Oversized Brick Fourplex
For Sale
$3,400,000
213 Chestnut Hill Ave, Boston, MA 02135
Well-maintained fourplex with oversized layouts, hardwood floors, balconies, and in-unit gas heat for multiple tenants.
Property Size6,210 SF
Days on Market64
Property Features for 213 Chestnut Hill Ave
General Information
Standard status
Active
Size
6,210 SF
Total Parking Spaces
3
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$19,826
Building Details
Building Size
6,210 SF
Year Built
1920
Stories
4
Units
4
Tenancy
Multi
Listing Agency:
(617) 899-8475
Listed By:
Keith Mullen
(617) 899-8475
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 21 at 9:38AM
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 Keith Mullen
Investment Insights
Based on property information with market context.
This oversized brick fourplex features three 4-bedroom/2-bath units and one 3-bedroom/1-bath unit. Units are described as very well maintained and include updated, fully equipped kitchens, modern full baths, and hardwood floors throughout. Additional interior space includes front balconies and a bonus sunroom that may function as a fifth bedroom. Recent paint is noted, and each unit is equipped with its own individual gas furnace. A laundry facility is available in the basement. The property also provides three tandem off-street parking spaces, with capacity for up to six cars back-to-back.
The building is located near Boston College and is described as steps from the MBTA Green, C & D lines, along with nearby shops, restaurants, parks, and jogging trails. Walkability and transit accessibility are supported by the provided WalkScore and TransitScore figures.
For buyers seeking a residential income property with multiple apartment configurations, this offering includes several larger unit layouts suitable for tenants needing extra bedrooms and dedicated heating. The current fully leased status through August of 2027 provides near-term occupancy continuity, subject to the terms of existing leases.
The building is located near Boston College and is described as steps from the MBTA Green, C & D lines, along with nearby shops, restaurants, parks, and jogging trails. Walkability and transit accessibility are supported by the provided WalkScore and TransitScore figures.
For buyers seeking a residential income property with multiple apartment configurations, this offering includes several larger unit layouts suitable for tenants needing extra bedrooms and dedicated heating. The current fully leased status through August of 2027 provides near-term occupancy continuity, subject to the terms of existing leases.
Key Highlights
- Oversized brick 4‑family residence (1920) with three 4BD/2BA units and one 3BD/1BA unit
- All units fully leased through August 2027
- Each unit has updated fully applianced kitchens and modern full baths
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
$156,922
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
4.62%
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%
$3,138,440
$3.1M
Cap Rate 7%
$2,241,743
$2.2M
Cap Rate 9%
$1,743,578
$1.7M
Market Conditions
NOI Build-Up for 6,210 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
$234.7K $37.80/SF
− Vacancy
−$10.6K −$1.70/SF
EGI
$224.2K $36.10/SF
− OpEx
−$67.3K −$10.83/SF
NOI
$156.9K $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%
$3,138,440
Cap Rate 7%
$2,241,743
Cap Rate 9%
$1,743,578
Alternative Uses
Best Use
Multifamily LT 5
$2.24M
$1.96M – $2.62M
NOI $156,922 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,886 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$4.65M
$4.07M – $5.43M
NOI $325,503 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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?
Quadplex - Well-maintained fourplex with oversized layouts, hardwood floors, balconies, and in-unit gas heat for multiple tenants.
Where is this quadplex located?
The property is located at 213 Chestnut Hill Ave Boston, MA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Oversized brick 4‑family residence (1920) with three 4BD/2BA units and one 3BD/1BA unit; All units fully leased through August 2027; Each unit has updated fully applianced kitchens and modern full baths
