Three-Unit Residential Income
For Sale
$675,000
637 Nantasket Ave, Hull, MA 02045
Fully rented three-family home with separate heating systems and three gas meters; rent includes key utilities.
Property Size2,609 SF
Price / SF$258.72
Days on Market115
Property Features for 637 Nantasket Ave
General Information
Standard status
Active
Size
2,609 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
SFB
Occupancy
100%
Net Operating Income
$51,600
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,145
Building Details
Building Size
2,609 SF
Year Built
1920
Stories
4
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 14
Changed: Sep 4
Last Checked: Sep 5 at 5:21AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This fully rented three-family residence is configured as 3/1/1, offering three separate units within one property. The rent includes heat, hot water, electric, and water/sewer. Metering and mechanical systems are set up separately, with one electric meter, three separate heating systems (two gas FHA systems and one gas boiler), and three separate gas meters. The hot water is described as running off the boiler.
The property is listed as being minutes to a sandy beach. A lead paint certificate is noted for the three-bedroom unit.
A private market flood quote is included at $1,212.80. The listing also states the property is being offered as a package with 439 Newport Rd (MLS# 73519331) for $1,125,000.
The property is listed as being minutes to a sandy beach. A lead paint certificate is noted for the three-bedroom unit.
A private market flood quote is included at $1,212.80. The listing also states the property is being offered as a package with 439 Newport Rd (MLS# 73519331) for $1,125,000.
Key Highlights
- Fully rented 3‑family home with 3 separate heating systems (2 Gas FHA systems and 1 gas boiler)
- Rent includes heat, hot water, electric, and water/sewer
- Utilities are separately metered: 1 electric meter and 3 separate gas meters
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
$44,093
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
6.53%
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%
$881,860
$881.9K
Cap Rate 7%
$629,900
$629.9K
Cap Rate 9%
$489,922
$489.9K
Market Conditions
NOI Build-Up for 2,609 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
$66.5K $25.50/SF
− Vacancy
−$3.5K −$1.36/SF
EGI
$63.0K $24.14/SF
− OpEx
−$18.9K −$7.24/SF
NOI
$44.1K $16.90/SF
Area
Plymouth County, MA
Vacancy
5.32%
Lease Rate
$25.50 /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%
$881,860
Cap Rate 7%
$629,900
Cap Rate 9%
$489,922
Alternative Uses
Best Use
Multifamily LT 5
$629.9K
$551.2K – $734.9K
NOI $44,093 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$580.5K
$508.0K – $677.3K
NOI $40,638 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,116 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 02045, MA
10,072
Population
5,733
Households
1.8
Avg Household Size
54
Median Age
52%
College-Educated
97%
High-School Grad
2.7 sq mi
ZIP Area
3,730
Density / Sq Mi
$127,112
Median Household Income
$63,327
Median Earnings
$1,885
Median Rent
$606,100
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 - Fully rented three-family home with separate heating systems and three gas meters; rent includes key utilities.
Where is this triplex located?
The property is located at 637 Nantasket Ave Hull, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Fully rented 3‑family home with 3 separate heating systems (2 Gas FHA systems and 1 gas boiler); Rent includes heat, hot water, electric, and water/sewer; Utilities are separately metered: 1 electric meter and 3 separate gas meters
