Updated Three-Unit Multifamily
New
For Sale
$1,049,990
24 Prospect Street, Weymouth, MA 02188
Three residences offer private entrances, outdoor decks, refreshed kitchens, and in-unit laundry hookups.
Property Size3,211 SF
Price / SF$326
Days on Market3
Property Features for 24 Prospect Street
General Information
Standard status
Active
Size
3,211 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
yard
Building Details
Year Built
1868
Buildings
1
Listing Agency:
eXp Realty LLC - Corporate Office
Listed By:
The Elle Group · License #.
(404) 689-4408
Source:
Rosenrealty
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 1:47PM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
This three-unit multifamily property, built in 1868, combines updated interiors with separate private entrances. The rear residence at 23 Norfolk St includes three bedrooms, one bath, an open living room, an eat-in kitchen with pantry, refreshed cabinetry, laminate counters, gas cooking, and stainless steel appliances. New LVP flooring, central heat and AC, laundry hookups, a rear deck, and a private driveway with parking for 2 to 4 vehicles complete the unit. The front first-floor apartment has two bedrooms, one bath, fresh paint, a private deck, laundry hookups, and a renovated kitchen with quartz counters, cabinets, sink, and gas stove. A newer bathroom vanity is also included. The front second-floor apartment spans two levels and provides three bedrooms and one bath; it is currently tenant occupied.
Building systems include updated electrical, two 2020 tankless hot water and heat systems, and one forced hot air heating system. The property sits on a corner lot with a spacious, partially fenced yard. Weymouth Landing commuter rail station, nearby highways, and downtown Braintree are readily accessible.
Building systems include updated electrical, two 2020 tankless hot water and heat systems, and one forced hot air heating system. The property sits on a corner lot with a spacious, partially fenced yard. Weymouth Landing commuter rail station, nearby highways, and downtown Braintree are readily accessible.
Key Highlights
- Three‑unit multifamily property with two vacant apartments and one tenant‑occupied residence
- Rear unit includes 3 bedrooms, 1 bath, private entrance, deck, and parking for 2 to 4 vehicles
- Front first‑floor unit offers 2 bedrooms, 1 bath, fresh paint, deck, and updated kitchen
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
$57,520
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
5.48%
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%
$1,150,400
$1.2M
Cap Rate 7%
$821,714
$821.7K
Cap Rate 9%
$639,111
$639.1K
Market Conditions
NOI Build-Up for 3,211 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
$86.7K $27.00/SF
− Vacancy
−$4.5K −$1.41/SF
EGI
$82.2K $25.59/SF
− OpEx
−$24.7K −$7.68/SF
NOI
$57.5K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$1,150,400
Cap Rate 7%
$821,714
Cap Rate 9%
$639,111
Alternative Uses
Best Use
Multifamily LT 5
$821.7K
$719.0K – $958.7K
NOI $57,520 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$758.2K
$663.4K – $884.5K
NOI $53,072 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,063 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
Explore this area
Business Placement
Demographics for 02188, MA
15,133
Population
7,166
Households
2.1
Avg Household Size
42
Median Age
40%
College-Educated
93%
High-School Grad
3.9 sq mi
ZIP Area
3,880
Density / Sq Mi
$102,236
Median Household Income
$64,110
Median Earnings
$1,859
Median Rent
$542,900
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?
Triplex - Three residences offer private entrances, outdoor decks, refreshed kitchens, and in-unit laundry hookups.
Where is this triplex located?
The property is located at 24 Prospect Street Weymouth, MA.
What is the asking price?
The asking price for this property is $1,049,990.
What are key features of this property?
This property features: Three‑unit multifamily property with two vacant apartments and one tenant‑occupied residence; Rear unit includes 3 bedrooms, 1 bath, private entrance, deck, and parking for 2 to 4 vehicles; Front first‑floor unit offers 2 bedrooms, 1 bath, fresh paint, deck, and updated kitchen
