Renovated 3-Unit Multifamily
New
For Sale
$1,125,000
22 Fernboro St, Boston, MA 02121
Vacant, updated units offer immediate leasing flexibility with renovated kitchens, baths, and contemporary finishes.
Property Size4,185 SF
Price / SF$268.82
Days on Market4
Property Features for 22 Fernboro St
General Information
Standard status
Active
Size
4,185 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,673
Building Details
Building Size
4,185 SF
Year Built
1905
Buildings
1
Stories
3
Units
3
Listing Agency:
RE/MAX Vantage
(508) 951-4104
Listed By:
Team ROSO
(508) 951-4104
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 4:58AM
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 RE/MAX Vantage
Investment Insights
Based on property information with market context.
This renovated triplex contains 4,185 square feet arranged across three residential units. The property includes approximately eight bedrooms and three full baths, along with updated kitchens, refreshed bathrooms, and modern interior finishes. It is currently vacant and ready for occupancy or leasing, allowing an owner to live in one unit while renting the others.
Located at 22 Fernboro St in Boston’s Dorchester neighborhood, the property offers access to public transportation, major highways, shopping, restaurants, parks, schools, and downtown Boston. Walk Score is 79, Transit Score is 73, and Bike Score is 60. Built in 1905, the building combines a multi-unit configuration with updated interior improvements and flexible occupancy potential.
Located at 22 Fernboro St in Boston’s Dorchester neighborhood, the property offers access to public transportation, major highways, shopping, restaurants, parks, schools, and downtown Boston. Walk Score is 79, Transit Score is 73, and Bike Score is 60. Built in 1905, the building combines a multi-unit configuration with updated interior improvements and flexible occupancy potential.
Key Highlights
- 4,185‑square‑foot triplex with three residential units
- Approximately eight bedrooms and three full baths
- Renovated interiors with updated kitchens, baths, and modern finishes
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
$98,314
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
8.74%
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%
$1,966,280
$2.0M
Cap Rate 7%
$1,404,486
$1.4M
Cap Rate 9%
$1,092,378
$1.1M
Market Conditions
NOI Build-Up for 4,185 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
$185.8K $44.40/SF
− Vacancy
−$7.1K −$1.69/SF
EGI
$178.8K $42.71/SF
− OpEx
−$80.4K −$19.22/SF
NOI
$98.3K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,966,280
Cap Rate 7%
$1,404,486
Cap Rate 9%
$1,092,378
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,752 @ 7.0% cap · market cap 9.40%
Second Best
Apartment 5plus
$1.40M
$1.23M – $1.64M
NOI $98,314 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$3.13M
$2.74M – $3.66M
NOI $219,361 @ 7.0% cap · market cap 19.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,521
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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 - Vacant, updated units offer immediate leasing flexibility with renovated kitchens, baths, and contemporary finishes.
Where is this triplex located?
The property is located at 22 Fernboro St Boston, MA.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 4,185‑square‑foot triplex with three residential units; Approximately eight bedrooms and three full baths; Renovated interiors with updated kitchens, baths, and modern finishes
