Three-Family Residential Income
For Sale
$1,100,000
Pending
36 Mclellan St, Boston, MA 02121
Three-family property with two-bedroom and two three-bedroom units, plus a finished basement, sold as-is.
Property Size4,191 SF
Days on Market147
Property Features for 36 Mclellan St
General Information
Standard status
Pending
Size
4,191 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,607
Amenities
finished basement
Building Details
Building Size
4,191 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
DOSU Realty LLC
Listed By:
Johnson Folorunso
(617) 792-1662
Source:
Downtownbostonrealty
Added: Apr 15
Changed: Aug 8
Last Checked: Jul 23 at 5:38AM
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 DOSU Realty LLC
Investment Insights
Based on property information with market context.
36 Mclellan St is a three-family residential income property for sale in Boston, Massachusetts. The building includes Unit 1 with two bedrooms and Units 2 and 3 with three bedrooms each. All units are delivered vacant, allowing for immediate occupancy or re-tenanting plans. A finished basement adds additional enclosed space that can support storage or other uses based on an owner’s preference.
The property is described as being conveniently located near public transportation and major highways, including I-93, with access to shopping, houses of worship, and downtown Boston. It is also noted as being within walking distance to parks and local amenities.
The seller indicates the property will be sold as-is.
The property is described as being conveniently located near public transportation and major highways, including I-93, with access to shopping, houses of worship, and downtown Boston. It is also noted as being within walking distance to parks and local amenities.
The seller indicates the property will be sold as-is.
Key Highlights
- Three‑family property built in 1910 with a finished basement for extra living or storage space
- Unit mix: one 2‑bedroom unit and two 3‑bedroom units
- All units delivered vacant
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
$98,455
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
8.95%
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%
$1,969,100
$2.0M
Cap Rate 7%
$1,406,500
$1.4M
Cap Rate 9%
$1,093,944
$1.1M
Market Conditions
NOI Build-Up for 4,191 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
$186.1K $44.40/SF
− Vacancy
−$7.1K −$1.69/SF
EGI
$179.0K $42.71/SF
− OpEx
−$80.6K −$19.22/SF
NOI
$98.5K $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%
$1,969,100
Cap Rate 7%
$1,406,500
Cap Rate 9%
$1,093,944
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.77M
NOI $105,904 @ 7.0% cap · market cap 9.63%
Second Best
Apartment 5plus
$1.41M
$1.23M – $1.64M
NOI $98,455 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$3.14M
$2.75M – $3.66M
NOI $219,675 @ 7.0% cap · market cap 19.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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 - Three-family property with two-bedroom and two three-bedroom units, plus a finished basement, sold as-is.
Where is this triplex located?
The property is located at 36 Mclellan St Boston, 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: Three‑family property built in 1910 with a finished basement for extra living or storage space; Unit mix: one 2‑bedroom unit and two 3‑bedroom units; All units delivered vacant
