Well-Maintained 3-Family
For Sale
$1,335,000
41 Armandine Street, Boston, MA 02124
Three upgraded 4-bedroom units each level, with updated kitchens and baths, plus a 2-car garage and six off-street spaces.
Property Size3,329 SF
Price / SF$401.02
Days on Market143
Property Features for 41 Armandine Street
General Information
Standard status
Active
Size
3,329 SF
Total Parking Spaces
8
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Amenities
backyard
Building Details
Year Built
1905
Listing Agency:
Douglas Elliman Real Estate - The Sarkis Team
Listed By:
Rich Peterson
(617) 888-4676
Source:
Sarkisboston
Added: Apr 18
Changed: Sep 6
Last Checked: Sep 6 at 9:53AM
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 Douglas Elliman Real Estate - The Sarkis Team
Investment Insights
Based on property information with market context.
This well-maintained 3-family property features upgraded and expanded floorplans with generously sized 4-bedroom units on each level. Each unit offers updated kitchens and bathrooms. The property also includes a 2-car garage, six additional off-street parking spaces, and a large backyard that provides practical outdoor space.
Located near Ashmont Station, the home is positioned for convenient access to local shops, restaurants, parks, schools, and public transportation.
The combination of updated interiors, dedicated parking, and outdoor area supports a flexible residential income configuration within a versatile multi-family building.
Located near Ashmont Station, the home is positioned for convenient access to local shops, restaurants, parks, schools, and public transportation.
The combination of updated interiors, dedicated parking, and outdoor area supports a flexible residential income configuration within a versatile multi-family building.
Key Highlights
- 3‑family property built in 1905 with upgraded and expanded floorplans
- Three 4‑bedroom units with updated kitchens and bathrooms (one unit on each level)
- Includes a 2‑car garage plus 6 additional off‑street 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
$84,121
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
6.30%
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%
$1,682,420
$1.7M
Cap Rate 7%
$1,201,729
$1.2M
Cap Rate 9%
$934,678
$934.7K
Market Conditions
NOI Build-Up for 3,329 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
$125.8K $37.80/SF
− Vacancy
−$5.7K −$1.70/SF
EGI
$120.2K $36.10/SF
− OpEx
−$36.1K −$10.83/SF
NOI
$84.1K $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%
$1,682,420
Cap Rate 7%
$1,201,729
Cap Rate 9%
$934,678
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,121 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$1.12M
$977.6K – $1.30M
NOI $78,205 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,493 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,761
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three upgraded 4-bedroom units each level, with updated kitchens and baths, plus a 2-car garage and six off-street spaces.
Where is this triplex located?
The property is located at 41 Armandine Street Boston, MA.
What is the asking price?
The asking price for this property is $1,335,000.
What are key features of this property?
This property features: 3‑family property built in 1905 with upgraded and expanded floorplans; Three 4‑bedroom units with updated kitchens and bathrooms (one unit on each level); Includes a 2‑car garage plus 6 additional off‑street parking spaces
