New Elevator
For Sale
$3,150,000
388 Athens Street, Boston, MA 02127
Three residential units feature modern finishes, private laundry, climate control, and four garage parking spaces.
Property Size4,620 SF
Price / SF$681.82
Days on Market778
Property Features for 388 Athens Street
General Information
Standard status
Active
Size
4,620 SF
Total Parking Spaces
4
Elevators
Yes
Property subtype
Multi-family / 3 Family
Zoning
R3
Net Operating Income
$167,400
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$16,587
Amenities
in-unit laundry
central heat and AC
quartz countertops
stainless steel appliances
City/Town Sewer, Public
No
6.0
6
6.00
Level
Building Details
Year Built
2024
Buildings
1
Listing Agency:
Coldwell Banker Realty - Boston
(617) 266-4430
Listed By:
The Quirk Group · License #BK3153120
(617) 266-4430
Source:
Compass
Added: Jul 17, 2024
Changed: Aug 31
Last Checked: Aug 29 at 3:10PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
Completed in 2024, this 4,620-square-foot triplex at 388 Athens Street contains three 2-bedroom, 2-bathroom residences within an elevator-served building. Each unit has an open layout with quartz countertops, stainless steel appliances, central heat and AC, and in-unit laundry. The property also includes four garage parking spaces and level exterior grounds.
The building is located in Boston’s South Boston area near East and West Broadway, with dining, shopping, beaches, and parks nearby. R3 zoning and the three-unit configuration support its multifamily use. The combination of recent construction, contemporary unit finishes, elevator access, and dedicated garage parking defines the property’s physical offering.
The building is located in Boston’s South Boston area near East and West Broadway, with dining, shopping, beaches, and parks nearby. R3 zoning and the three-unit configuration support its multifamily use. The combination of recent construction, contemporary unit finishes, elevator access, and dedicated garage parking defines the property’s physical offering.
Key Highlights
- 2024 construction with 4,620 SF of multifamily space
- Three 2‑bedroom, 2‑bathroom units
- Elevator‑served building with four garage parking spaces
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
$116,744
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
3.71%
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%
$2,334,880
$2.3M
Cap Rate 7%
$1,667,771
$1.7M
Cap Rate 9%
$1,297,156
$1.3M
Market Conditions
NOI Build-Up for 4,620 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
$174.6K $37.80/SF
− Vacancy
−$7.9K −$1.70/SF
EGI
$166.8K $36.10/SF
− OpEx
−$50.0K −$10.83/SF
NOI
$116.7K $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%
$2,334,880
Cap Rate 7%
$1,667,771
Cap Rate 9%
$1,297,156
Alternative Uses
Best Use
Multifamily LT 5
$1.67M
$1.46M – $1.95M
NOI $116,744 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,533 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,162 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,162
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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 residential units feature modern finishes, private laundry, climate control, and four garage parking spaces.
Where is this triplex located?
The property is located at 388 Athens Street Boston, MA.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 2024 construction with 4,620 SF of multifamily space; Three 2‑bedroom, 2‑bathroom units; Elevator‑served building with four garage parking spaces
