Five-Unit Apartment Building with Carriage
For Sale
$3,450,000
664 Washington St., Boston, MA 02135
Two residential buildings provide five rental units plus flexible common and work space.
Property Size6,000 SF
Lot Size0.73 Acres
Price / SF$575
Days on Market112
Property Features for 664 Washington St.
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
14
Lot size
0.73 Acres
Property subtype
Multi-Family
Zoning
2F-5000
Net Operating Income
$125,000
Units
Unit Mix
1 x 5-6BR/2BA, 1 x 2BR/1BA, 2 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
5
Additional Details
Gross Income
$165,000
Taxes and HOA fees
Annual Taxes
$23,627
Amenities
common laundry room
Building Details
Building Size
6,000 SF
Year Built
1865
Buildings
2
Stories
3
Listing Agency:
RE/MAX Vantage
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 11
Changed: Sep 29
Last Checked: Sep 29 at 7:26AM
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 Vantage
Investment Insights
Based on property information with market context.
This apartment property comprises a main house and a separate carriage house across 3 parcels representing 1 property. The current configuration includes five rental units: two in the main house and three in the carriage house. The main house offers a 5-6BR/2BA unit arranged over 2 floors along with a separate 2BR/1BA unit. The carriage house contains two 1BR/1BA units and one 3BR/1BA unit, with all units currently designated TAW.
The carriage house also includes a common laundry room serving its three apartments and an open-air, wood-beamed area with granite details that can accommodate a future design concept. The property encompasses approximately 0.73 acres and includes a building constructed in 1865. It is located at 664 Washington St. in Boston, near Oak Square Brighton and Newton Corner.
The carriage house also includes a common laundry room serving its three apartments and an open-air, wood-beamed area with granite details that can accommodate a future design concept. The property encompasses approximately 0.73 acres and includes a building constructed in 1865. It is located at 664 Washington St. in Boston, near Oak Square Brighton and Newton Corner.
Key Highlights
- Five rental units: two in the main house and three in the carriage house
- Main house includes 5‑6BR/2BA and 2BR/1BA units
- Carriage house offers two 1BR/1BA units and one 3BR/1BA unit
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
$140,952
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
4.09%
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%
$2,819,040
$2.8M
Cap Rate 7%
$2,013,600
$2.0M
Cap Rate 9%
$1,566,133
$1.6M
Market Conditions
NOI Build-Up for 6,000 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
$266.4K $44.40/SF
− Vacancy
−$10.1K −$1.69/SF
EGI
$256.3K $42.71/SF
− OpEx
−$115.3K −$19.22/SF
NOI
$141.0K $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%
$2,819,040
Cap Rate 7%
$2,013,600
Cap Rate 9%
$1,566,133
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.35M
NOI $140,952 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,496 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
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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
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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 - Two residential buildings provide five rental units plus flexible common and work space.
Where is this apartment building located?
The property is located at 664 Washington St. Boston, MA.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Five rental units: two in the main house and three in the carriage house; Main house includes 5‑6BR/2BA and 2BR/1BA units; Carriage house offers two 1BR/1BA units and one 3BR/1BA unit
