Apartment Building with Commercial
New
For Sale
$10,975,000
775 Morton, Boston, MA 02126
The property combines a varied apartment mix with a ground-floor commercial unit.
Property Size39,200 SF
Price / SF$279.97
Days on Market3
Property Features for 775 Morton
General Information
Standard status
Active
Size
39,200 SF
Property subtype
Multi-Family
Building Details
Year Built
2023
Listing Agency:
Robert Chestnut, Keller Williams Realty
Listed By:
Nancy Hurley
(781) 214-0902
Source:
Massneighborhoods
Added: Sep 30
Last Checked: Oct 1 at 11:50AM
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 Robert Chestnut, Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 2023, this 39,200-square-foot apartment property contains 27 residences and one ground-floor commercial unit. The residential mix includes 15 two-bedroom, one-bath apartments, six one-bedroom units with dens and one bath, and six one-bedroom, one-bath apartments. Apartment features include quartz countertops, stainless steel appliances, in-unit laundry, central air conditioning, private outdoor space, and high ceilings. Building amenities include elevator access, garage parking, secure keyless entry, package storage, and dedicated storage space.
The property is at 775 Morton in Boston, minutes from downtown and near public transportation, Franklin Park, the Neponset River Greenway, shopping, dining, and major employment centers.
The property is at 775 Morton in Boston, minutes from downtown and near public transportation, Franklin Park, the Neponset River Greenway, shopping, dining, and major employment centers.
Key Highlights
- 27 apartments: 15 two‑bedroom/one‑bath, 6 one‑bedroom‑plus‑den/one‑bath, and 6 one‑bedroom/one‑bath
- One ground‑floor commercial unit
- 39,200 square feet; built in 2023
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
$956,970
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
8.72%
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%
$19,139,400
$19.1M
Cap Rate 7%
$13,671,000
$13.7M
Cap Rate 9%
$10,633,000
$10.6M
Market Conditions
NOI Build-Up for 39,200 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
$1.65M $42.00/SF
− Vacancy
−$115.2K −$2.94/SF
EGI
$1.53M $39.06/SF
− OpEx
−$574.2K −$14.65/SF
NOI
$957.0K $24.41/SF
Area
Boston, MA
Vacancy
7.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$19,139,400
Cap Rate 7%
$13,671,000
Cap Rate 9%
$10,633,000
Alternative Uses
Best Use
Mixed Use
$13.67M
$11.96M – $15.95M
NOI $956,970 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$13.16M
$11.51M – $15.35M
NOI $920,888 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$29.35M
$25.68M – $34.25M
NOI $2,054,707 @ 7.0% cap · market cap 18.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
Explore this area
Business Placement
Demographics for 02126, MA
22,734
Population
9,617
Households
2.4
Avg Household Size
38
Median Age
24%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
12,630
Density / Sq Mi
$67,206
Median Household Income
$42,397
Median Earnings
$1,659
Median Rent
$515,000
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 - The property combines a varied apartment mix with a ground-floor commercial unit.
Where is this apartment building located?
The property is located at 775 Morton Boston, MA.
What is the asking price?
The asking price for this property is $10,975,000.
What are key features of this property?
This property features: 27 apartments: 15 two‑bedroom/one‑bath, 6 one‑bedroom‑plus‑den/one‑bath, and 6 one‑bedroom/one‑bath; One ground‑floor commercial unit; 39,200 square feet; built in 2023
