Six-Family Apartment
New
For Sale
$2,795,000
65-67 Surrey, Boston, MA 02135
Residential Income, Boston, MA
Property Size5,476 SF
Lot Size0.33 Acres
Price / SF$510.41
Days on Market5
Property Features for 65-67 Surrey
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 8, Bedroom 4, Bedroom 2, Bathroom 6, Bedroom 3, Bedroom 5, Bedroom 7, Bathroom 4, Bathroom 1, Bathroom 5
Parking
8
Directions
Parsons St. to Surrey St.
Standard status
Active
APN
1216266
Size
5,476 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16885
Building Details
Year built
1920
Floors in Building
3
Number of units
6
Listing Agency:
RE/MAX On the Charles · RE/MAX International
(781) 894-1882
Listed By:
Gary Rogers · License #9517017
(781) 899-2822
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 13 at 11:06AM
MLS# 73576254
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-family apartment property contains 5,476 square feet with 8 bedrooms and 6 bathrooms. Built in 1920, the building sits on a 0.3306-acre lot and includes a large barn that provides additional storage or future-use potential subject to buyer due diligence. The property is currently tenant-occupied, with showings requiring coordination and proper notice.
Eight off-street parking spaces serve the property. Located at 65-67 Surrey in Boston, the building is near Oak Square and New Balance Landing. Residential zoning supports the existing apartment use.
Eight off-street parking spaces serve the property. Located at 65-67 Surrey in Boston, the building is near Oak Square and New Balance Landing. Residential zoning supports the existing apartment use.
Key Highlights
- Six‑family apartment building with 5,476 square feet
- 8 bedrooms and 6 bathrooms
- 0.3306‑acre lot, equivalent to 14,400 sq ft
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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Open Analytics
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied multifamily property with off-street parking, a detached barn, and residential zoning.
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 building with 5,476 square feet; 8 bedrooms and 6 bathrooms; 0.3306‑acre lot, equivalent to 14,400 sq ft
