Renovated Three-Family Building on
For Sale
$899,900
Pending
228 Forest Ave, Brockton, MA 02301
Three-family building with renovations, large backyard, and garage.
Property Size3,456 SF
Lot Size0.29 Acres
Days on Market266
Property Features for 228 Forest Ave
General Information
Standard status
Pending
Size
3,456 SF
Lot size
0.29 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,552
Building Details
Building Size
3,456 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
Andrade Associates Real Estate, Inc.
(508) 837-4935
Listed By:
Jose Francisco Lopes · License #9083443
(508) 837-4935
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 21 at 8:15AM
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 Andrade Associates Real Estate, Inc.
Investment Insights
Based on property information with market context.
This three-family building, configured as three-bedroom units, is located on Forest Avenue. The premises has undergone multiple renovations, including work on the walls, flooring, and bathrooms. The property features a large backyard space of 12,841 square feet, suitable for parking or gardening. It also includes two car garages and an extra shed. The property is close to amenities and offers access to the highway connecting Boston and Fall River. The property is intended for use as a residential building.
Key Highlights
- Large backyard (12,841 sqft) suitable for business use, parking, or gardening.
- Three‑family building configured as three 3‑bedroom units.
- Recent renovations to walls, flooring, and bathrooms.
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
$52,761
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
5.86%
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%
$1,055,220
$1.1M
Cap Rate 7%
$753,729
$753.7K
Cap Rate 9%
$586,233
$586.2K
Market Conditions
NOI Build-Up for 3,456 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
$101.2K $29.28/SF
− Vacancy
−$5.3K −$1.52/SF
EGI
$95.9K $27.76/SF
− OpEx
−$43.2K −$12.49/SF
NOI
$52.8K $15.27/SF
Area
Brockton, MA
Vacancy
5.20%
Lease Rate
$29.28 /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%
$1,055,220
Cap Rate 7%
$753,729
Cap Rate 9%
$586,233
Alternative Uses
Best Use
Apartment 5plus
$753.7K
$659.5K – $879.4K
NOI $52,761 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,060 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Explore this area
Business Placement
Demographics for 02301, MA
69,418
Population
24,592
Households
2.8
Avg Household Size
37
Median Age
22%
College-Educated
81%
High-School Grad
12.4 sq mi
ZIP Area
5,598
Density / Sq Mi
$72,727
Median Household Income
$43,588
Median Earnings
$1,566
Median Rent
$414,200
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?
Apartment building - Three-family building with renovations, large backyard, and garage.
Where is this apartment building located?
The property is located at 228 Forest Ave Brockton, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Large backyard (12,841 sqft) suitable for business use, parking, or gardening.; Three‑family building configured as three 3‑bedroom units.; Recent renovations to walls, flooring, and bathrooms.
