Eight-Bedroom Multifamily
For Sale
$1,700,000
230 Corey Rd, Boston, MA 02135
Three-story multifamily residence with garage parking, multiple bathrooms, and a substantial residential lot.
Property Size3,159 SF
Lot Size0.13 Acres
Price / SF$538.14
Days on Market229
Property Features for 230 Corey Rd
General Information
Standard status
Active
Size
3,159 SF
Total Parking Spaces
9
Lot size
0.13 Acres
Property subtype
Multi-Family
Zoning
0105
Net Operating Income
$33,600
Taxes and HOA fees
Annual Taxes
$7,897
Amenities
Views
Building Details
Building Size
3,159 SF
Year Built
1915
Stories
6
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jan 15
Changed: Aug 31
Last Checked: Aug 31 at 1:26PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This three-story multifamily property was built in 1915 and contains 3,159 square feet of living space. The residence includes eight bedrooms, three full bathrooms, and a single garage space. Its multi-level layout provides separation among the living areas, while the 5,800-square-foot lot adds outdoor space around the home.
Located at 230 Corey Rd in Boston, Massachusetts, the property is identified under zoning code 0105. The existing bedroom and bathroom count, garage, and lot size provide a defined residential configuration for buyers evaluating a multifamily asset in an urban setting.
Located at 230 Corey Rd in Boston, Massachusetts, the property is identified under zoning code 0105. The existing bedroom and bathroom count, garage, and lot size provide a defined residential configuration for buyers evaluating a multifamily asset in an urban setting.
Key Highlights
- 3,159 square feet of living space
- Eight bedrooms and three full bathrooms
- Three‑story configuration
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
$74,211
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
4.37%
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%
$1,484,220
$1.5M
Cap Rate 7%
$1,060,157
$1.1M
Cap Rate 9%
$824,567
$824.6K
Market Conditions
NOI Build-Up for 3,159 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
$140.3K $44.40/SF
− Vacancy
−$5.3K −$1.69/SF
EGI
$134.9K $42.71/SF
− OpEx
−$60.7K −$19.22/SF
NOI
$74.2K $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%
$1,484,220
Cap Rate 7%
$1,060,157
Cap Rate 9%
$824,567
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$927.6K – $1.24M
NOI $74,211 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.07M – $2.76M
NOI $165,582 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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-story multifamily residence with garage parking, multiple bathrooms, and a substantial residential lot.
Where is this multifamily property located?
The property is located at 230 Corey Rd Boston, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 3,159 square feet of living space; Eight bedrooms and three full bathrooms; Three‑story configuration
