Renovated Three-Unit
For Sale
$1,145,000
8 Colonial Ave, Boston, MA 02124
Three-bedroom and two-bedroom apartments combine updated building systems with an established tenant configuration.
Property Size3,469 SF
Price / SF$330.07
Days on Market121
Property Features for 8 Colonial Ave
General Information
Standard status
Active
Size
3,469 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R3
Occupancy
100%
Net Operating Income
$97,453
Units
Unit Mix
2 x 3BR, 1 x 2BR
Multifamily Units
3
Additional Details
Gross Income
$101,100
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,595
Building Details
Building Size
3,469 SF
Year Built
1895
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Hammond Residential Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 5
Changed: Aug 30
Last Checked: Aug 31 at 1:09PM
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 Hammond Residential Real Estate
Investment Insights
Based on property information with market context.
This 3,469-square-foot triplex, built in 1895, contains two 3BR apartments and one 2BR apartment. The building has undergone substantial renovation, including a lifetime metal roof, 400-amp electrical service, HVAC mini splits, refreshed kitchens, new flooring, updated plumbing, and refinished hardwood floors. Lead certificates are in hand, and all three units are currently tenanted.
The property is located in Codman Square at 8 Colonial Ave in Boston. MBTA Commuter Rail service at Talbot Ave is within walking distance, with direct access to South Station. Shops, dining, and services are also located in the surrounding area.
R3 zoning supports the property’s existing three-unit multifamily configuration. The combination of unit mix, documented improvements, and current occupancy provides a clearly defined residential income asset.
The property is located in Codman Square at 8 Colonial Ave in Boston. MBTA Commuter Rail service at Talbot Ave is within walking distance, with direct access to South Station. Shops, dining, and services are also located in the surrounding area.
R3 zoning supports the property’s existing three-unit multifamily configuration. The combination of unit mix, documented improvements, and current occupancy provides a clearly defined residential income asset.
Key Highlights
- 3,469 SF triplex built in 1895
- Two 3BR units and one 2BR unit
- 400‑amp electrical upgrade and HVAC mini splits
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
$87,659
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
7.66%
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%
$1,753,180
$1.8M
Cap Rate 7%
$1,252,271
$1.3M
Cap Rate 9%
$973,989
$974.0K
Market Conditions
NOI Build-Up for 3,469 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
$131.1K $37.80/SF
− Vacancy
−$5.9K −$1.70/SF
EGI
$125.2K $36.10/SF
− OpEx
−$37.6K −$10.83/SF
NOI
$87.7K $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%
$1,753,180
Cap Rate 7%
$1,252,271
Cap Rate 9%
$973,989
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.10M – $1.46M
NOI $87,659 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,494 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,831 @ 7.0% cap · market cap 15.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,475
Businesses Nearby
Explore this area
Business Placement
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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-bedroom and two-bedroom apartments combine updated building systems with an established tenant configuration.
Where is this triplex located?
The property is located at 8 Colonial Ave Boston, MA.
What is the asking price?
The asking price for this property is $1,145,000.
What are key features of this property?
This property features: 3,469 SF triplex built in 1895; Two 3BR units and one 2BR unit; 400‑amp electrical upgrade and HVAC mini splits
