Historic Two-Family
For Sale
$995,000
3 Ware St, Boston, MA 02125
Lead-compliant duplex with separate utilities, on-site parking, and a renovated exterior envelope.
Property Size3,506 SF
Days on Market74
Property Features for 3 Ware St
General Information
Standard status
Active
Size
3,506 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$84,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,396
Building Details
Building Size
3,506 SF
Year Built
1894
Buildings
1
Tenancy
Multi
Listing Agency:
EVO Real Estate Group, LLC
(978) 590-9921
Listed By:
Brian Quijada
Source:
Bostonluxurysuburbs
Added: May 31
Changed: Aug 12
Last Checked: Aug 12 at 3:31PM
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 EVO Real Estate Group, LLC
Investment Insights
Based on property information with market context.
Built in 1894, this two-unit duplex combines period architectural details with practical residential features. The larger apartment occupies two levels and includes four bedrooms, two and one-half baths, in-unit laundry, central A/C, wide staircases, high ceilings, detailed woodwork, and original hardwood flooring. The second unit provides two bedrooms and one bath. Both apartments are lead compliant, while residents pay their own gas and electric; the owner covers water and sewer. Recent improvements include a newer roof and siding, and the property has on-site parking. Additional dwelling-unit potential is also identified for the property.
The duplex is located 0.8 miles from Savin Hill T Station and approximately 15 minutes from Downtown Boston. Its Upham’s Corner setting provides access to Boston’s urban residential environment while retaining a two-unit configuration with separate household utility responsibility.
The duplex is located 0.8 miles from Savin Hill T Station and approximately 15 minutes from Downtown Boston. Its Upham’s Corner setting provides access to Boston’s urban residential environment while retaining a two-unit configuration with separate household utility responsibility.
Key Highlights
- Two‑unit duplex built in 1894
- Unit 1 spans two floors with 4 bedrooms and 2.5 baths
- Unit 2 includes 2 bedrooms and 1 bath
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
$88,594
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
8.90%
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%
$1,771,880
$1.8M
Cap Rate 7%
$1,265,629
$1.3M
Cap Rate 9%
$984,378
$984.4K
Market Conditions
NOI Build-Up for 3,506 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
$132.5K $37.80/SF
− Vacancy
−$6.0K −$1.70/SF
EGI
$126.6K $36.10/SF
− OpEx
−$38.0K −$10.83/SF
NOI
$88.6K $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%
$1,771,880
Cap Rate 7%
$1,265,629
Cap Rate 9%
$984,378
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,594 @ 7.0% cap · market cap 8.90%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,363 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$2.63M
$2.30M – $3.06M
NOI $183,770 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,930
Businesses Nearby
Explore this area
Business Placement
Demographics for 02125, MA
34,926
Population
14,999
Households
2.3
Avg Household Size
32
Median Age
42%
College-Educated
87%
High-School Grad
2.2 sq mi
ZIP Area
15,875
Density / Sq Mi
$71,810
Median Household Income
$52,106
Median Earnings
$1,897
Median Rent
$645,400
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?
Duplex - Lead-compliant duplex with separate utilities, on-site parking, and a renovated exterior envelope.
Where is this duplex located?
The property is located at 3 Ware St Boston, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1894; Unit 1 spans two floors with 4 bedrooms and 2.5 baths; Unit 2 includes 2 bedrooms and 1 bath
