Building Details

Building Size 2,114 SF

Year Built 1900

Listing Agency: CityRoots Realty LLC

Listed By: Chloe Tassone · License #9586485 Show Phone

Source: Madelyngarciarealestate

Added: Oct 14 Changed: Oct 16 Last Checked: Oct 16 at 2:10PM

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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 CityRoots Realty LLC

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Investment Insights

Based on property information with market context.

Built in 1900, this de-leaded Everett triplex contains three apartments, each arranged with two bedrooms and one bathroom. The property offers over 2,100 sq. ft. of living area and a common yard. All three apartments are rented on a TAW basis.

Mechanical and exterior updates include one furnace installed last year, two others approximately five years old, water heaters updated within the past five years, and recently improved rear porches and exterior egress stairs. Encore Boston Harbor is nearby, with access to city destinations, major highways, public transportation, shops, restaurants, and entertainment.

Key Highlights

• Three apartments, each with 2 bedrooms and 1 bathroom
• Over 2,100 sq. ft. of living space
• All three apartments rented on a TAW basis

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,437

Cap Rate

5.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$888,740 $888.7K

Cap Rate 7%

$634,814 $634.8K

Cap Rate 9%

$493,744 $493.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,100 SF

Gross rent

$66.8K $31.80/SF

− Vacancy

−$3.3K −$1.57/SF

EGI

$63.5K $30.23/SF

− OpEx

−$19.0K −$9.07/SF

NOI

$44.4K $21.16/SF

Area

Middlesex County, MA

Vacancy

4.94%

Lease Rate

$31.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$888,740

Cap Rate 7%

$634,814

Cap Rate 9%

$493,744

Alternative Uses

Best Use

Multifamily LT 5

$634.8K

$555.5K – $740.6K (±1% cap)

NOI $44,437 @ 7.0% cap · market cap 5.70%

Second Best

Apartment 5plus

$596.9K

$522.3K – $696.4K (±1% cap)

NOI $41,783 @ 7.0% cap · market cap 5.36%

Theoretical Best

Office A

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,023 @ 7.0% cap · market cap 11.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Acupuncture Tech Support Center Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,406

Businesses Nearby

Explore this area Business Placement

Demographics for 02149, MA

49,075

Population

18,541

Households

2.6

Avg Household Size

35

Median Age

23%

College-Educated

80%

High-School Grad

3.4 sq mi

ZIP Area

14,434

Density / Sq Mi

$79,658

Median Household Income

$40,836

Median Earnings

$1,988

Median Rent

$605,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - All residences are occupied under TAW agreements, with a shared yard and updated exterior access features.

Where is this triplex located?

The property is located at 398 Ferry St Everett, MA.

What is the asking price?

The asking price for this property is $779,000.

What are key features of this property?

This property features: Three apartments, each with 2 bedrooms and 1 bathroom; Over 2,100 sq. ft. of living space; All three apartments rented on a TAW basis