Updated Three-Unit
New
For Sale
$1,249,900
569 Norfolk Street, Boston, MA 02126
Two residences have refreshed kitchens, while a third unit is currently leased for ongoing occupancy.
Property Size4,293 SF
Price / SF$291.15
Days on Market4
Property Features for 569 Norfolk Street
General Information
Standard status
Active
Size
4,293 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1905
Listing Agency:
Keller Williams Realty Boston Northwest
Listed By:
Ciampa Group
(617) 497-8900
Source:
Unitboston
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 9:28AM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
Built in 1905, this three-unit multifamily property includes separate residences and updated kitchens in Units 1 and 2. Those two units are vacant, while Unit 3 is currently rented. Boilers and water heaters were installed in 2023, adding recent mechanical updates to the property.
The property is located at 569 Norfolk St in Boston, near neighborhood amenities, shopping, dining, public transportation, and commuter routes. Its three-unit layout supports multiple occupancy configurations, including an owner-occupant arrangement or continued use as a multifamily rental property.
The property is located at 569 Norfolk St in Boston, near neighborhood amenities, shopping, dining, public transportation, and commuter routes. Its three-unit layout supports multiple occupancy configurations, including an owner-occupant arrangement or continued use as a multifamily rental property.
Key Highlights
- Three separate residential units in a multifamily configuration
- Units 1 and 2 are vacant and include newly updated kitchens
- Unit 3 is currently rented
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
$108,481
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
8.68%
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%
$2,169,620
$2.2M
Cap Rate 7%
$1,549,729
$1.5M
Cap Rate 9%
$1,205,344
$1.2M
Market Conditions
NOI Build-Up for 4,293 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
$162.3K $37.80/SF
− Vacancy
−$7.3K −$1.70/SF
EGI
$155.0K $36.10/SF
− OpEx
−$46.5K −$10.83/SF
NOI
$108.5K $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%
$2,169,620
Cap Rate 7%
$1,549,729
Cap Rate 9%
$1,205,344
Alternative Uses
Best Use
Multifamily LT 5
$1.55M
$1.36M – $1.81M
NOI $108,481 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,851 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$3.21M
$2.81M – $3.75M
NOI $225,022 @ 7.0% cap · market cap 18.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
Explore this area
Business Placement
Demographics for 02126, MA
22,734
Population
9,617
Households
2.4
Avg Household Size
38
Median Age
24%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
12,630
Density / Sq Mi
$67,206
Median Household Income
$42,397
Median Earnings
$1,659
Median Rent
$515,000
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 - Two residences have refreshed kitchens, while a third unit is currently leased for ongoing occupancy.
Where is this triplex located?
The property is located at 569 Norfolk Street Boston, MA.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Three separate residential units in a multifamily configuration; Units 1 and 2 are vacant and include newly updated kitchens; Unit 3 is currently rented
