Three-Unit Condominium
For Sale
$850,000
598 East Fourth Street, Boston, MA 02127
Separately deeded and individually taxed condominium interests are offered together within a four-unit residential building.
Property Size2,059 SF
Price / SF$412.82
Days on Market20
Property Features for 598 East Fourth Street
General Information
Standard status
Active
Size
2,059 SF
Property subtype
3 Family
Property Condition
Severity
Repairs Needed
Evidence
there is not a kitchen in unit #1
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Building Size
2,059 SF
Year Built
1900
Buildings
1
Listing Agency:
Century 21 Mario Real Estate
Listed By:
Thomas Mario · License #9517545
(617) 569-6044
Source:
Capital-entities
Added: Sep 14
Changed: Sep 29
Last Checked: Oct 3 at 1:57AM
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 Century 21 Mario Real Estate
Investment Insights
Based on property information with market context.
This offering combines three condominiums in a four-unit building: Units #1, #2, and #4. Each residence is configured with 3 rooms, 1 bedroom, and 1 bathroom. Units #1 and #2 are currently connected and used as one residence, while Unit #1 does not contain a kitchen. Unit #3 is excluded from the sale.
The three units total 2,059 square feet, comprising 727 square feet in Unit #1, 628 square feet in Unit #2, and 704 square feet in Unit #4. Each condominium is separately deeded and taxed. A shared heating system currently serves all four units, and heat may need to be addressed through condominium fees if the system is not separated. Condominium fees are TBD.
The three units total 2,059 square feet, comprising 727 square feet in Unit #1, 628 square feet in Unit #2, and 704 square feet in Unit #4. Each condominium is separately deeded and taxed. A shared heating system currently serves all four units, and heat may need to be addressed through condominium fees if the system is not separated. Condominium fees are TBD.
Key Highlights
- Three condominiums offered together: Units #1, #2, and #4
- 2,059 square feet across the three units
- Each unit has 3 rooms, 1 bedroom, and 1 bathroom
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
$48,370
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
5.69%
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%
$967,400
$967.4K
Cap Rate 7%
$691,000
$691.0K
Cap Rate 9%
$537,444
$537.4K
Market Conditions
NOI Build-Up for 2,059 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
$91.4K $44.40/SF
− Vacancy
−$3.5K −$1.69/SF
EGI
$87.9K $42.71/SF
− OpEx
−$39.6K −$19.22/SF
NOI
$48.4K $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%
$967,400
Cap Rate 7%
$691,000
Cap Rate 9%
$537,444
Alternative Uses
Best Use
Apartment 5plus
$691.0K
$604.6K – $806.2K
NOI $48,370 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,925 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,754
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
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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?
Multifamily property - Separately deeded and individually taxed condominium interests are offered together within a four-unit residential building.
Where is this multifamily property located?
The property is located at 598 East Fourth Street Boston, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three condominiums offered together: Units #1, #2, and #4; 2,059 square feet across the three units; Each unit has 3 rooms, 1 bedroom, and 1 bathroom
