Turnkey Three-Building Multifamily
For Sale
$2,900,000
223-227 Washington St, Boston, MA 02121
Three-building multifamily portfolio with one newly constructed unit and two gut-renovated buildings, offering modern in-unit finishes.
Property Size7,500 SF
Days on Market64
Property Features for 223-227 Washington St
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$31,564
Building Details
Building Size
7,500 SF
Year Built
2022
Stories
3
Units
9
Listing Agency:
Block Realty
(774) 808-1091
Listed By:
Niko Stafford · License #9555394
(774) 808-1091
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 21 at 1:16PM
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 Block Realty
Investment Insights
Based on property information with market context.
223-225-227 Washington Street is a three-building multifamily portfolio offered for sale with a turnkey configuration. The property includes 225 Washington Street, newly constructed in 2022, along with 223 and 227 Washington Street, which have been completely gut renovated. Unit interiors feature open-concept layouts, shaker cabinetry, stone countertops, stainless steel appliances, recessed lighting, updated bathrooms, and in-unit laundry.
The buildings are positioned in Dorchester with convenient access to public transportation and major highways, along with nearby shopping, restaurants, parks, and Downtown Boston.
This portfolio is well-suited for buyers seeking a multi-building multifamily investment with recently completed construction and renovation work, combined with modern finishes and in-unit laundry in the apartments. The mix of newly constructed and gut-renovated buildings can reduce the near-term need for interior modernization, while providing a consistent tenant experience across the portfolio.
The buildings are positioned in Dorchester with convenient access to public transportation and major highways, along with nearby shopping, restaurants, parks, and Downtown Boston.
This portfolio is well-suited for buyers seeking a multi-building multifamily investment with recently completed construction and renovation work, combined with modern finishes and in-unit laundry in the apartments. The mix of newly constructed and gut-renovated buildings can reduce the near-term need for interior modernization, while providing a consistent tenant experience across the portfolio.
Key Highlights
- Three‑building multifamily portfolio (223‑225‑227 Washington St) in Dorchester
- 225 Washington St newly constructed in 2022
- 223 and 227 Washington St completely gut renovated
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
$176,190
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
6.08%
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%
$3,523,800
$3.5M
Cap Rate 7%
$2,517,000
$2.5M
Cap Rate 9%
$1,957,667
$2.0M
Market Conditions
NOI Build-Up for 7,500 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
$333.0K $44.40/SF
− Vacancy
−$12.7K −$1.69/SF
EGI
$320.3K $42.71/SF
− OpEx
−$144.2K −$19.22/SF
NOI
$176.2K $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%
$3,523,800
Cap Rate 7%
$2,517,000
Cap Rate 9%
$1,957,667
Alternative Uses
Best Use
Apartment 5plus
$2.52M
$2.20M – $2.94M
NOI $176,190 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.62M
$4.91M – $6.55M
NOI $393,120 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,442
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?
Multifamily property - Three-building multifamily portfolio with one newly constructed unit and two gut-renovated buildings, offering modern in-unit finishes.
Where is this multifamily property located?
The property is located at 223-227 Washington St Boston, MA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Three‑building multifamily portfolio (223‑225‑227 Washington St) in Dorchester; 225 Washington St newly constructed in 2022; 223 and 227 Washington St completely gut renovated
