Four-Unit Section 8
New
For Sale
$1,237,500
Pending
24-24r Clarence St, Boston, MA 02119
Fully leased multifamily property near universities, medical services, transit, and Franklin Park.
Property Size3,318 SF
Days on Market6
Property Features for 24-24r Clarence St
General Information
Standard status
Pending
Size
3,318 SF
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$9
Building Details
Building Size
3,318 SF
Year Built
1900
Listing Agency:
Boston Realty Advisors
(617) 768-7333
Listed By:
Daniel Alper · License #CN254381
Source:
Classifiedrealtygroup
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 20 at 4:41AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This four-unit multifamily property, built in 1900, includes three 3-bedroom apartments and one 2-bedroom apartment. All units are leased to Section 8 tenants, providing an established occupancy profile supported by HUD-backed rental assistance.
The property is located in Boston’s Roxbury neighborhood near the Dudley/Nubian Square area. Boston Medical Center, Northeastern University, Wentworth Institute of Technology, and MassArt are nearby, along with Roxbury Crossing Station, MBTA bus lines, and Franklin Park.
The property is located in Boston’s Roxbury neighborhood near the Dudley/Nubian Square area. Boston Medical Center, Northeastern University, Wentworth Institute of Technology, and MassArt are nearby, along with Roxbury Crossing Station, MBTA bus lines, and Franklin Park.
Key Highlights
- Four‑unit multifamily property with three 3‑bedroom units and one 2‑bedroom unit
- Fully leased to Section 8 tenants
- HUD‑backed rental assistance supports all four occupied units
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
$83,844
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
6.78%
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%
$1,676,880
$1.7M
Cap Rate 7%
$1,197,771
$1.2M
Cap Rate 9%
$931,600
$931.6K
Market Conditions
NOI Build-Up for 3,318 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
$125.4K $37.80/SF
− Vacancy
−$5.6K −$1.70/SF
EGI
$119.8K $36.10/SF
− OpEx
−$35.9K −$10.83/SF
NOI
$83.8K $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%
$1,676,880
Cap Rate 7%
$1,197,771
Cap Rate 9%
$931,600
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $83,844 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$1.11M
$974.3K – $1.30M
NOI $77,947 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$2.48M
$2.17M – $2.90M
NOI $173,916 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
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 - Fully leased multifamily property near universities, medical services, transit, and Franklin Park.
Where is this quadplex located?
The property is located at 24-24r Clarence St Boston, MA.
What is the asking price?
The asking price for this property is $1,237,500.
What are key features of this property?
This property features: Four‑unit multifamily property with three 3‑bedroom units and one 2‑bedroom unit; Fully leased to Section 8 tenants; HUD‑backed rental assistance supports all four occupied units
