Updated Four-Unit
For Sale
$1,200,000
64 Stockton St, Boston, MA 02124
Zoned 2F-5000 with leased units and a short walk to the Red Line.
Property Size3,091 SF
Price / SF$388.22
Days on Market498
Property Features for 64 Stockton St
General Information
Standard status
Active
Size
3,091 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
2F-5000
Occupancy
100%
Net Operating Income
$108,840
Additional Details
Gross Income
$111,480
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,455
Building Details
Building Size
3,091 SF
Year Built
1920
Stories
5
Listing Agency:
eXp Realty LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 21, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:01PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 3,091-square-foot quadplex in Dorchester contains four rental units and was built in 1920. All units are leased through 8/31/2025, and two garage spaces are also rented. The property is offered in As-Is, As-Seen condition, with buyer due diligence required.
Recent capital improvements include a roof installed two years ago and a Navien tankless hot water and heating system. The property is reported at over a 9% cap rate and is zoned 2F-5000. Its location provides access to the Red Line within a few minutes’ walk, while the two rented garage spaces add ancillary income to the four-unit configuration.
Recent capital improvements include a roof installed two years ago and a Navien tankless hot water and heating system. The property is reported at over a 9% cap rate and is zoned 2F-5000. Its location provides access to the Red Line within a few minutes’ walk, while the two rented garage spaces add ancillary income to the four-unit configuration.
Key Highlights
- Four rental units leased through 8/31/2025
- Over a 9% cap rate
- 3,091 SF quadplex built in 1920
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
$78,107
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
6.51%
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%
$1,562,140
$1.6M
Cap Rate 7%
$1,115,814
$1.1M
Cap Rate 9%
$867,856
$867.9K
Market Conditions
NOI Build-Up for 3,091 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
$116.8K $37.80/SF
− Vacancy
−$5.3K −$1.70/SF
EGI
$111.6K $36.10/SF
− OpEx
−$33.5K −$10.83/SF
NOI
$78.1K $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%
$1,562,140
Cap Rate 7%
$1,115,814
Cap Rate 9%
$867,856
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$976.3K – $1.30M
NOI $78,107 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$1.04M
$907.7K – $1.21M
NOI $72,614 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$2.31M
$2.03M – $2.70M
NOI $162,018 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,485
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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?
Quadplex - Zoned 2F-5000 with leased units and a short walk to the Red Line.
Where is this quadplex located?
The property is located at 64 Stockton St Boston, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four rental units leased through 8/31/2025; Over a 9% cap rate; 3,091 SF quadplex built in 1920
