Two-Unit Residential Income
For Sale
$739,000
4 Falkland St, Boston, MA 02135
Updated townhouse-style condominium with generous living areas, private outdoor access, and tandem driveway parking.
Property Size1,960 SF
Price / SF$377.04
Days on Market37
Property Features for 4 Falkland St
General Information
Standard status
Active
Size
1,960 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 4BR/2BA
Multifamily Units
1
Amenities
central air
covered front porch
fenced-in yard
Central Air
1 Fireplace
Wood
Tile
Steam, Natural Gas
2.0 Stories
$6,804 Taxes
Public
Built in 1927
Building Details
Year Built
1927
Listing Agency:
Puciato Altieri Realty Group
(203) 823-6687
Listed By:
Jeffrey Puciato
Source:
Donahuere
Added: Jul 13
Changed: Aug 14
Last Checked: Aug 17 at 3:39AM
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 Puciato Altieri Realty Group
Investment Insights
Based on property information with market context.
This residential income property is a four-bedroom, two-bath condominium arranged across two townhouse-style levels and approximately 1,960 square feet. Built in 1927, the home combines hardwood floors and spacious rooms with an updated kitchen and renovated bathrooms. Central air, steam-radiator heating, a covered front porch, and access to a fenced-in yard add to the physical offering. The property is part of a two-unit building with no monthly association.
Located at 4 Falkland St in Boston, the property includes one tandem driveway space shared with the upstairs unit. Additional parking is available along the street without a permit requirement, providing added convenience for residents and visitors.
Located at 4 Falkland St in Boston, the property includes one tandem driveway space shared with the upstairs unit. Additional parking is available along the street without a permit requirement, providing added convenience for residents and visitors.
Key Highlights
- Four‑bedroom, two‑bath condominium with approximately 1,960 square feet
- Two townhouse‑style levels in a two‑unit building
- Updated kitchen, renovated bathrooms, and hardwood flooring
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
$46,044
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
6.23%
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%
$920,880
$920.9K
Cap Rate 7%
$657,771
$657.8K
Cap Rate 9%
$511,600
$511.6K
Market Conditions
NOI Build-Up for 1,960 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
$87.0K $44.40/SF
− Vacancy
−$3.3K −$1.69/SF
EGI
$83.7K $42.71/SF
− OpEx
−$37.7K −$19.22/SF
NOI
$46.0K $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%
$920,880
Cap Rate 7%
$657,771
Cap Rate 9%
$511,600
Alternative Uses
Best Use
Apartment 5plus
$657.8K
$575.6K – $767.4K
NOI $46,044 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,735 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,689
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated townhouse-style condominium with generous living areas, private outdoor access, and tandem driveway parking.
Where is this residential income property located?
The property is located at 4 Falkland St Boston, MA.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Four‑bedroom, two‑bath condominium with approximately 1,960 square feet; Two townhouse‑style levels in a two‑unit building; Updated kitchen, renovated bathrooms, and hardwood flooring
