Turnkey Three-Building
For Sale
$2,900,000
223-227 Washington Street, Boston, MA 02121
Three multifamily buildings include a 2022 new construction property and two completely gut-renovated buildings with in-unit laundry.
Property Size7,500 SF
Price / SF$386.67
Days on Market81
Property Features for 223-227 Washington Street
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Multi-Family
Zoning
R3
Net Operating Income
$289,800
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$31,564
Building Details
Building Size
7,500 SF
Year Built
2022
Stories
3
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 5 at 4:55AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
223-225-227 Washington Street offers a turnkey three-building multifamily portfolio. One building, 225 Washington, was newly constructed in 2022, and the other two buildings, 223 and 227, have been completely gut renovated. Units are described as featuring open-concept layouts, shaker cabinetry, stone countertops, stainless steel appliances, recessed lighting, updated bathrooms, and laundry.
The portfolio is located in Dorchester and is described as convenient to public transportation, major highways, shopping, restaurants, parks, and Downtown Boston.
Offered for sale as a combined investment, the property is presented as low-maintenance ownership based on the recently completed construction and renovations.
The portfolio is located in Dorchester and is described as convenient to public transportation, major highways, shopping, restaurants, parks, and Downtown Boston.
Offered for sale as a combined investment, the property is presented as low-maintenance ownership based on the recently completed construction and renovations.
Key Highlights
- Three‑building multifamily portfolio at 223‑225‑227 Washington Street
- 225 Washington Street newly built in 2022
- 223 and 227 Washington Street have been 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
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
637
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?
Multifamily property - Three multifamily buildings include a 2022 new construction property and two completely gut-renovated buildings with in-unit laundry.
Where is this multifamily property located?
The property is located at 223-227 Washington Street 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 at 223‑225‑227 Washington Street; 225 Washington Street newly built in 2022; 223 and 227 Washington Street have been completely gut renovated
