Three-Family Residential Income
For Sale
$1,249,000
3985 Washington St, Boston, MA 02131
Three apartments feature hardwood floors, separate heating and electric, and a newer rubber roof with off-street parking.
Property Size3,234 SF
Price / SF$386.21
Days on Market128
Property Features for 3985 Washington St
General Information
Standard status
Active
Size
3,234 SF
Property subtype
Multi-Family
Zoning
R3
Net Operating Income
$108,000
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,734
Building Details
Building Size
3,234 SF
Year Built
1905
Stories
3
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 1
Changed: Sep 4
Last Checked: Sep 5 at 5:11AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This well-cared-for three-family residential property offers three spacious apartments with consistent layouts. The units include large rooms and hardwood floors, supported by separate heating and electric systems. The property also features a newer rubber roof and a high-ceiling basement providing additional storage and utility space. One apartment is expected to be delivered vacant, offering flexibility for either an owner-occupant or investor.
The home sits on a sun-facing lot with an oversized private backyard and off-street parking. Convenient access by foot, car, bike, or public transportation supports connectivity to Forest Hills, Roslindale Square, and the Longwood Medical Area, as well as universities and Downtown Boston.
For day-to-day livability and long-term usability, the configuration combines individual unit services, dedicated basement storage/utility space, and outdoor areas including a large private backyard and off-street parking.
The home sits on a sun-facing lot with an oversized private backyard and off-street parking. Convenient access by foot, car, bike, or public transportation supports connectivity to Forest Hills, Roslindale Square, and the Longwood Medical Area, as well as universities and Downtown Boston.
For day-to-day livability and long-term usability, the configuration combines individual unit services, dedicated basement storage/utility space, and outdoor areas including a large private backyard and off-street parking.
Key Highlights
- 3‑family building built in 1905 with three spacious apartments featuring consistent layouts.
- Hardwood floors throughout the apartments.
- Separate heating and electric systems for each unit.
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
$81,721
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
6.54%
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%
$1,634,420
$1.6M
Cap Rate 7%
$1,167,443
$1.2M
Cap Rate 9%
$908,011
$908.0K
Market Conditions
NOI Build-Up for 3,234 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
$122.2K $37.80/SF
− Vacancy
−$5.5K −$1.70/SF
EGI
$116.7K $36.10/SF
− OpEx
−$35.0K −$10.83/SF
NOI
$81.7K $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%
$1,634,420
Cap Rate 7%
$1,167,443
Cap Rate 9%
$908,011
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,721 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$1.09M
$949.7K – $1.27M
NOI $75,973 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$2.42M
$2.12M – $2.83M
NOI $169,513 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,304
Businesses Nearby
Explore this area
Business Placement
Demographics for 02131, MA
30,544
Population
13,264
Households
2.3
Avg Household Size
39
Median Age
52%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
10,909
Density / Sq Mi
$109,237
Median Household Income
$65,268
Median Earnings
$1,999
Median Rent
$634,200
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 apartments feature hardwood floors, separate heating and electric, and a newer rubber roof with off-street parking.
Where is this triplex located?
The property is located at 3985 Washington St Boston, MA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 3‑family building built in 1905 with three spacious apartments featuring consistent layouts.; Hardwood floors throughout the apartments.; Separate heating and electric systems for each unit.
