Three-Family Residential Income
For Sale
$1,249,000
3985 Washington Street, Boston, MA 02131
Three spacious apartments with hardwood floors, separate heating and electric, plus a newer rubber roof and off-street parking.
Property Size3,234 SF
Price / SF$386.21
Days on Market182
Property Features for 3985 Washington Street
General Information
Standard status
Active
Size
3,234 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1905
Listing Agency:
Stuart St James,Inc.
Listed By:
Darin Thompson
(781) 878-2478
Source:
Trufantre
Added: Mar 1
Changed: Aug 28
Last Checked: Aug 29 at 11:11AM
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 Stuart St James,Inc.
Investment Insights
Based on property information with market context.
This well-cared-for three-family property offers three spacious apartments with consistent layouts and hardwood floors. Each unit has separate heating and electric systems. A newer rubber roof is in place, and the high-ceiling basement provides additional storage and utility space.
The property includes an oversized private backyard and off-street parking, set on a sun-facing lot. Convenient access is available by foot, car, bike, or public transportation to Forest Hills, Roslindale Square, and the Longwood Medical Area, along with universities and Downtown Boston.
One apartment is expected to be delivered vacant, providing flexibility for either an owner-occupant scenario or a rental-focused approach. The building’s setup is designed for long-term usability as a durable Boston-area multifamily asset.
The property includes an oversized private backyard and off-street parking, set on a sun-facing lot. Convenient access is available by foot, car, bike, or public transportation to Forest Hills, Roslindale Square, and the Longwood Medical Area, along with universities and Downtown Boston.
One apartment is expected to be delivered vacant, providing flexibility for either an owner-occupant scenario or a rental-focused approach. The building’s setup is designed for long-term usability as a durable Boston-area multifamily asset.
Key Highlights
- 1905‑built 3‑family featuring three spacious apartments with consistent layouts and large rooms
- Hardwood floors throughout and separate heating and electric systems for the apartments
- Newer rubber roof and a high‑ceiling basement with additional storage and utility space
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
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
637
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 spacious apartments with hardwood floors, separate heating and electric, plus a newer rubber roof and off-street parking.
Where is this triplex located?
The property is located at 3985 Washington Street 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: 1905‑built 3‑family featuring three spacious apartments with consistent layouts and large rooms; Hardwood floors throughout and separate heating and electric systems for the apartments; Newer rubber roof and a high‑ceiling basement with additional storage and utility space
