Bi-Level Brownstone Income
For Sale
$725,000
32 Williams St, Boston, MA 02446
Historic condominium residence with two bedrooms, three baths, updated kitchen finishes, fireplaces, and flexible lower-level space.
Property Size1,800 SF
Price / SF$402.78
Days on Market40
Property Features for 32 Williams St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/3BA
Multifamily Units
1
Amenities
fireplace
chefs kitchen
1 Fireplace
Baseboard
2.0 Stories
$7,200 Taxes
Public
Built in 1890
Building Details
Year Built
1890
Construction
brownstone
Listing Agency:
LAER Realty Partners
(844) 687-5237
Listed By:
Vision Realty Group
Source:
Donahuere
Added: Jul 9
Changed: Aug 9
Last Checked: Aug 16 at 3:01AM
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 LAER Realty Partners
Investment Insights
Based on property information with market context.
This bi-level brownstone condominium combines historic character with updated interior finishes across nearly 1,800 square feet. The residence includes two bedrooms and three bathrooms, with hardwood floors, oversized windows, high ceilings, and two marble fireplaces contributing to the main-level design. The kitchen is equipped with granite countertops, stainless steel appliances, extensive cabinetry, and a center island.
A finished lower level adds adaptable living area that can accommodate a guest suite or home office. Built in 1890, the property is located in Roxbury at 32 Williams St, Boston, MA 02446.
A finished lower level adds adaptable living area that can accommodate a guest suite or home office. Built in 1890, the property is located in Roxbury at 32 Williams St, Boston, MA 02446.
Key Highlights
- Nearly 1,800 square feet of finished living space
- Bi‑level brownstone condominium built in 1890
- Two bedrooms and three bathrooms
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
$42,286
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
5.83%
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%
$845,720
$845.7K
Cap Rate 7%
$604,086
$604.1K
Cap Rate 9%
$469,844
$469.8K
Market Conditions
NOI Build-Up for 1,800 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
$79.9K $44.40/SF
− Vacancy
−$3.0K −$1.69/SF
EGI
$76.9K $42.71/SF
− OpEx
−$34.6K −$19.22/SF
NOI
$42.3K $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%
$845,720
Cap Rate 7%
$604,086
Cap Rate 9%
$469,844
Alternative Uses
Best Use
Apartment 5plus
$604.1K
$528.6K – $704.8K
NOI $42,286 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,349 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,814
Businesses Nearby
Explore this area
Business Placement
Demographics for 02446, MA
31,957
Population
15,298
Households
2.1
Avg Household Size
34
Median Age
85%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
24,582
Density / Sq Mi
$127,519
Median Household Income
$73,950
Median Earnings
$2,757
Median Rent
$1,172,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Historic condominium residence with two bedrooms, three baths, updated kitchen finishes, fireplaces, and flexible lower-level space.
Where is this residential income property located?
The property is located at 32 Williams St Boston, MA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Nearly 1,800 square feet of finished living space; Bi‑level brownstone condominium built in 1890; Two bedrooms and three bathrooms
