Updated Three-Unit Multifamily
For Sale
$1,049,990
24 Prospect St, 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 Market48
Property Features for 24 Prospect St
General Information
Standard status
Active
Size
3,211 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,341
Amenities
yard
Building Details
Buildings
1
Listing Agency:
eXp Realty LLC - Corporate Office
(888) 854-7493
Listed By:
The Elle Group
(781) 244-2669
Source:
Exprealty
Added: Sep 1
Changed: Oct 2
Last Checked: Oct 16 at 10:52AM
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
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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 / Yr
$57,520
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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 St 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
