Three-Unit Triplex with Hardwood
For Sale
$1,199,900
Pending
23 Santuit St, Boston, MA 02124
Each apartment has five rooms, separate utilities, and access to basement storage and laundry connections.
Property Size3,360 SF
Days on Market44
Property Features for 23 Santuit St
General Information
Standard status
Pending
Size
3,360 SF
Property subtype
Multi-Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Amenities
hardwood flooring
vinyl replacement windows
separate utilities
gas heating & cooking
laundry connection
finished basement
storage space
Building Details
Year Built
1905
Buildings
1
Construction
triple-decker
Listing Agency:
Keller Williams Realty
(617) 593-2887
Listed By:
Christine Do · License #449518378
Source:
Billskerry
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 7:49PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This three-unit residential property contains 3,360 square feet and was built in 1905. Each apartment offers five rooms, including a living room, kitchen, and bathroom, with space for three bedrooms; the first-floor layout requires a wall to create the third bedroom. Hardwood floors run throughout, while select windows have been replaced. Separate utilities, gas heating and cooking, an updated PVC sewer waste line, and basement laundry connections support the existing configuration. The finished basement provides additional storage space.
Located at 23 Santuit Street in Boston, the property is within walking distance of the Shawmut and Ashmont T-stations, Pope John Paul Academy, Saint Marks Church, Via Cannuccia, a park, and nearby restaurants. The property is offered in as-is condition and may suit an owner-occupant, multifamily investor, or developer evaluating potential condo conversion.
Located at 23 Santuit Street in Boston, the property is within walking distance of the Shawmut and Ashmont T-stations, Pope John Paul Academy, Saint Marks Church, Via Cannuccia, a park, and nearby restaurants. The property is offered in as-is condition and may suit an owner-occupant, multifamily investor, or developer evaluating potential condo conversion.
Key Highlights
- Three‑unit property with 3,360 square feet, built in 1905
- Each unit includes five rooms with living room, kitchen, and bathroom
- Space for three bedrooms in each unit; first floor needs a wall for the third bedroom
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
$84,905
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
7.08%
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%
$1,698,100
$1.7M
Cap Rate 7%
$1,212,929
$1.2M
Cap Rate 9%
$943,389
$943.4K
Market Conditions
NOI Build-Up for 3,360 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
$127.0K $37.80/SF
− Vacancy
−$5.7K −$1.70/SF
EGI
$121.3K $36.10/SF
− OpEx
−$36.4K −$10.83/SF
NOI
$84.9K $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%
$1,698,100
Cap Rate 7%
$1,212,929
Cap Rate 9%
$943,389
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.42M
NOI $84,905 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$1.13M
$986.7K – $1.32M
NOI $78,933 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$2.52M
$2.20M – $2.94M
NOI $176,118 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,830
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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?
Triplex - Each apartment has five rooms, separate utilities, and access to basement storage and laundry connections.
Where is this triplex located?
The property is located at 23 Santuit St Boston, MA.
What is the asking price?
The asking price for this property is $1,199,900.
What are key features of this property?
This property features: Three‑unit property with 3,360 square feet, built in 1905; Each unit includes five rooms with living room, kitchen, and bathroom; Space for three bedrooms in each unit; first floor needs a wall for the third bedroom
