R2 Multifamily
For Sale
$1,299,900
27 Houghton St, Boston, MA 02122
Boston income property with central air, multiple units, basement space, and off-street parking.
Property Size2,639 SF
Price / SF$492.57
Days on Market9
Property Features for 27 Houghton St
General Information
Standard status
Active
Size
2,639 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
R2
Net Operating Income
$75,600
Taxes and HOA fees
Annual Taxes
$10,701
Amenities
Park, Sidewalks
None, Central Air, Zoned, Multi Units
Natural Gas, Forced Air, Zoned
Full, Partially Finished, Sump Pump, Concrete
Range, Range Hood, Refrigerator, Gas Water Heater
Paved, Shared Driveway, Off Street
Rain Gutters
Building Details
Building Size
2,639 SF
Year Built
1905
Stories
3
Listing Agency:
Keller Williams Realty
(617) 593-2887
Listed By:
Christine Do · License #449518378
(617) 593-2887
Source:
Evrealestate
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 12 at 5:46AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This multifamily property at 27 Houghton St features multiple units, central air, zoned systems, natural gas, and forced-air heating. The property also includes a full basement with partially finished areas, a sump pump, and concrete construction. Kitchen equipment includes a range, range hood, refrigerator, and gas water heater.
Exterior features include a paved shared driveway, off-street parking, and rain gutters. The property was built in 1905 and is zoned R2. Access is available from Popes Hill St, while Houghton St operates as a one-way street. Located in Suffolk County, the property is identified as a multifamily asset.
Exterior features include a paved shared driveway, off-street parking, and rain gutters. The property was built in 1905 and is zoned R2. Access is available from Popes Hill St, while Houghton St operates as a one-way street. Located in Suffolk County, the property is identified as a multifamily asset.
Key Highlights
- R2 zoning for a multifamily property
- Multiple units with central air and zoned systems
- Natural gas service with forced‑air heating
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
$61,995
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
4.77%
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%
$1,239,900
$1.2M
Cap Rate 7%
$885,643
$885.6K
Cap Rate 9%
$688,833
$688.8K
Market Conditions
NOI Build-Up for 2,639 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
$117.2K $44.40/SF
− Vacancy
−$4.5K −$1.69/SF
EGI
$112.7K $42.71/SF
− OpEx
−$50.7K −$19.22/SF
NOI
$62.0K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,239,900
Cap Rate 7%
$885,643
Cap Rate 9%
$688,833
Alternative Uses
Best Use
Apartment 5plus
$885.6K
$774.9K – $1.03M
NOI $61,995 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,326 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,419
Businesses Nearby
Explore this area
Business Placement
Demographics for 02122, MA
24,385
Population
10,039
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
14,344
Density / Sq Mi
$82,945
Median Household Income
$53,897
Median Earnings
$2,052
Median Rent
$656,400
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?
Multifamily property - Boston income property with central air, multiple units, basement space, and off-street parking.
Where is this multifamily property located?
The property is located at 27 Houghton St Boston, MA.
What is the asking price?
The asking price for this property is $1,299,900.
What are key features of this property?
This property features: R2 zoning for a multifamily property; Multiple units with central air and zoned systems; Natural gas service with forced‑air heating
