Three-Unit Apartment
New
For Sale
$1,025,000
22 Melbourne St, Boston, MA 02121
Fully leased triplex with three-bedroom units, coin-operated laundry, and on-site parking near Red Line transit.
Property Size3,504 SF
Days on Market5
Property Features for 22 Melbourne St
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$16,008
Building Details
Building Size
3,504 SF
Year Built
1905
Stories
3
Units
3
Listing Agency:
Boston Realty Advisors
(860) 424-7613
Listed By:
Kevin Benzinger · License #9526383
(860) 424-7613
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 21 at 1:24PM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This 1905 triplex contains three apartment units, each configured with 3 bedrooms and 1 bath. The building is fully leased, with one unit available for delivery vacant. Every unit is lead-paint certified, and the roof was replaced in 2021. On-site parking accommodates 3-4 vehicles, while coin-operated laundry provides an additional building amenity.
Located at 22 Melbourne St in Boston’s Dorchester area, the property is a four-minute walk from the Red Line. The surrounding location records a walk score of 86, a transit score of 67, and a bike score of 65.
Located at 22 Melbourne St in Boston’s Dorchester area, the property is a four-minute walk from the Red Line. The surrounding location records a walk score of 86, a transit score of 67, and a bike score of 65.
Key Highlights
- Three‑unit apartment building with three 3‑bedroom/1‑bath units
- Fully leased, with one unit available for delivery vacant
- Roof replaced in 2021
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
$88,544
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
8.64%
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%
$1,770,880
$1.8M
Cap Rate 7%
$1,264,914
$1.3M
Cap Rate 9%
$983,822
$983.8K
Market Conditions
NOI Build-Up for 3,504 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
$132.5K $37.80/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$126.5K $36.10/SF
− OpEx
−$37.9K −$10.83/SF
NOI
$88.5K $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%
$1,770,880
Cap Rate 7%
$1,264,914
Cap Rate 9%
$983,822
Alternative Uses
Best Use
Multifamily LT 5
$1.26M
$1.11M – $1.48M
NOI $88,544 @ 7.0% cap · market cap 8.64%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,316 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$2.62M
$2.30M – $3.06M
NOI $183,666 @ 7.0% cap · market cap 17.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,830
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 - Fully leased triplex with three-bedroom units, coin-operated laundry, and on-site parking near Red Line transit.
Where is this triplex located?
The property is located at 22 Melbourne St Boston, MA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Three‑unit apartment building with three 3‑bedroom/1‑bath units; Fully leased, with one unit available for delivery vacant; Roof replaced in 2021
