Triple-Decker Near Downtown
For Sale
$1,379,900
Pending
623 E 3rd St, Boston, MA 02127
Triple-Decker near Downtown Boston, ideal for rehab or investment.
Property Size3,231 SF
Lot Size0.07 Acres
Days on Market312
Property Features for 623 E 3rd St
General Information
Standard status
Pending
Size
3,231 SF
Lot size
0.07 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$14,959
Building Details
Building Size
3,231 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
Jeff McDowell Realty LLC
Listed By:
Jeffrey McDowell · License #455501123
(617) 438-2480
Source:
Elliman
Added: Nov 28, 2025
Changed: Oct 6
Last Checked: Oct 5 at 5:34PM
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 Jeff McDowell Realty LLC
Investment Insights
Based on property information with market context.
This triple-decker property is located minutes from Downtown Boston, making it a convenient location with access to public transportation, shops, restaurants, the beach, and other local amenities in South Boston. The property is suitable for rehabbers or investors looking for a renovation project with potential upside. It is sold as-is, and buyers are expected to perform their due diligence. Please note that the property will not qualify for conventional or FHA financing. The final sale is subject to probate court approval. An open house is scheduled.
Key Highlights
- Prime renovation project opportunity near Downtown Boston.
- Convenient South Boston location near transportation, shops, restaurants, and the beach.
- Tremendous upside potential for savvy investors or rehabbers.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,903
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,518,060
$1.5M
Cap Rate 7%
$1,084,329
$1.1M
Cap Rate 9%
$843,367
$843.4K
Market Conditions
NOI Build-Up for 3,231 SF
Gross rent
$143.5K $44.40/SF
− Vacancy
−$5.5K −$1.69/SF
EGI
$138.0K $42.71/SF
− OpEx
−$62.1K −$19.22/SF
NOI
$75.9K $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 Rate 5%
$1,518,060
Cap Rate 7%
$1,084,329
Cap Rate 9%
$843,367
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$948.8K – $1.27M
NOI $75,903 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,356 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,564
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
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?
Apartment building - Triple-Decker near Downtown Boston, ideal for rehab or investment.
Where is this apartment building located?
The property is located at 623 E 3rd St Boston, MA.
What is the asking price?
The asking price for this property is $1,379,900.
What are key features of this property?
This property features: Prime renovation project opportunity near Downtown Boston.; Convenient South Boston location near transportation, shops, restaurants, and the beach.; Tremendous upside potential for savvy investors or rehabbers.
