Three-Unit Triple-Decker Apartment
For Sale
$3,450,000
201 Rawson Rd, Brookline, MA 02445
Well-maintained three-unit multifamily with three bedrooms per unit, porches, off-street parking, and shared basement laundry.
Property Size6,842 SF
Lot Size0.10 Acres
Price / SF$504.24
Days on Market56
Property Features for 201 Rawson Rd
General Information
Standard status
Active
Size
6,842 SF
Lot size
0.10 Acres
Property subtype
Multifamily
Occupancy
97%
Additional Details
Multifamily Units
3
Amenities
First time on the market in 50+ Years, Rawson Road is a large 3-unit apartment building located in Aspinwall Hill Neighborhood of Brookline, MA.
Each Unit is 1500+ SF with Value-Add Oppty by Converting the back-decks, finishing basement and attic to make duplex units on 1st & 3rd Floor and utilizing Living or Dining Rooms as a 4th Bedroom.
Off-Street parking available for each unit and located nearby MBTA Green Line, Brookline High School, Grocery, Coffee & Local Restaurants and near BC, BU, NU, Mass General, close proximity to Boston.
Building Details
Building Size
6,842 SF
Year Built
1900
Units
3
Listing Agency:
Marcus & Millichap | Boston
(617) 896-7214
Listed By:
Matt Pierce · License #License(s): MA: 9506948
(617) 896-7214
Source:
Marcusmillichap
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 4:39AM
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 Marcus & Millichap | Boston
Investment Insights
Based on property information with market context.
This well-maintained three-unit triple-decker apartment building was built in 1900 and totals 6,842 square feet. Each unit is described as spacious and includes three bedrooms and one bathroom, with approximately 1,500+ square feet per unit. Interior layouts feature eat-in kitchens, modern appliances, full dining areas, living and sitting rooms, and front and back porches. The building also offers off-street private parking and shared laundry in the basement. Heat is oil-fired FHW and is included in the rent, while tenants are responsible for their own electricity. The high-ceiling basement is also described as a potential improvement area.
The property is located at 201 Rawson Road in Brookline, MA. It is within a 5-minute walk of the Washington Square MBTA Green Line T-stop, and approximately just over 4 miles from Downtown Boston. The surrounding area is noted to be convenient to local schools including Brookline High School, Boston College, Boston University, and Northeastern University, as well as Whole Foods, Star Market, and nearby restaurants and shopping options.
For tenants and buyers, the building’s core offering is three-bedroom units with established living and dining spaces, plus porches and off-street parking. For investors, the remarks describe potential value-add options, including converting dining rooms to a fourth bedroom and utilizing back-porch square footage for additional bedroom and bathroom space. The basement’s high ceiling may also support additional living configuration, subject to applicable approvals.
The property is located at 201 Rawson Road in Brookline, MA. It is within a 5-minute walk of the Washington Square MBTA Green Line T-stop, and approximately just over 4 miles from Downtown Boston. The surrounding area is noted to be convenient to local schools including Brookline High School, Boston College, Boston University, and Northeastern University, as well as Whole Foods, Star Market, and nearby restaurants and shopping options.
For tenants and buyers, the building’s core offering is three-bedroom units with established living and dining spaces, plus porches and off-street parking. For investors, the remarks describe potential value-add options, including converting dining rooms to a fourth bedroom and utilizing back-porch square footage for additional bedroom and bathroom space. The basement’s high ceiling may also support additional living configuration, subject to applicable approvals.
Key Highlights
- Three‑unit triple‑decker built in 1900 with 6,842 SF on a 0.1‑acre lot
- 100% occupied with a strong lease history
- Each unit has 3 beds and 1 bath, with approximately 1,500+ SF per unit
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
$144,779
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
4.20%
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%
$2,895,580
$2.9M
Cap Rate 7%
$2,068,271
$2.1M
Cap Rate 9%
$1,608,656
$1.6M
Market Conditions
NOI Build-Up for 6,842 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
$217.6K $31.80/SF
− Vacancy
−$10.7K −$1.57/SF
EGI
$206.8K $30.23/SF
− OpEx
−$62.0K −$9.07/SF
NOI
$144.8K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$2,895,580
Cap Rate 7%
$2,068,271
Cap Rate 9%
$1,608,656
Alternative Uses
Best Use
Multifamily LT 5
$2.07M
$1.81M – $2.41M
NOI $144,779 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,133 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$4.05M
$3.54M – $4.73M
NOI $283,531 @ 7.0% cap · market cap 8.22%
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
1,573
Businesses Nearby
Explore this area
Business Placement
Demographics for 02445, MA
22,499
Population
10,016
Households
2.2
Avg Household Size
36
Median Age
86%
College-Educated
98%
High-School Grad
2.6 sq mi
ZIP Area
8,653
Density / Sq Mi
$145,878
Median Household Income
$76,514
Median Earnings
$2,779
Median Rent
$1,218,000
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?
Triplex - Well-maintained three-unit multifamily with three bedrooms per unit, porches, off-street parking, and shared basement laundry.
Where is this triplex located?
The property is located at 201 Rawson Rd Brookline, MA.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Three‑unit triple‑decker built in 1900 with 6,842 SF on a 0.1‑acre lot; 100% occupied with a strong lease history; Each unit has 3 beds and 1 bath, with approximately 1,500+ SF per unit
