8-Unit Apartment
New
For Sale
$5,690,000
4471 Washington Street, Boston, MA 02131
Each residence has private outdoor space, with dedicated parking serving the building.
Property Size9,200 SF
Price / SF$618.48
Days on Market6
Property Features for 4471 Washington Street
General Information
Standard status
Active
Size
9,200 SF
Property subtype
Multi-family
Building Details
Year Built
2026
Listing Agency:
Elevated Realty,LLC
Listed By:
Elevated Boston Team
(617) 729-2761
Source:
Elevatedboston
Added: Sep 26
Changed: Sep 30
Last Checked: Sep 30 at 4:39PM
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 Elevated Realty,LLC
Investment Insights
Based on property information with market context.
Completed in 2026, this Boston apartment property contains eight residences. Six are two-bedroom, two-bathroom units averaging approximately 1,250 square feet; the other two have one bedroom, one bathroom, and 870 square feet each. Private outdoor areas accompany the residences, and the property includes eight parking spaces.
The building sits on Washington Street, with access to public transportation, Roslindale Village, Forest Hills, parks, neighborhood services, and commuter routes.
The building sits on Washington Street, with access to public transportation, Roslindale Village, Forest Hills, parks, neighborhood services, and commuter routes.
Key Highlights
- Eight residences: six two‑bedroom, two‑bathroom units and two one‑bedroom, one‑bathroom units
- Six larger units average approximately 1,250 SF each
- Two one‑bedroom residences measure 870 sqft each
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
$216,127
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
3.80%
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%
$4,322,540
$4.3M
Cap Rate 7%
$3,087,529
$3.1M
Cap Rate 9%
$2,401,411
$2.4M
Market Conditions
NOI Build-Up for 9,200 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
$408.5K $44.40/SF
− Vacancy
−$15.5K −$1.69/SF
EGI
$393.0K $42.71/SF
− OpEx
−$176.8K −$19.22/SF
NOI
$216.1K $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%
$4,322,540
Cap Rate 7%
$3,087,529
Cap Rate 9%
$2,401,411
Alternative Uses
Best Use
Apartment 5plus
$3.09M
$2.70M – $3.60M
NOI $216,127 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.89M
$6.03M – $8.04M
NOI $482,227 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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?
Apartment building - Each residence has private outdoor space, with dedicated parking serving the building.
Where is this apartment building located?
The property is located at 4471 Washington Street Boston, MA.
What is the asking price?
The asking price for this property is $5,690,000.
What are key features of this property?
This property features: Eight residences: six two‑bedroom, two‑bathroom units and two one‑bedroom, one‑bathroom units; Six larger units average approximately 1,250 SF each; Two one‑bedroom residences measure 870 sqft each
