 10
Changed: Sep 2
Last Checked: Sep 2 at 1:58PM
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 Property Consultants
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built in 1905 and includes 3,169 square feet across three residential floors. The first- and second-floor apartments each contain three bedrooms and one bathroom, while the third-floor unit offers two bedrooms and one and a half bathrooms. The property is being sold as-is, with no leases currently in place. Projected rents are based on completion of a full renovation.
Located at 2-4 Howard Pl in Boston’s Dorchester neighborhood, the property is near the MBTA Red Line stations at JFK/UMass and Savin Hill, with access to downtown Boston. Carson Beach, South Bay Center, the University of Massachusetts Boston, shopping, dining, parks, and other neighborhood amenities are also nearby. The property is zoned R2.
Located at 2-4 Howard Pl in Boston’s Dorchester neighborhood, the property is near the MBTA Red Line stations at JFK/UMass and Savin Hill, with access to downtown Boston. Carson Beach, South Bay Center, the University of Massachusetts Boston, shopping, dining, parks, and other neighborhood amenities are also nearby. The property is zoned R2.
Key Highlights
- Three‑unit multifamily property with 3,169 square feet
- Unit mix includes two 3 bed / 1 bath apartments and one 2 bed / 1.5 bath apartment
- Built in 1905 and zoned R2
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
$80,078
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
9.15%
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%
$1,601,560
$1.6M
Cap Rate 7%
$1,143,971
$1.1M
Cap Rate 9%
$889,756
$889.8K
Market Conditions
NOI Build-Up for 3,169 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
$119.8K $37.80/SF
− Vacancy
−$5.4K −$1.70/SF
EGI
$114.4K $36.10/SF
− OpEx
−$34.3K −$10.83/SF
NOI
$80.1K $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%
$1,601,560
Cap Rate 7%
$1,143,971
Cap Rate 9%
$889,756
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$1.00M – $1.33M
NOI $80,078 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$1.06M
$930.6K – $1.24M
NOI $74,446 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,106 @ 7.0% cap · market cap 18.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,797
Businesses Nearby
Explore this area
Business Placement
Demographics for 02125, MA
34,926
Population
14,999
Households
2.3
Avg Household Size
32
Median Age
42%
College-Educated
87%
High-School Grad
2.2 sq mi
ZIP Area
15,875
Density / Sq Mi
$71,810
Median Household Income
$52,106
Median Earnings
$1,897
Median Rent
$645,400
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 residential levels provide distinct bedroom and bathroom configurations for flexible occupancy planning.
Where is this triplex located?
The property is located at 2-4 Howard Pl Boston, MA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 3,169 square feet; Unit mix includes two 3 bed / 1 bath apartments and one 2 bed / 1.5 bath apartment; Built in 1905 and zoned R2
