Renovated Three-Unit
New
For Sale
$1,125,000
22 Fernboro St, Boston, MA 02121
MULTI_FAMILY - Boston, MA
Property Size4,185 SF
Lot Size0.06 Acres
Price / SF$268.82
Days on Market1
Property Features for 22 Fernboro St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 7, Bedroom 6, Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 9, Bathroom 3, Bathroom 2, Bedroom 8, Bedroom 2, Bedroom 4
Directions
Please Use GPS.
Standard status
Active
APN
W:14 P:00333 S:000,1296692
Size
4,185 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7673
Building Details
Year built
1905
Floors in Building
3
Number of units
3
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Aug 7
Last Checked: Aug 7 at 7:06PM
MLS# 73560681
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated multifamily property contains three units within 4,185 square feet. Each unit includes updated kitchen and bath finishes, while the building provides approximately three full baths overall. The property is vacant and rent-ready, allowing immediate occupancy or leasing without waiting for existing tenancies to end.
Built in 1905 and situated on a 0.0621-acre lot, the building is located in Boston’s Dorchester area. The property offers access to public transportation, major highways, shopping, restaurants, parks, schools, and downtown Boston. R3 zoning supports its multifamily classification.
Built in 1905 and situated on a 0.0621-acre lot, the building is located in Boston’s Dorchester area. The property offers access to public transportation, major highways, shopping, restaurants, parks, schools, and downtown Boston. R3 zoning supports its multifamily classification.
Key Highlights
- Three‑unit multifamily property with 4,185 square feet
- Vacant and rent‑ready for immediate occupancy or leasing
- Renovated interiors with updated kitchens and 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
$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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Vacant, rent-ready building with updated kitchens, baths, and modern interior 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: Three‑unit multifamily property with 4,185 square feet; Vacant and rent‑ready for immediate occupancy or leasing; Renovated interiors with updated kitchens and baths
