Occupied Multifamily
For Sale
$850,000
38-40 Catawba St, Boston, MA 02119
Fully occupied units include refreshed interiors and access to a shared backyard.
Property Size2,214 SF
Price / SF$383.92
Days on Market55
Property Features for 38-40 Catawba St
General Information
Standard status
Active
Size
2,214 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Amenities
large shared backyard
Building Details
Year Built
1900
Listing Agency:
Robert Chestnut, Keller Williams Realty
Listed By:
Nancy Hurley
(781) 214-0902
Source:
Massneighborhoods
Added: Jul 10
Changed: Aug 31
Last Checked: Sep 1 at 6:12PM
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 Robert Chestnut, Keller Williams Realty
Investment Insights
Based on property information with market context.
The multifamily property at 38-40 Catawba St. contains 2,214 square feet and was built in 1900. Its occupied units feature updated interiors and practical layouts, with a shared backyard providing outdoor space for residents.
Lease arrangements are scheduled to transition to tenant-at-will status in September. The property is positioned near public transportation, shopping, dining, parks, universities, and downtown Boston, with access to major commuter routes. The Roxbury location places everyday amenities and regional connections within the surrounding area.
Lease arrangements are scheduled to transition to tenant-at-will status in September. The property is positioned near public transportation, shopping, dining, parks, universities, and downtown Boston, with access to major commuter routes. The Roxbury location places everyday amenities and regional connections within the surrounding area.
Key Highlights
- 2,214‑square‑foot multifamily property built in 1900
- Fully occupied units with updated interiors
- Large shared backyard for resident use
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
$52,011
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
6.12%
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%
$1,040,220
$1.0M
Cap Rate 7%
$743,014
$743.0K
Cap Rate 9%
$577,900
$577.9K
Market Conditions
NOI Build-Up for 2,214 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
$98.3K $44.40/SF
− Vacancy
−$3.7K −$1.69/SF
EGI
$94.6K $42.71/SF
− OpEx
−$42.6K −$19.22/SF
NOI
$52.0K $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%
$1,040,220
Cap Rate 7%
$743,014
Cap Rate 9%
$577,900
Alternative Uses
Best Use
Apartment 5plus
$743.0K
$650.1K – $866.9K
NOI $52,011 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $116,049 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,248
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Fully occupied units include refreshed interiors and access to a shared backyard.
Where is this multifamily property located?
The property is located at 38-40 Catawba St Boston, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,214‑square‑foot multifamily property built in 1900; Fully occupied units with updated interiors; Large shared backyard for resident use
