Renovated Four-Unit
New
For Sale
$2,650,000
34 Circuit Street, Boston, MA 02119
Updated kitchens and baths complement generous layouts across four leased residences.
Property Size7,365 SF
Price / SF$359.81
Days on Market7
Property Features for 34 Circuit Street
General Information
Standard status
Active
Size
7,365 SF
Total Parking Spaces
3
Property subtype
Multi-family
Occupancy
100%
Financials
Cap Rate
6.6%
Gross Income
$216,000
Units
Unit Mix
1 x 2BR/2BA, 1 x 4BR/1.5BA, 2 x 5BR/2BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1905
Buildings
1
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Mission Realty Advisors
(617) 752-6845
Source:
Hgjohnsonrealestate
Added: Sep 13
Changed: Sep 18
Last Checked: Sep 18 at 8:59AM
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 Compass
Investment Insights
Based on property information with market context.
This approximately 7,365-square-foot quadplex contains four renovated residences with condo-quality finishes, updated kitchens and baths, and spacious living areas. The unit mix includes one 2-bedroom, 2-bath apartment; one 4-bedroom, 1.5-bath apartment; and two 5-bedroom, 2-bath apartments. Three off-street parking spaces serve the property, which was built in 1905.
All four units are occupied and leased through August 31, 2027. The property carries a 6.6% in-place cap rate, with a projected 7.1% capitalization rate in 2027. Located at 34 Circuit Street in Boston, the property sits between Nubian Square and Fort Hill, with access to the Longwood Medical Area, Boston Medical Center, Northeastern University, Downtown Boston, and public transportation.
All four units are occupied and leased through August 31, 2027. The property carries a 6.6% in-place cap rate, with a projected 7.1% capitalization rate in 2027. Located at 34 Circuit Street in Boston, the property sits between Nubian Square and Fort Hill, with access to the Longwood Medical Area, Boston Medical Center, Northeastern University, Downtown Boston, and public transportation.
Key Highlights
- Approximately 7,365 square feet with four renovated residences
- Unit mix includes 2‑bedroom, 4‑bedroom, and two 5‑bedroom apartments
- 100% occupied with all four units leased through August 31, 2027
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
$186,108
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
7.02%
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%
$3,722,160
$3.7M
Cap Rate 7%
$2,658,686
$2.7M
Cap Rate 9%
$2,067,867
$2.1M
Market Conditions
NOI Build-Up for 7,365 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
$278.4K $37.80/SF
− Vacancy
−$12.5K −$1.70/SF
EGI
$265.9K $36.10/SF
− OpEx
−$79.8K −$10.83/SF
NOI
$186.1K $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%
$3,722,160
Cap Rate 7%
$2,658,686
Cap Rate 9%
$2,067,867
Alternative Uses
Best Use
Multifamily LT 5
$2.66M
$2.33M – $3.10M
NOI $186,108 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $173,019 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$5.51M
$4.83M – $6.43M
NOI $386,044 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,647
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated kitchens and baths complement generous layouts across four leased residences.
Where is this quadplex located?
The property is located at 34 Circuit Street Boston, MA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Approximately 7,365 square feet with four renovated residences; Unit mix includes 2‑bedroom, 4‑bedroom, and two 5‑bedroom apartments; 100% occupied with all four units leased through August 31, 2027
