6-Unit Apartment
For Sale
$2,795,000
65-67 Surrey, Boston, MA 02135
Tenant-occupied multifamily property with off-street parking and a detached barn on the lot.
Property Size5,476 SF
Lot Size0.33 Acres
Price / SF$510.41
Days on Market193
Property Features for 65-67 Surrey
General Information
Standard status
Active
Size
5,476 SF
Total Parking Spaces
8
Lot size
0.33 Acres
Property subtype
Multi-family
Lease Term
[]
Additional Details
Public Transit
Yes
Multifamily Units
6
Building Details
Year Built
1920
Listing Agency:
RE/MAX On the Charles
Listed By:
Tina Thurlow
(617) 538-1599
Source:
Thepropernest
Added: Mar 4
Changed: Sep 13
Last Checked: Jun 15 at 7:04PM
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 RE/MAX On the Charles
Investment Insights
Based on property information with market context.
This six-family apartment property at 65-67 Surrey in Boston’s Brighton area was built in 1920 and includes eight bedrooms and six bathrooms. The 14,400-square-foot lot provides eight off-street parking spaces along with a large barn that can serve as additional storage or be evaluated for another use. Units are currently occupied by tenants, and property access requires advance coordination and notice.
The property is near Oak Square and New Balance Landing. Walk Score is 87, Bike Score is 85, and Transit Score is 75. The combination of multifamily configuration, on-site parking, substantial lot area, and accessory barn distinguishes the asset within its local residential setting.
The property is near Oak Square and New Balance Landing. Walk Score is 87, Bike Score is 85, and Transit Score is 75. The combination of multifamily configuration, on-site parking, substantial lot area, and accessory barn distinguishes the asset within its local residential setting.
Key Highlights
- Six‑family apartment property at 65‑67 Surrey, Boston, MA 02135
- 1920 construction on a 14,400 sq ft lot
- 8 bedrooms and 6 bathrooms
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
$128,642
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
4.60%
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%
$2,572,840
$2.6M
Cap Rate 7%
$1,837,743
$1.8M
Cap Rate 9%
$1,429,356
$1.4M
Market Conditions
NOI Build-Up for 5,476 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
$243.1K $44.40/SF
− Vacancy
−$9.2K −$1.69/SF
EGI
$233.9K $42.71/SF
− OpEx
−$105.3K −$19.22/SF
NOI
$128.6K $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%
$2,572,840
Cap Rate 7%
$1,837,743
Cap Rate 9%
$1,429,356
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.14M
NOI $128,642 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.10M
$3.59M – $4.78M
NOI $287,030 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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 - Tenant-occupied multifamily property with off-street parking and a detached barn on the lot.
Where is this apartment building located?
The property is located at 65-67 Surrey Boston, MA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Six‑family apartment property at 65‑67 Surrey, Boston, MA 02135; 1920 construction on a 14,400 sq ft lot; 8 bedrooms and 6 bathrooms
