Three-Level Residential Income
For Sale
$729,000
38 Armandine Street, Boston, MA 02124
2020 townhome with private outdoor space, deeded parking, in-unit laundry, and flexible lower-level bonus area.
Property Size1,724 SF
Price / SF$422.85
Days on Market45
Property Features for 38 Armandine Street
General Information
Standard status
Active
Size
1,724 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
private patio
shared patio/yard space
in unit laundry
Range
Dishwasher
Disposal
Microwave
Refrigerator
Washer
Dryer
Central Air
Tile
Hardwood
Central, Natural Gas
3.0 Stories
$3,942 Taxes
Public
Built in 2020
Building Details
Year Built
2020
Stories
3
Listing Agency:
Serhant
(617) 250-0559
Listed By:
Property Cousins
(833) 776-7289
Source:
Donahuere
Added: Jul 22
Changed: Aug 29
Last Checked: Sep 2 at 1:10PM
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 Serhant
Investment Insights
Based on property information with market context.
Located at 38 Armandine Street in Boston, this 1,724-square-foot townhome was built in 2020 and extends across three levels. The residence includes a lower-level bonus area suitable for gym use, storage, or future expansion, along with a private patio and access to shared patio and yard space.
Inside, the kitchen features high-end appliances, contemporary cabinetry, and stone countertops adjoining a bright living area. The upper levels contain a primary suite with an oversized shower and walk-in closet, a second bedroom, and a full bathroom with a soaking tub. Deeded parking, in-unit laundry, and low condo fees are also included.
Inside, the kitchen features high-end appliances, contemporary cabinetry, and stone countertops adjoining a bright living area. The upper levels contain a primary suite with an oversized shower and walk-in closet, a second bedroom, and a full bathroom with a soaking tub. Deeded parking, in-unit laundry, and low condo fees are also included.
Key Highlights
- 1,724‑square‑foot townhome built in 2020
- Three‑level layout with lower‑level bonus space
- Private patio plus shared patio and yard area
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
$40,500
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
5.56%
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%
$810,000
$810.0K
Cap Rate 7%
$578,571
$578.6K
Cap Rate 9%
$450,000
$450.0K
Market Conditions
NOI Build-Up for 1,724 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
$76.5K $44.40/SF
− Vacancy
−$2.9K −$1.69/SF
EGI
$73.6K $42.71/SF
− OpEx
−$33.1K −$19.22/SF
NOI
$40.5K $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%
$810,000
Cap Rate 7%
$578,571
Cap Rate 9%
$450,000
Alternative Uses
Best Use
Apartment 5plus
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,365 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,726
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - 2020 townhome with private outdoor space, deeded parking, in-unit laundry, and flexible lower-level bonus area.
Where is this residential income property located?
The property is located at 38 Armandine Street Boston, MA.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: 1,724‑square‑foot townhome built in 2020; Three‑level layout with lower‑level bonus space; Private patio plus shared patio and yard area
