Rooming House With Leased
For Sale
$1,395,000
651 Washington St, Canton, MA 02021
Fully occupied 7-bedroom rooming house plus a leased brick storefront with a long-standing commercial tenant.
Property Size3,000 SF
Price / SF$465
Days on Market348
Property Features for 651 Washington St
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
5
Occupancy
100%
Net Operating Income
$112,194
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$10,306
Building Details
Building Size
3,000 SF
Year Built
1940
Stories
5
Tenancy
Multi
Listing Agency:
The Greene Realty Group
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 23, 2025
Changed: Sep 4
Last Checked: Aug 16 at 2:20PM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
This property includes a fully occupied 7-bedroom rooming house configured with a shared kitchen, common laundry, and a full bathroom on each level. It also features a leased brick storefront with a long-standing commercial tenant.
The building is located in a highly visible downtown area, just steps from the train, shopping, and a library. The current occupancy and leasing structure provide a ready-to-operate setup for an investor or owner-operator.
The building is located in a highly visible downtown area, just steps from the train, shopping, and a library. The current occupancy and leasing structure provide a ready-to-operate setup for an investor or owner-operator.
Key Highlights
- Fully occupied 7‑bedroom rooming house with a shared kitchen, common laundry, and a full bathroom on each level
- Includes a leased brick storefront with a long‑standing commercial tenant
- Year built: 1940
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
$51,053
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
3.66%
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%
$1,021,060
$1.0M
Cap Rate 7%
$729,329
$729.3K
Cap Rate 9%
$567,256
$567.3K
Market Conditions
NOI Build-Up for 3,000 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
$74.9K $24.96/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$72.9K $24.31/SF
− OpEx
−$21.9K −$7.29/SF
NOI
$51.1K $17.02/SF
Area
Norfolk County, MA
Vacancy
2.60%
Lease Rate
$24.96 /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%
$1,021,060
Cap Rate 7%
$729,329
Cap Rate 9%
$567,256
Alternative Uses
Best Use
Retail
$729.3K
$638.2K – $850.9K
NOI $51,053 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$708.3K
$619.8K – $826.4K
NOI $49,584 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,319 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Explore this area
Business Placement
Demographics for 02021, MA
24,370
Population
9,955
Households
2.4
Avg Household Size
43
Median Age
65%
College-Educated
97%
High-School Grad
18.7 sq mi
ZIP Area
1,303
Density / Sq Mi
$128,341
Median Household Income
$80,408
Median Earnings
$2,237
Median Rent
$665,500
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?
Apartment building - Fully occupied 7-bedroom rooming house plus a leased brick storefront with a long-standing commercial tenant.
Where is this apartment building located?
The property is located at 651 Washington St Canton, MA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Fully occupied 7‑bedroom rooming house with a shared kitchen, common laundry, and a full bathroom on each level; Includes a leased brick storefront with a long‑standing commercial tenant; Year built: 1940
