Updated Three-Unit
New
For Sale
$1,599,000
61 Joy Street, Boston, MA 02114
A unit may be delivered vacant, and heating and cooling systems vary by apartment.
Property Size1,632 SF
Price / SF$979.78
Days on Market2
Property Features for 61 Joy Street
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1880
Buildings
1
Construction
brick row house
Listing Agency:
Boston Realty Advisors
Listed By:
Kevin Benzinger · License #9526383
(617) 375-7900
Source:
Sredboston
Added: Oct 5
Changed: Oct 6
Last Checked: Oct 5 at 7:25PM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This three-unit residential building was constructed in 1880. Two apartments have been fully renovated, while the third has received partial renovations. Unit 1 is served by central HVAC; the other two use ductless mini-split systems. One unit can be delivered vacant, allowing for a range of occupancy arrangements alongside the other apartments.
The property is on Joy Street in Boston’s Beacon Hill neighborhood, near Cambridge Street and Massachusetts General Hospital. Charles/MGH on the Red Line and Government Center on the Green Line are within walking distance. Nearby destinations include the State House, the Financial District, Charles Street shops and restaurants, and the West End.
The property is on Joy Street in Boston’s Beacon Hill neighborhood, near Cambridge Street and Massachusetts General Hospital. Charles/MGH on the Red Line and Government Center on the Green Line are within walking distance. Nearby destinations include the State House, the Financial District, Charles Street shops and restaurants, and the West End.
Key Highlights
- Three‑unit residential building in Beacon Hill
- Two apartments fully renovated; third partially renovated
- One unit can be delivered vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,927
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$898,540
$898.5K
Cap Rate 7%
$641,814
$641.8K
Cap Rate 9%
$499,189
$499.2K
Market Conditions
NOI Build-Up for 1,632 SF
Gross rent
$66.6K $40.80/SF
− Vacancy
−$2.4K −$1.47/SF
EGI
$64.2K $39.33/SF
− OpEx
−$19.3K −$11.80/SF
NOI
$44.9K $27.53/SF
Area
ZIP 02114
Vacancy
3.61%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$898,540
Cap Rate 7%
$641,814
Cap Rate 9%
$499,189
Alternative Uses
Best Use
Multifamily LT 5
$641.8K
$561.6K – $748.8K
NOI $44,927 @ 7.0% cap · market cap 2.81%
Second Best
Apartment 5plus
$592.1K
$518.1K – $690.8K
NOI $41,448 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$849.1K
$742.9K – $990.6K
NOI $59,434 @ 7.0% cap · market cap 3.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
24,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 02114, MA
14,469
Population
9,525
Households
1.5
Avg Household Size
33
Median Age
84%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
36,173
Density / Sq Mi
$135,057
Median Household Income
$94,465
Median Earnings
$2,933
Median Rent
$927,900
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?
Triplex - A unit may be delivered vacant, and heating and cooling systems vary by apartment.
Where is this triplex located?
The property is located at 61 Joy Street Boston, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Three‑unit residential building in Beacon Hill; Two apartments fully renovated; third partially renovated; One unit can be delivered vacant
