Fully Leased Three-Unit Apartment
For Sale
$1,140,000
Pending
35 Wilcock St, Boston, MA 02124
Fully leased three-unit building with spacious 3-bed/1-bath apartments and completed lead paint certification.
Property Size3,432 SF
Days on Market58
Property Features for 35 Wilcock St
General Information
Standard status
Pending
Size
3,432 SF
Property subtype
3 Family - 3 Units Up/Down
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Building Size
3,432 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Boston Realty Advisors
(617) 375-7900
Listed By:
Kevin Benzinger · License #9526383
(860) 424-7613
Source:
Iverty
Added: Jul 13
Changed: Sep 7
Last Checked: Sep 7 at 7:39AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
35 Wilcock Street is a fully leased, three-unit apartment building offering spacious 3-bedroom, 1-bath apartments. The property consists entirely of similarly configured units, supporting straightforward management and consistent use across the building. All units have completed lead paint certification, which can help reduce near-term compliance considerations for a new owner.
Located in Dorchester, the building benefits from Red Line and bus access. The area is described as featuring tree-lined streets and an expanding mix of restaurants and shops, providing everyday amenities within the neighborhood.
Located in Dorchester, the building benefits from Red Line and bus access. The area is described as featuring tree-lined streets and an expanding mix of restaurants and shops, providing everyday amenities within the neighborhood.
Key Highlights
- Fully leased three‑unit apartment building
- Built in 1910
- All units are spacious 3‑bedroom/1‑bath apartments
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
$86,724
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
7.61%
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%
$1,734,480
$1.7M
Cap Rate 7%
$1,238,914
$1.2M
Cap Rate 9%
$963,600
$963.6K
Market Conditions
NOI Build-Up for 3,432 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
$129.7K $37.80/SF
− Vacancy
−$5.8K −$1.70/SF
EGI
$123.9K $36.10/SF
− OpEx
−$37.2K −$10.83/SF
NOI
$86.7K $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%
$1,734,480
Cap Rate 7%
$1,238,914
Cap Rate 9%
$963,600
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.45M
NOI $86,724 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,625 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $179,892 @ 7.0% cap · market cap 15.78%
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
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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 leased three-unit building with spacious 3-bed/1-bath apartments and completed lead paint certification.
Where is this triplex located?
The property is located at 35 Wilcock St Boston, MA.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: Fully leased three‑unit apartment building; Built in 1910; All units are spacious 3‑bedroom/1‑bath apartments
