Brick Triplex With
New
For Sale
$1,149,000
247 Washington St, Boston, MA 02121
Vacant three-unit property with refreshed interiors, rear outdoor space, and a walkout basement.
Property Size2,460 SF
Days on Market7
Property Features for 247 Washington St
General Information
Standard status
Active
Size
2,460 SF
Property subtype
3 Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,161
Amenities
rear yard
updated rear decks
updated kitchens
hardwood floors
high ceilings
Building Details
Building Size
2,460 SF
Year Built
1890
Construction
brick rowhouse
Listing Agency:
Olde Towne Real Estate Co.
(617) 201-6838
Listed By:
Douglas Bosse · License #9008583
Source:
Madelyngarciarealestate
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 12:33AM
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 Olde Towne Real Estate Co.
Investment Insights
Based on property information with market context.
Built in 1890, this brick rowhouse contains three vacant residential units arranged for multifamily ownership or an owner-occupancy strategy. Each unit features a renovated kitchen, hardwood flooring, tall ceilings, and lead paint compliance certificates. The property also includes a full walkout basement, updated rear decks, a rear yard, and at least two parking spaces.
Located at 247 Washington St in Boston, Massachusetts, the building combines period construction with practical updates across the units. Its vacant status allows the next owner to establish occupancy and management plans without an existing residential tenancy in place.
Located at 247 Washington St in Boston, Massachusetts, the building combines period construction with practical updates across the units. Its vacant status allows the next owner to establish occupancy and management plans without an existing residential tenancy in place.
Key Highlights
- Three‑unit brick rowhouse built in 1890
- At least 2 parking spaces plus a rear yard
- Updated kitchens, hardwood floors, and high ceilings in all 3 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
$62,162
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
5.41%
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%
$1,243,240
$1.2M
Cap Rate 7%
$888,029
$888.0K
Cap Rate 9%
$690,689
$690.7K
Market Conditions
NOI Build-Up for 2,460 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
$93.0K $37.80/SF
− Vacancy
−$4.2K −$1.70/SF
EGI
$88.8K $36.10/SF
− OpEx
−$26.6K −$10.83/SF
NOI
$62.2K $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%
$1,243,240
Cap Rate 7%
$888,029
Cap Rate 9%
$690,689
Alternative Uses
Best Use
Multifamily LT 5
$888.0K
$777.0K – $1.04M
NOI $62,162 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$825.6K
$722.4K – $963.2K
NOI $57,790 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,943 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,385
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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 - Vacant three-unit property with refreshed interiors, rear outdoor space, and a walkout basement.
Where is this triplex located?
The property is located at 247 Washington St Boston, MA.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: Three‑unit brick rowhouse built in 1890; At least 2 parking spaces plus a rear yard; Updated kitchens, hardwood floors, and high ceilings in all 3 units
