New Construction
For Sale
$2,699,000
59 Gove St., Boston, MA 02128
Newly built four-family property with separately metered units, each featuring 2 beds, 2 baths, and mini-splits.
Property Size3,325 SF
Price / SF$811.73
Days on Market67
Property Features for 59 Gove St.
General Information
Standard status
Active
Size
3,325 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
2025
Tenancy
Multi
Listing Agency:
Massachusetts Bay Realty Advisors, LLC
Listed By:
Adam Cutter · License #9510414
(617) 872-4342
Source:
Gooddeedsrealtypartners
Added: Jul 6
Changed: Sep 8
Last Checked: Sep 9 at 9:04PM
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 Massachusetts Bay Realty Advisors, LLC
Investment Insights
Based on property information with market context.
New construction four-family (quadplex) offered for sale. The building consists of four separate residential units, each laid out as a 2-bedroom, 2-bath home. Each unit includes three mini-splits, providing individual heating and cooling. The exterior features steel rear stairs, and Unit 4 includes a private roof deck.
The property is located at 59 Gove Street in Boston, MA. All units are separately metered.
Unit 4’s private roof deck and the shared exterior access via steel rear stairs help support straightforward, independent unit living within the fourplex configuration.
The property is located at 59 Gove Street in Boston, MA. All units are separately metered.
Unit 4’s private roof deck and the shared exterior access via steel rear stairs help support straightforward, independent unit living within the fourplex configuration.
Key Highlights
- New construction four‑family property (Year Built 2025) with 4 separate units
- Each unit features 2 bedrooms and 2 bathrooms
- Units include 3 mini‑splits 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
$84,020
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
3.11%
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%
$1,680,400
$1.7M
Cap Rate 7%
$1,200,286
$1.2M
Cap Rate 9%
$933,556
$933.6K
Market Conditions
NOI Build-Up for 3,325 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
$125.7K $37.80/SF
− Vacancy
−$5.7K −$1.70/SF
EGI
$120.0K $36.10/SF
− OpEx
−$36.0K −$10.83/SF
NOI
$84.0K $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%
$1,680,400
Cap Rate 7%
$1,200,286
Cap Rate 9%
$933,556
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,020 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$1.12M
$976.4K – $1.30M
NOI $78,111 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,283 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,878
Businesses Nearby
Explore this area
Business Placement
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Newly built four-family property with separately metered units, each featuring 2 beds, 2 baths, and mini-splits.
Where is this quadplex located?
The property is located at 59 Gove St. Boston, MA.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: New construction four‑family property (Year Built 2025) with 4 separate units; Each unit features 2 bedrooms and 2 bathrooms; Units include 3 mini‑splits each
