Triplex with
For Sale
$1,875,000
35-0 Heron Street, Boston, MA 02132
Three residential units accompany a newer warehouse with truck access, storage areas, office space, and supporting amenities.
Property Size2,898 SF
Price / SF$253.86
Days on Market224
Property Features for 35-0 Heron Street
General Information
Standard status
Active
Size
2,898 SF
Total Parking Spaces
8
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
R-2
Warehouse & Industrial
Warehouse Space
2,898 SF
Dock-High Doors
3
Amenities
City/Town Sewer, Public, for Gas Range
No
Hardwood
5.0
Full, Unfinished Basement
3
2
4.00
5
Frame, Stone
Level
Porch, Porch - Enclosed, Deck - Wood
Porch, Enclosed, Deck - Wood
Building Details
Year Built
1920
Buildings
1
Building Size
2,898 SF
Listing Agency:
Keller Williams Realty
(617) 969-9000
Listed By:
Susan Ormont · License #42437
(617) 969-9000
Source:
Compass
Added: Jan 18
Changed: Aug 30
Last Checked: Aug 30 at 8:03AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This property combines a three-unit residential building with a newer commercial warehouse across a total of 7,386 square feet. The triplex contains 4,488 square feet, with each unit offering three bedrooms, a living room, dining room, bathroom, porch, deck, and a spacious older kitchen. Two bathrooms are new, and the third unit has new windows. A full, unfinished basement adds additional space.
The 2,898-square-foot warehouse has a new roof, three truck bays, two large storage areas, a central office, two half-baths, and kitchen space. The parcel includes 3,071 square feet of level land. The property was built in 1920 and is identified with R-2 zoning.
The 2,898-square-foot warehouse has a new roof, three truck bays, two large storage areas, a central office, two half-baths, and kitchen space. The parcel includes 3,071 square feet of level land. The property was built in 1920 and is identified with R-2 zoning.
Key Highlights
- 4,488 SF triplex with three residential units
- Each unit includes 3 bedrooms, living room, dining room, bath, porch, deck, and kitchen
- 2,898 SF newer warehouse with 3 truck bays
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
$94,390
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
5.03%
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%
$1,887,800
$1.9M
Cap Rate 7%
$1,348,429
$1.3M
Cap Rate 9%
$1,048,778
$1.0M
Market Conditions
NOI Build-Up for 7,386 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
$118.8K $16.08/SF
− Vacancy
−$7.7K −$1.05/SF
EGI
$111.0K $15.03/SF
− OpEx
−$16.7K −$2.26/SF
NOI
$94.4K $12.78/SF
Area
Boston, MA
Vacancy
6.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
15.00%
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%
$1,887,800
Cap Rate 7%
$1,348,429
Cap Rate 9%
$1,048,778
Alternative Uses
Best Use
Multifamily LT 5
$2.67M
$2.33M – $3.11M
NOI $186,639 @ 7.0% cap · market cap 9.95%
Second Best
Apartment 5plus
$2.48M
$2.17M – $2.89M
NOI $173,512 @ 7.0% cap · market cap 9.25%
Theoretical Best
Office A
$5.53M
$4.84M – $6.45M
NOI $387,145 @ 7.0% cap · market cap 20.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Dock-high doors
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Explore this area
Business Placement
Demographics for 02132, MA
27,111
Population
11,967
Households
2.3
Avg Household Size
44
Median Age
64%
College-Educated
95%
High-School Grad
4.9 sq mi
ZIP Area
5,533
Density / Sq Mi
$139,545
Median Household Income
$75,760
Median Earnings
$2,140
Median Rent
$714,000
Median Home Value
Market
Vacancy Rate% for Industrial in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units accompany a newer warehouse with truck access, storage areas, office space, and supporting amenities.
Where is this triplex located?
The property is located at 35-0 Heron Street Boston, MA.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: 4,488 SF triplex with three residential units; Each unit includes 3 bedrooms, living room, dining room, bath, porch, deck, and kitchen; 2,898 SF newer warehouse with 3 truck bays
