Four-Family Multifamily
For Sale
$2,500,000
31-33 Lothrop Street, Boston, MA 02135
Four-unit quadplex with two 5-bedroom/3-bath units and two 3-bedroom/1-bath units, including one vacant unit.
Property Size4,779 SF
Price / SF$523.12
Days on Market56
Property Features for 31-33 Lothrop Street
General Information
Standard status
Active
Size
4,779 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
4
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty
Listed By:
Chris Kostopoulos Group
(617) 799-5818
Source:
Oldeforgerealty
Added: Jul 13
Changed: Sep 5
Last Checked: Sep 5 at 8:44AM
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 four-family quadplex offers two larger units and two smaller units. There are two 5-bedroom, 3-bath units and two 3-bedroom, 1-bath units. One unit is vacant and available for an owner-occupant or immediate rent generation, while the remaining units are occupied and continue to provide rental income.
Located in Brighton, the property is within a short walk of Boston Landing, home to the commuter rail station and Stop & Shop. The Stockyard Restaurant is also nearby, and local bus lines are steps away at Market & Lothrop. Access to the Mass Pike is described as a quick drive from the property.
The building’s current configuration provides a mix of unit sizes, offering flexibility for buyers seeking both immediate occupancy continuity and the ability to position the vacant unit for the next phase of operations.
Located in Brighton, the property is within a short walk of Boston Landing, home to the commuter rail station and Stop & Shop. The Stockyard Restaurant is also nearby, and local bus lines are steps away at Market & Lothrop. Access to the Mass Pike is described as a quick drive from the property.
The building’s current configuration provides a mix of unit sizes, offering flexibility for buyers seeking both immediate occupancy continuity and the ability to position the vacant unit for the next phase of operations.
Key Highlights
- 4‑family quadplex built in 1910 with two 5‑bedroom/3‑bath units and two 3‑bedroom/1‑bath units
- Includes one vacant unit, available for owner‑occupancy or for immediate rent growth
- Three‑bedroom units each include 1 bath; 5‑bedroom units each include 3 baths
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
$120,762
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
4.83%
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%
$2,415,240
$2.4M
Cap Rate 7%
$1,725,171
$1.7M
Cap Rate 9%
$1,341,800
$1.3M
Market Conditions
NOI Build-Up for 4,779 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
$180.6K $37.80/SF
− Vacancy
−$8.1K −$1.70/SF
EGI
$172.5K $36.10/SF
− OpEx
−$51.8K −$10.83/SF
NOI
$120.8K $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%
$2,415,240
Cap Rate 7%
$1,725,171
Cap Rate 9%
$1,341,800
Alternative Uses
Best Use
Multifamily LT 5
$1.73M
$1.51M – $2.01M
NOI $120,762 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,268 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,496 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,661
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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?
Quadplex - Four-unit quadplex with two 5-bedroom/3-bath units and two 3-bedroom/1-bath units, including one vacant unit.
Where is this quadplex located?
The property is located at 31-33 Lothrop Street Boston, MA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 4‑family quadplex built in 1910 with two 5‑bedroom/3‑bath units and two 3‑bedroom/1‑bath units; Includes one vacant unit, available for owner‑occupancy or for immediate rent growth; Three‑bedroom units each include 1 bath; 5‑bedroom units each include 3 baths
