Four-Unit Property with
For Sale
$3,600,000
223 Saint Paul St, Brookline, MA 02446
Four residential units include three oversized three-bedroom, two-bath layouts and a walk-out garden apartment.
Property Size7,022 SF
Days on Market13
Property Features for 223 Saint Paul St
General Information
Standard status
Active
Size
7,022 SF
Total Parking Spaces
3
Property subtype
Multifamily
Units
Unit Mix
3 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$31,108
Building Details
Building Size
7,022 SF
Year Built
1905
Listing Agency:
City Realty Group
(617) 751-5119
Listed By:
Jacob Simmons
Source:
Classifiedrealtygroup
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 22 at 4:03AM
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 City Realty Group
Investment Insights
Based on property information with market context.
Located at 223 Saint Paul Street, this four-unit residential property was built in 1905 and provides more than seven thousand square feet of total living area. The configuration includes three oversized three-bedroom, two-bath residences plus a walk-out 2/1 garden unit, along with three parking spaces.
The property is in Brookline’s Coolidge Corner area, close to the Coolidge Corner Theatre, Trader Joe’s, and shopping and dining along Harvard Street and Beacon Street. The Green Line C branch is nearby, with service to Longwood Medical Area, Fenway, Boston University, and downtown Boston. Amory Park and the Riverway are also close to the property.
The property is in Brookline’s Coolidge Corner area, close to the Coolidge Corner Theatre, Trader Joe’s, and shopping and dining along Harvard Street and Beacon Street. The Green Line C branch is nearby, with service to Longwood Medical Area, Fenway, Boston University, and downtown Boston. Amory Park and the Riverway are also close to the property.
Key Highlights
- Four‑unit residential property with three parking spaces
- Three oversized three‑bedroom, two‑bath units
- Walk‑out 2/1 garden unit
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
$148,588
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
4.13%
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%
$2,971,760
$3.0M
Cap Rate 7%
$2,122,686
$2.1M
Cap Rate 9%
$1,650,978
$1.7M
Market Conditions
NOI Build-Up for 7,022 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
$223.3K $31.80/SF
− Vacancy
−$11.0K −$1.57/SF
EGI
$212.3K $30.23/SF
− OpEx
−$63.7K −$9.07/SF
NOI
$148.6K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$2,971,760
Cap Rate 7%
$2,122,686
Cap Rate 9%
$1,650,978
Alternative Uses
Best Use
Multifamily LT 5
$2.12M
$1.86M – $2.48M
NOI $148,588 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,714 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $290,990 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
5,388
Businesses Nearby
Explore this area
Business Placement
Demographics for 02446, MA
31,957
Population
15,298
Households
2.1
Avg Household Size
34
Median Age
85%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
24,582
Density / Sq Mi
$127,519
Median Household Income
$73,950
Median Earnings
$2,757
Median Rent
$1,172,800
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?
Quadplex - Four residential units include three oversized three-bedroom, two-bath layouts and a walk-out garden apartment.
Where is this quadplex located?
The property is located at 223 Saint Paul St Brookline, MA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Four‑unit residential property with three parking spaces; Three oversized three‑bedroom, two‑bath units; Walk‑out 2/1 garden unit
