Brick Triplex with
For Sale
$1,149,000
247 Washington Street, Boston, MA 02121
Vacant three-unit property with updated kitchens, hardwood floors, rear decks, and a full walkout basement.
Property Size2,460 SF
Price / SF$467.07
Days on Market8
Property Features for 247 Washington Street
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Amenities
rear yard
updated rear decks
updated kitchens
hardwood floors
high ceilings
Building Details
Year Built
1890
Buildings
1
Construction
brick rowhouse
Listing Agency:
Olde Towne Real Estate Co.
Listed By:
Douglas Bosse
(617) 396-3100
Source:
Longwoodresidential
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 30 at 5:47PM
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 Olde Towne Real Estate Co.
Investment Insights
Based on property information with market context.
Built in 1890, this brick triplex contains three vacant units with updated kitchens, hardwood flooring, and high ceilings. Each residence also has access to an updated rear deck, while the property includes a rear yard and at least 2 parking spaces. Lead paint compliant certificates are in place for all three units.
A full walkout basement adds flexible future utility and could be converted into a city ADU, subject to applicable approvals. Located at 247 Washington Street in Boston, the property offers a three-unit configuration suited to an investor or owner occupant.
A full walkout basement adds flexible future utility and could be converted into a city ADU, subject to applicable approvals. Located at 247 Washington Street in Boston, the property offers a three-unit configuration suited to an investor or owner occupant.
Key Highlights
- Three vacant units with updated kitchens, hardwood floors, and high ceilings
- At least 2 parking spaces plus a rear yard
- Updated rear decks serve the residential 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
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
637
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
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Frequently Asked Questions
What type of property is this?
Triplex - Vacant three-unit property with updated kitchens, hardwood floors, rear decks, and a full walkout basement.
Where is this triplex located?
The property is located at 247 Washington Street 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 vacant units with updated kitchens, hardwood floors, and high ceilings; At least 2 parking spaces plus a rear yard; Updated rear decks serve the residential units
