Turnkey Three-Unit Income
215 Market Street Rockland, MA 02370
For Sale
$869,000
Pending
Corner-lot three-family with updated electrical, gas systems, and coin-operated laundry on a tenant-at-will basis.
Property Size3,301 SF
Days on Market163
Property Features for 215 Market Street
General Information
- Standard status
- Pending
- Size
- 3,301 SF
- Property subtype
- Multi-family / 3 Family - 3 Units Up/Down
Building Details
- Year Built
- 1880
Listing Agency:
Olde Towne Real Estate Co.
(617) 822-0300
Listed By:
Douglas Bosse · License #9008583
(617) 822-0300
Source:
Compass
Added: Feb 11
Changed: Jul 22
Last Checked: Jul 23 at 6:29AM
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 Olde Towne Real Estate Co.
Investment Insights
Based on property information with market context.
This turnkey three-family property offers a practical owner-occupant or investor setup. The building includes a 4-bedroom apartment and two 2-bedroom apartments. Exterior features include low-maintenance cedar impressions vinyl siding and vinyl replacement windows, with a roof using architectural shingles.
The home is situated on a corner lot and includes a grand front porch plus two driveways that provide off-street parking. There are side, rear, and front yards with mature plantings, and the property offers walk-out basement access.
Internally, the units feature gas heating systems, gas hot water tanks, and gas cooking. Additional highlights include updated electrical service, hardwood floors, and period details such as quarter-sewn oak hallway trim and a bow window. Coin-op laundry is also included, and all tenants are currently on a tenant-at-will (TAW) arrangement. Group showings are guided and scheduled for Saturday from 1:00 to 2:30.
The home is situated on a corner lot and includes a grand front porch plus two driveways that provide off-street parking. There are side, rear, and front yards with mature plantings, and the property offers walk-out basement access.
Internally, the units feature gas heating systems, gas hot water tanks, and gas cooking. Additional highlights include updated electrical service, hardwood floors, and period details such as quarter-sewn oak hallway trim and a bow window. Coin-op laundry is also included, and all tenants are currently on a tenant-at-will (TAW) arrangement. Group showings are guided and scheduled for Saturday from 1:00 to 2:30.
Key Highlights
- 3‑family property built in 1880 on a level corner lot with fenced yard and mature landscaping
- Four‑bedroom apartment plus two 2‑bedroom apartments (3 units total), all with tenant‑at‑will (TAW) occupancy
- Updated electrical service and gas systems including gas heating, gas hot water tanks, and gas cooking in all units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.2k | $25.50 |
| − Vacancy | −$4.5k | −$1.36 |
| EGI | $79.7k | $24.14 |
| − OpEx | −$23.9k | −$7.24 |
| NOI | $55.8k | $16.90 |
3,301 SF · lease $25.50/SF/yr · vacancy 5.32% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$797.0K
$697.4K – $929.8K
NOI $55,788 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$734.5K
$642.7K – $856.9K
NOI $51,416 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,793 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Corner-lot three-family with updated electrical, gas systems, and coin-operated laundry on a tenant-at-will basis.
Where is this triplex located?
The property is located at 215 Market Street Rockland, MA.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: 3‑family property built in 1880 on a level corner lot with fenced yard and mature landscaping; Four‑bedroom apartment plus two 2‑bedroom apartments (3 units total), all with tenant‑at‑will (TAW) occupancy; Updated electrical service and gas systems including gas heating, gas hot water tanks, and gas cooking in all units
