Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Dorchester Multi-Family Investment Opportunity Title is generated by Realmo AI

    46 Theodore Street, Boston, MA 02124

    View on Map
    Claim this Listing
    For Sale
    $1,074,900

    Well-maintained 3-unit property near Morton St T station.

    Type:Multi-family / 3 Family - 3 Units Up/Down
    Property size:
    3,258 SF
    Price / SF:
    $329/SF
    Added:
    Feb 10, 2026
    Days on Market:
    112
    Last Refresh:
    Mar 13 at 5:53 pm

    Property Features for 46 Theodore Street

    General Information

    Standard status
    Active
    Size
    3,258 SF
    Property subtype
    Multi-family / 3 Family - 3 Units Up/Down

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Team Lillian Montalto

    Listing agent Team Lillian Montalto

    Listing office Lillian Montalto Signature Properties

    Listing date Feb 10, 2026

    Source Compass

    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 Lillian Montalto Signature Properties

    HighLights

    • Multi‑family property with 3 units, ideal for investment.
    • Conveniently located near the Morton St T station, providing easy access to Boston.
    • Each unit has updated kitchens and bathrooms.
    • Each unit features separate gas heating systems and hot water heaters.
    • Lead paint certification available for all 3 units.
    • Beautiful hardwood floors throughout each unit.

    Overview

    This well-maintained 3-unit multi-family property is conveniently situated near the Morton St T station, offering access to Boston. Each unit features hardwood floors, updated kitchens and bathrooms, and separate gas heating systems and hot water heaters. The property size is 3258 square feet. All 3 units are certified treated for lead paint, with certificates available. This property in Dorchester is an opportunity to begin or expand an investment portfolio.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $123.2k $37.80
    − Vacancy −$5.5k −$1.70
    EGI $117.6k $36.10
    − OpEx −$35.3k −$10.83
    NOI $82.3k $25.27
    3,258 SF · lease $37.80/SF/yr · vacancy 4.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.18M
    $1.03M – $1.37M (±1% cap)
    NOI $82,327 @ 7.0% cap · market cap 7.66%
    Second Best
    Apartment 5plus
    $1.09M
    $956.7K – $1.28M (±1% cap)
    NOI $76,537 @ 7.0% cap · market cap 7.12%
    Theoretical Best
    Office A
    $2.44M
    $2.13M – $2.85M (±1% cap)
    NOI $170,771 @ 7.0% cap · market cap 15.89%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Boston
    County
    Suffolk
    State
    Massachusetts
    Longitude
    -71.08863
    Latitude
    42.28371

    Nearby Similar for Sale

    • $2,150,000
      3,810 SF

      Three-Unit Residential Investment

      Three-unit Boston property positioned for strong rental demand with convenient public transit access.
      19 Claymoss Rd, Boston, MA 02135
      View Details
    • $2,400,000
      4,300 SF

      Renovated Multifamily Near Stony Brook

      Immaculate, renovated 6-unit building near Stony Brook Orange Line.
      39-41 W Walnut Park, Boston, MA 02119
      View Details
    • $1,790,000
      3,381 SF

      Multifamily Property in Mission Hill

      Well-maintained multifamily near public transport, hospitals, and universities.
      12 Schiller St, Boston, MA 02130
      View Details
    • $1,250,000
      2,763 SF

      Renovated Triplex in Dorchester

      Recently renovated triple decker with one vacant unit in Boston.
      81 Ellington St, Boston, MA 02121
      View Details
    • $2,200,000

      Boston Retail Condominium For Sale

      Street-level retail condominium in Boston's South End.
      485-495 Harrison Ave 101, Boston, MA 02118
      View Details
    • $2,900,000
      3,647 SF

      Two-Family Brownstone with Original Details

      Two-family brownstone in Boston with original period details.
      155 W Concord, Boston, MA 02118
      View Details
    • $2,795,000
      5,476 SF

      Brighton Multifamily Investment Opportunity

      Six-family property in prime Brighton location with strong rental potential.
      65-67 Surrey, Boston, MA 02135
      View Details
    • $2,500,000
      5,345 SF

      Multifamily Property Near Green Line

      Multifamily property with upside potential near Boston's Green Line.
      588-590 Cambridge St, Boston, MA 02134
      View Details
    • $1,579,000
      1,839 SF

      Renovated Multi-Family Brick Building

      Turn-key, renovated 3-family building near public transportation and universities.
      23 Warwick St, Boston, MA 02120
      View Details
    • $750,000
      2,446 SF

      Roslindale Multifamily Investment Opportunity

      Two move-in ready units near Rozzie Square.
      951 Canterbury St, Boston, MA 02131
      View Details
    • $995,000
      3,543 SF

      Dorchester Triplex in Ashmont Hill

      Spacious three-unit property in desirable Ashmont Hill neighborhood.
      64 Fuller Street, Boston, MA 02124
      View Details
    • $1,650,000
      2,236 SF

      Jamaica Plain Multifamily with Office

      Two-family with office, garages, and expansion potential in Boston.
      30 Allandale St, Boston, MA 02130
      View Details

    FAQs

    What type of property is this?
    Triplex - Well-maintained 3-unit property near Morton St T station.
    Where is this triplex located?
    The property is located at 46 Theodore Street Boston, MA.
    What is the asking price?
    The asking price for this property is $1,074,900.
    What are key features of this property?
    This property features: Multi‑family property with 3 units, ideal for investment.; Conveniently located near the Morton St T station, providing easy access to Boston.; **Each unit has updated kitchens and bathrooms.**
    (978) 475-1400
    We can help!
    Listing Contact
    Team Lillian Montalto
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    46 Theodore Street, Boston, MA 02124
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!