Five-Unit Residential Income
For Sale
$2,750,000
533 Washington Street, Boston, MA 02124
Gut-renovated Victorian converted to five residential units with brand-new sprinkler and fire alarm systems.
Property Size6,000 SF
Price / SF$458.33
Days on Market58
Property Features for 533 Washington Street
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
5
Property subtype
Multi-family
Additional Details
Sprinkler System
Yes
Multifamily Units
5
Building Details
Year Built
2026
Construction
Victorian
Tenancy
Multi
Listing Agency:
Choose Boston,LLC
Listed By:
Zachary Feldshuh
(774) 280-2745
Source:
Broadboutique
Added: Jun 27
Changed: Aug 22
Last Checked: Aug 22 at 9:10AM
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 Choose Boston,LLC
Investment Insights
Based on property information with market context.
533 Washington Street is a gut-renovated Victorian converted into a five-unit residential income property. The building is described as having condo-quality finishes, with brand-new sprinkler and fire alarm systems installed. Exterior improvements include newly completed landscaping and a newly installed five-car driveway.
The property is located in Dorchester, with proximity to Codman Square and historic Melville Avenue, and is described as about 0.4 miles to the Shawmut Red Line MBTA.
The asset is offered for sale as a five-unit structure with recent system upgrades and exterior site enhancements supporting everyday resident use.
The property is located in Dorchester, with proximity to Codman Square and historic Melville Avenue, and is described as about 0.4 miles to the Shawmut Red Line MBTA.
The asset is offered for sale as a five-unit structure with recent system upgrades and exterior site enhancements supporting everyday resident use.
Key Highlights
- Completely gut‑renovated Victorian, YearBuilt 2026, converted into a five‑unit residential property
- New sprinkler and fire alarm systems installed
- Newly installed five‑car driveway provides on‑site parking for tenants
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
$140,952
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
5.13%
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%
$2,819,040
$2.8M
Cap Rate 7%
$2,013,600
$2.0M
Cap Rate 9%
$1,566,133
$1.6M
Market Conditions
NOI Build-Up for 6,000 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
$266.4K $44.40/SF
− Vacancy
−$10.1K −$1.69/SF
EGI
$256.3K $42.71/SF
− OpEx
−$115.3K −$19.22/SF
NOI
$141.0K $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%
$2,819,040
Cap Rate 7%
$2,013,600
Cap Rate 9%
$1,566,133
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.35M
NOI $140,952 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,496 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
637
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Gut-renovated Victorian converted to five residential units with brand-new sprinkler and fire alarm systems.
Where is this apartment building located?
The property is located at 533 Washington Street Boston, MA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Completely gut‑renovated Victorian, YearBuilt 2026, converted into a five‑unit residential property; New sprinkler and fire alarm systems installed; Newly installed five‑car driveway provides on‑site parking for tenants
