South-Facing Three-Family
For Sale
$1,625,000
512 East 3rd St, Boston, MA 02127
Three-family residence with individual decks and substantial outdoor space, suited for owner-occupants or income-focused buyers.
Property Size2,717 SF
Lot Size0.05 Acres
Price / SF$601.85
Days on Market64
Property Features for 512 East 3rd St
General Information
Standard status
Active
Size
2,717 SF
Lot size
0.05 Acres
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$18,843
Building Details
Building Size
2,717 SF
Year Built
1890
Stories
4
Units
3
Tenancy
Multi
Listing Agency:
(617) 467-8550
Listed By:
Ash Williams
(617) 467-8550
Source:
Elliman
Added: Jun 18
Changed: Aug 13
Last Checked: Aug 20 at 9:16AM
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 Ash Williams
Investment Insights
Based on property information with market context.
This property is a south-facing three-family home offering over 2,700 square feet of living space across separate apartments. The configuration includes individual decks and outdoor space designed for everyday use. The parcel also presents opportunities for further expansion into the backyard, subject to appropriate approvals.
Located at 512 East 3rd St in Boston’s Eastside area, the home is described as being minutes from major destinations, including the beach, bus routes, restaurants, and the Seaport. The property also benefits from a walk-friendly setting, with a Walk Score of 95 and a Good Transit score of 59, supporting tenant and lifestyle convenience.
For buyers, this is positioned as a straightforward income-producing option where tenants pay utilities. The offering includes stated flexibility for different ownership goals, including holding for long-term rental income, condominium conversion planning, or renovation. Showings are by appointment only.
Located at 512 East 3rd St in Boston’s Eastside area, the home is described as being minutes from major destinations, including the beach, bus routes, restaurants, and the Seaport. The property also benefits from a walk-friendly setting, with a Walk Score of 95 and a Good Transit score of 59, supporting tenant and lifestyle convenience.
For buyers, this is positioned as a straightforward income-producing option where tenants pay utilities. The offering includes stated flexibility for different ownership goals, including holding for long-term rental income, condominium conversion planning, or renovation. Showings are by appointment only.
Key Highlights
- South‑facing 3‑family home built in 1890 with individual decks
- Over 2,700 SF of living space, with potential to expand into the backyard
- Includes a 2,350 SF lot with substantial outdoor space
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
$68,227
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
4.20%
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%
$1,364,540
$1.4M
Cap Rate 7%
$974,671
$974.7K
Cap Rate 9%
$758,078
$758.1K
Market Conditions
NOI Build-Up for 2,700 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
$102.1K $37.80/SF
− Vacancy
−$4.6K −$1.70/SF
EGI
$97.5K $36.10/SF
− OpEx
−$29.2K −$10.83/SF
NOI
$68.2K $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%
$1,364,540
Cap Rate 7%
$974,671
Cap Rate 9%
$758,078
Alternative Uses
Best Use
Multifamily LT 5
$974.7K
$852.8K – $1.14M
NOI $68,227 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$906.1K
$792.9K – $1.06M
NOI $63,429 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,523 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,933
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family residence with individual decks and substantial outdoor space, suited for owner-occupants or income-focused buyers.
Where is this triplex located?
The property is located at 512 East 3rd St Boston, MA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: South‑facing 3‑family home built in 1890 with individual decks; Over 2,700 SF of living space, with potential to expand into the backyard; Includes a 2,350 SF lot with substantial outdoor space
