Turnkey Brick Apartment
For Sale
$3,799,000
3146-3150 Washington Street, Boston, MA 02130
Turnkey 9-unit brick multifamily building with a unit mix of six 3-bedroom and three 2-bedroom apartments.
Property Size10,323 SF
Price / SF$368.01
Days on Market61
Property Features for 3146-3150 Washington Street
General Information
Standard status
Active
Size
10,323 SF
Property subtype
Multi-family
Additional Details
Business Included
Yes
Multifamily Units
9
Building Details
Year Built
1910
Listing Agency:
Longwood Residential,LLC
Listed By:
Derek Young
(857) 249-5131
Source:
Longwoodresidential
Added: Jul 12
Changed: Sep 8
Last Checked: Sep 9 at 8:39PM
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 Longwood Residential,LLC
Investment Insights
Based on property information with market context.
This turnkey 9-unit brick apartment building offers a well-maintained income property with a mix of six 3-bedroom, 1.5-bath units and three 2-bedroom, 1.5-bath units. The brick construction is designed for durability and low exterior maintenance.
The building is located on Washington Street in Boston’s Jamaica Plain area. Public remarks indicate it is minutes from major universities, renowned hospitals, downtown Boston, and the Orange Line.
The property is currently generating gross annual income of $228,600 with three vacant units.
The building is located on Washington Street in Boston’s Jamaica Plain area. Public remarks indicate it is minutes from major universities, renowned hospitals, downtown Boston, and the Orange Line.
The property is currently generating gross annual income of $228,600 with three vacant units.
Key Highlights
- Turnkey 9‑unit brick apartment building with a unit mix of six 3‑bedroom, 1.5‑bath units and three 2‑bedroom, 1.5‑bath units
- Year built: 1910; solid brick construction for durability and low maintenance
- Currently generates $228,600 in gross annual income
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
$242,508
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
6.38%
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%
$4,850,160
$4.9M
Cap Rate 7%
$3,464,400
$3.5M
Cap Rate 9%
$2,694,533
$2.7M
Market Conditions
NOI Build-Up for 10,323 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
$458.3K $44.40/SF
− Vacancy
−$17.4K −$1.69/SF
EGI
$440.9K $42.71/SF
− OpEx
−$198.4K −$19.22/SF
NOI
$242.5K $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%
$4,850,160
Cap Rate 7%
$3,464,400
Cap Rate 9%
$2,694,533
Alternative Uses
Best Use
Apartment 5plus
$3.46M
$3.03M – $4.04M
NOI $242,508 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.73M
$6.76M – $9.02M
NOI $541,090 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 02130, MA
38,284
Population
18,802
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
94%
High-School Grad
3.5 sq mi
ZIP Area
10,938
Density / Sq Mi
$130,533
Median Household Income
$73,238
Median Earnings
$2,434
Median Rent
$763,700
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?
Apartment building - Turnkey 9-unit brick multifamily building with a unit mix of six 3-bedroom and three 2-bedroom apartments.
Where is this apartment building located?
The property is located at 3146-3150 Washington Street Boston, MA.
What is the asking price?
The asking price for this property is $3,799,000.
What are key features of this property?
This property features: Turnkey 9‑unit brick apartment building with a unit mix of six 3‑bedroom, 1.5‑bath units and three 2‑bedroom, 1.5‑bath units; Year built: 1910; solid brick construction for durability and low maintenance; Currently generates $228,600 in gross annual income
