Triplex with Approved 6-Family
For Sale
$1,850,000
32 Gordon Street, Boston, MA 02134
Fully tenanted 3-family is scheduled to remain leased through 8/31/27, with approvals to convert to a 6-family.
Property Size4,169 SF
Price / SF$443.75
Days on Market52
Property Features for 32 Gordon Street
General Information
Standard status
Active
Size
4,169 SF
Property subtype
3 Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Brookline
(617) 731-2447
Listed By:
The Residential Group · License #BK3153120
(617) 296-7653
Source:
Lockandkeyre
Added: Jul 16
Changed: Sep 4
Last Checked: Sep 5 at 6:03AM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
This fully tenanted 3-family property at 32 Gordon Street is leased through 8/31/27 and is currently producing gross income of more than $121,000 annually, as stated in the remarks. The building is presented with approvals to convert the asset to a 6-family.
The conversion concept described includes gutting the building, excavating into the basement, changing the roof dormers, updating utilities, and building out to approximately 6,263 square feet.
For buyers evaluating a conversion plan, the current income stream and the stated scope of the proposed work are key considerations when underwriting timing and future unit mix.
The conversion concept described includes gutting the building, excavating into the basement, changing the roof dormers, updating utilities, and building out to approximately 6,263 square feet.
For buyers evaluating a conversion plan, the current income stream and the stated scope of the proposed work are key considerations when underwriting timing and future unit mix.
Key Highlights
- Fully tenanted 3‑family with leases scheduled through 8/31/27
- Gross income exceeding $121,000 annually
- Approvals in place to convert from a 3‑family to a 6‑family
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
$105,348
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
5.69%
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%
$2,106,960
$2.1M
Cap Rate 7%
$1,504,971
$1.5M
Cap Rate 9%
$1,170,533
$1.2M
Market Conditions
NOI Build-Up for 4,169 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
$157.6K $37.80/SF
− Vacancy
−$7.1K −$1.70/SF
EGI
$150.5K $36.10/SF
− OpEx
−$45.1K −$10.83/SF
NOI
$105.3K $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%
$2,106,960
Cap Rate 7%
$1,504,971
Cap Rate 9%
$1,170,533
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.32M – $1.76M
NOI $105,348 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,938 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,522 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 02134, MA
21,707
Population
9,027
Households
2.4
Avg Household Size
27
Median Age
76%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
18,089
Density / Sq Mi
$75,317
Median Household Income
$49,275
Median Earnings
$2,269
Median Rent
$586,700
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?
Triplex - Fully tenanted 3-family is scheduled to remain leased through 8/31/27, with approvals to convert to a 6-family.
Where is this triplex located?
The property is located at 32 Gordon Street Boston, MA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Fully tenanted 3‑family with leases scheduled through 8/31/27; Gross income exceeding $121,000 annually; Approvals in place to convert from a 3‑family to a 6‑family
