Four-Unit Quadplex with
For Sale
$1,100,000
32 Irwin St, Winthrop, MA 02152
R3-zoned multifamily property with a varied unit mix, existing leases, and apartments available for vacant delivery.
Property Size2,949 SF
Lot Size0.09 Acres
Price / SF$373.01
Days on Market83
Property Features for 32 Irwin St
General Information
Standard status
Active
Size
2,949 SF
Total Parking Spaces
3
Lot size
0.09 Acres
Property subtype
Multi-Family
Zoning
R3
Net Operating Income
$27,527
Units
Unit Mix
1 x 3BR, 1 x 2BR, 2 x studio
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,238
Building Details
Building Size
2,949 SF
Year Built
1900
Stories
4
Listing Agency:
Real Broker MA, LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 11
Changed: Aug 30
Last Checked: Aug 31 at 2:07PM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
Built in 1900, this 2,949-square-foot quadplex contains four apartments: one three-bedroom unit, one two-bedroom unit, and two studios. The three-bedroom apartment and one studio are leased, while the other studio and two-bedroom apartment may be delivered vacant. The property also includes three off-street parking spaces and occupies an approximately 4,075-square-foot lot.
The R3-zoned property is in Winthrop, with access to downtown Boston and Logan Airport. The beach, Winthrop Golf Club, and Shirley Street are located nearby, providing a coastal setting with established local amenities. The unit configuration supports both a fully leased strategy and an owner-occupant arrangement with additional apartment availability.
The R3-zoned property is in Winthrop, with access to downtown Boston and Logan Airport. The beach, Winthrop Golf Club, and Shirley Street are located nearby, providing a coastal setting with established local amenities. The unit configuration supports both a fully leased strategy and an owner-occupant arrangement with additional apartment availability.
Key Highlights
- Four‑unit configuration with one three‑bedroom, one two‑bedroom, and two studio apartments
- 2,949 SF property on an approximately 4,075± sq ft lot
- Three‑bedroom unit and one studio currently leased
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
$56,182
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
5.11%
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%
$1,123,640
$1.1M
Cap Rate 7%
$802,600
$802.6K
Cap Rate 9%
$624,244
$624.2K
Market Conditions
NOI Build-Up for 2,949 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
$84.9K $28.80/SF
− Vacancy
−$4.7K −$1.58/SF
EGI
$80.3K $27.22/SF
− OpEx
−$24.1K −$8.16/SF
NOI
$56.2K $19.05/SF
Area
Suffolk County, MA
Vacancy
5.50%
Lease Rate
$28.80 /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%
$1,123,640
Cap Rate 7%
$802,600
Cap Rate 9%
$624,244
Alternative Uses
Best Use
Multifamily LT 5
$802.6K
$702.3K – $936.4K
NOI $56,182 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$731.8K
$640.4K – $853.8K
NOI $51,228 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,206 @ 7.0% cap · market cap 11.11%
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
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 02152, MA
19,316
Population
8,467
Households
2.3
Avg Household Size
44
Median Age
43%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
11,362
Density / Sq Mi
$106,357
Median Household Income
$68,062
Median Earnings
$1,909
Median Rent
$606,900
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?
Quadplex - R3-zoned multifamily property with a varied unit mix, existing leases, and apartments available for vacant delivery.
Where is this quadplex located?
The property is located at 32 Irwin St Winthrop, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four‑unit configuration with one three‑bedroom, one two‑bedroom, and two studio apartments; 2,949 SF property on an approximately 4,075± sq ft lot; Three‑bedroom unit and one studio currently leased
