Renovated Triplex with
New
For Sale
$1,600,000
71 Walnut Park, Boston, MA 02119
Three updated apartments feature separate utilities, in-unit laundry, and central air conditioning.
Property Size4,855 SF
Price / SF$329.56
Days on Market5
Property Features for 71 Walnut Park
General Information
Standard status
Active
Size
4,855 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
Res
Net Operating Income
$99,120
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR/1.5BA, 1 x 5BR/1.5BA, 1 x 5BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,348
Amenities
central A/C
in-unit laundry
basement storage
Building Details
Building Size
4,855 SF
Year Built
1905
Year Renovated
2016
Buildings
1
Listing Agency:
Reference Real Estate
(781) 342-0052
Listed By:
Reserve Team
Source:
413realestate
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 6:17AM
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 Reference Real Estate
Investment Insights
Based on property information with market context.
This 4,855-square-foot triplex, constructed in 1905, contains three residential units with a combined 14 bedrooms. The layout includes one four-bedroom apartment with 1.5 baths and two five-bedroom apartments, one with 1.5 baths and the other with one bath. Each unit was renovated in 2016 and includes granite countertops, stainless steel appliances, hardwood flooring, updated electrical and plumbing systems, forced hot air, central A/C, and in-unit laundry. Utilities are separately metered for each apartment.
The de-leaded property provides 8-plus car off-street parking, a flat rubber roof, and a full basement with storage. It is located at 71 Walnut Park in Boston, near the Roxbury and Jamaica Plain line. Multiple bus routes, the Orange Line, Northeastern and other area universities, and Franklin Park are nearby, with access to Downtown and Back Bay described as quick. Unit 2 is currently vacant.
The de-leaded property provides 8-plus car off-street parking, a flat rubber roof, and a full basement with storage. It is located at 71 Walnut Park in Boston, near the Roxbury and Jamaica Plain line. Multiple bus routes, the Orange Line, Northeastern and other area universities, and Franklin Park are nearby, with access to Downtown and Back Bay described as quick. Unit 2 is currently vacant.
Key Highlights
- 14‑bedroom triplex with three apartments
- 4,855 SF building constructed in 1905
- 8‑plus car off‑street parking
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
$122,682
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
7.67%
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%
$2,453,640
$2.5M
Cap Rate 7%
$1,752,600
$1.8M
Cap Rate 9%
$1,363,133
$1.4M
Market Conditions
NOI Build-Up for 4,855 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
$183.5K $37.80/SF
− Vacancy
−$8.3K −$1.70/SF
EGI
$175.3K $36.10/SF
− OpEx
−$52.6K −$10.83/SF
NOI
$122.7K $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%
$2,453,640
Cap Rate 7%
$1,752,600
Cap Rate 9%
$1,363,133
Alternative Uses
Best Use
Multifamily LT 5
$1.75M
$1.53M – $2.04M
NOI $122,682 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,054 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$3.64M
$3.18M – $4.24M
NOI $254,480 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,551
Businesses Nearby
Explore this area
Business Placement
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
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?
Triplex - Three updated apartments feature separate utilities, in-unit laundry, and central air conditioning.
Where is this triplex located?
The property is located at 71 Walnut Park Boston, MA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 14‑bedroom triplex with three apartments; 4,855 SF building constructed in 1905; 8‑plus car off‑street parking
