Occupied 3-Unit
For Sale
$1,200,000
25 Crowell St, Boston, MA 02124
R3-zoned property with all three units currently occupied.
Property Size3,531 SF
Price / SF$339.85
Days on Market73
Property Features for 25 Crowell St
General Information
Standard status
Active
Size
3,531 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R3
Occupancy
100%
Net Operating Income
$60,758
Property Condition
Severity
Repairs Needed
Evidence
could be upgraded
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,078
Building Details
Building Size
3,531 SF
Year Built
1905
Stories
3
Listing Agency:
United Brokers
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 23
Changed: Sep 2
Last Checked: Sep 2 at 3:08PM
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 United Brokers
Investment Insights
Based on property information with market context.
Built in 1905, this 3,531-square-foot triplex contains three residential units, each currently arranged with three bedrooms, living space, dining space, and a kitchen. The kitchens are modern, with room for future upgrades based on the existing condition described.
All three units are occupied, and the current tenants are willing to remain. The property includes off-street parking, although modifying the stairs may be necessary to create additional vehicle space. No leases are currently in place. Located at 25 Crowell St in Boston, the property carries R3 zoning.
All three units are occupied, and the current tenants are willing to remain. The property includes off-street parking, although modifying the stairs may be necessary to create additional vehicle space. No leases are currently in place. Located at 25 Crowell St in Boston, the property carries R3 zoning.
Key Highlights
- Three‑unit triplex with 3,531 square feet
- All three units are currently occupied
- Each unit currently has 3 bedrooms, living space, dining space, and a 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
$89,226
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
7.44%
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%
$1,784,520
$1.8M
Cap Rate 7%
$1,274,657
$1.3M
Cap Rate 9%
$991,400
$991.4K
Market Conditions
NOI Build-Up for 3,531 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
$133.5K $37.80/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$127.5K $36.10/SF
− OpEx
−$38.2K −$10.83/SF
NOI
$89.2K $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%
$1,784,520
Cap Rate 7%
$1,274,657
Cap Rate 9%
$991,400
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.12M – $1.49M
NOI $89,226 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.38M
NOI $82,950 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $185,081 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,346
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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 - R3-zoned property with all three units currently occupied.
Where is this triplex located?
The property is located at 25 Crowell St Boston, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,531 square feet; All three units are currently occupied; Each unit currently has 3 bedrooms, living space, dining space, and a kitchen
