Three-Unit
For Sale
$1,149,999
32 Callender Street, Boston, MA 02124
Two units are leased through February 2027, while the third floor is vacant and move-in ready.
Property Size3,729 SF
Price / SF$308.39
Days on Market102
Property Features for 32 Callender Street
General Information
Standard status
Active
Size
3,729 SF
Property subtype
Multi-family
Building Details
Year Built
1905
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
eXp Realty LLC
Listed By:
Benny Troncoso
(617) 875-4950
Source:
Sarkisboston
Added: Apr 28
Changed: Jul 31
Last Checked: Aug 7 at 2:15AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 3,729-square-foot, three-unit multifamily property was built in 1905 and features spacious layouts across its three floors. The first- and second-floor units are leased through February 2027, while the vacant third floor is move-in ready for an owner-occupant or new tenant. The property includes a good-sized yard and is being sold as-is.
Ductwork in the units supports forced hot air systems and may accommodate future renovations or central AC implementation. Located on Callender Street in Boston, the property offers a multifamily configuration with two occupied units and one available floor.
Ductwork in the units supports forced hot air systems and may accommodate future renovations or central AC implementation. Located on Callender Street in Boston, the property offers a multifamily configuration with two occupied units and one available floor.
Key Highlights
- 3,729‑square‑foot, three‑unit multifamily property built in 1905
- First- and second‑floor units leased through February 2027
- Vacant third floor is move‑in ready
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
$94,229
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
8.19%
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%
$1,884,580
$1.9M
Cap Rate 7%
$1,346,129
$1.3M
Cap Rate 9%
$1,046,989
$1.0M
Market Conditions
NOI Build-Up for 3,729 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
$141.0K $37.80/SF
− Vacancy
−$6.3K −$1.70/SF
EGI
$134.6K $36.10/SF
− OpEx
−$40.4K −$10.83/SF
NOI
$94.2K $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%
$1,884,580
Cap Rate 7%
$1,346,129
Cap Rate 9%
$1,046,989
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.57M
NOI $94,229 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,602 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,459 @ 7.0% cap · market cap 17.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,530
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 - Two units are leased through February 2027, while the third floor is vacant and move-in ready.
Where is this triplex located?
The property is located at 32 Callender Street Boston, MA.
What is the asking price?
The asking price for this property is $1,149,999.
What are key features of this property?
This property features: 3,729‑square‑foot, three‑unit multifamily property built in 1905; First- and second‑floor units leased through February 2027; Vacant third floor is move‑in ready
