9-Unit Apartment
For Sale
$3,650,000
Pending
428-432 East 3rd Street, Boston, MA 02127
Three-story multifamily property with individual utilities, updated interior finishes, and basement laundry facilities.
Property Size6,018 SF
Lot Size0.06 Acres
Days on Market210
Property Features for 428-432 East 3rd Street
General Information
Standard status
Pending
Size
6,018 SF
Lot size
0.06 Acres
Property subtype
Multi-family / 5-9 Family
Zoning
A
Net Operating Income
$216,815
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$29,718
Amenities
coin operated laundry facility
City/Town Sewer, Public
No
Wood, Vinyl
9.0
Full, Walk Out
9
9.00
Brick
Rubber
Level
Building Details
Year Built
1899
Buildings
1
Stories
3
Listing Agency:
Horvath & Tremblay
(781) 776-4000
Listed By:
Nick Bevilacqua · License #9573250
(781) 776-4000
Source:
Compass
Added: Feb 3
Changed: Aug 31
Last Checked: Aug 31 at 1:54AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Located at 428-432 East 3rd Street in Boston, this three-story apartment property contains nine 1-bedroom/1-bathroom units. The building provides 6,018 square feet of living area within 8,024 gross square feet on a 0.06-acre parcel and was built in 1899. Zoning is A.
Unit interiors include hardwood and luxury vinyl plank flooring, oak-colored wood cabinetry, and Formica countertops. Separate utilities serve the apartments, with tenants responsible for electricity, gas heat, and hot water. A coin-operated laundry facility is located in the basement, which also has a full walk-out.
The property is currently leased. The existing layout includes a proposed concept for connecting first-floor units with basement space to create duplex apartments, potentially adding livable area and bedrooms. Exterior construction is brick with a rubber roof on a level site.
Unit interiors include hardwood and luxury vinyl plank flooring, oak-colored wood cabinetry, and Formica countertops. Separate utilities serve the apartments, with tenants responsible for electricity, gas heat, and hot water. A coin-operated laundry facility is located in the basement, which also has a full walk-out.
The property is currently leased. The existing layout includes a proposed concept for connecting first-floor units with basement space to create duplex apartments, potentially adding livable area and bedrooms. Exterior construction is brick with a rubber roof on a level site.
Key Highlights
- Nine 1‑bedroom/1‑bathroom units in a three‑story building
- 6,018 square feet of living area and 8,024 gross square feet
- 0.06‑acre parcel at 428‑432 East 3rd Street, Boston, MA 02127
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
$141,375
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
3.87%
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%
$2,827,500
$2.8M
Cap Rate 7%
$2,019,643
$2.0M
Cap Rate 9%
$1,570,833
$1.6M
Market Conditions
NOI Build-Up for 6,018 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
$267.2K $44.40/SF
− Vacancy
−$10.2K −$1.69/SF
EGI
$257.0K $42.71/SF
− OpEx
−$115.7K −$19.22/SF
NOI
$141.4K $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%
$2,827,500
Cap Rate 7%
$2,019,643
Cap Rate 9%
$1,570,833
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,375 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.51M
$3.94M – $5.26M
NOI $315,439 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,322
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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?
Apartment building - Three-story multifamily property with individual utilities, updated interior finishes, and basement laundry facilities.
Where is this apartment building located?
The property is located at 428-432 East 3rd Street Boston, MA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Nine 1‑bedroom/1‑bathroom units in a three‑story building; 6,018 square feet of living area and 8,024 gross square feet; 0.06‑acre parcel at 428‑432 East 3rd Street, Boston, MA 02127
