Three-Unit Residential Income
For Sale
$964,999
8 Torrey St, Boston, MA 02124
Fully leased three-family with separate utilities, vinyl siding exterior, and limited exterior maintenance.
Property Size2,271 SF
Price / SF$424.92
Days on Market120
Property Features for 8 Torrey St
General Information
Standard status
Active
Size
2,271 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,074
Listing Agency:
eXp Realty LLC - Corporate Office
(888) 854-7493
Listed By:
Benny Troncoso
(617) 898-8828
Source:
Exprealty
Added: May 11
Changed: Sep 7
Last Checked: Jul 5 at 3:47PM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
This three-unit residential income property is fully leased and presented as a low-maintenance investment. The building has a vinyl siding exterior and is described as having no porches or backyard maintenance requirements, which can simplify day-to-day upkeep. Separate utilities are provided for all units, supporting straightforward management across the property.
The property is conveniently located near local amenities, transportation, and major routes, making it practical for tenant access and day-to-day convenience. The seller is completing a 1031 exchange, and the property is being sold as-is.
Units are currently leased under existing terms, and tenants are described as open to renewal beyond their current leases and to future rent increases.
The property is conveniently located near local amenities, transportation, and major routes, making it practical for tenant access and day-to-day convenience. The seller is completing a 1031 exchange, and the property is being sold as-is.
Units are currently leased under existing terms, and tenants are described as open to renewal beyond their current leases and to future rent increases.
Key Highlights
- 1915‑built, fully leased 3‑family property
- Separate utilities for all units
- Vinyl siding exterior
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
$57,387
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
5.95%
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%
$1,147,740
$1.1M
Cap Rate 7%
$819,814
$819.8K
Cap Rate 9%
$637,633
$637.6K
Market Conditions
NOI Build-Up for 2,271 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
$85.8K $37.80/SF
− Vacancy
−$3.9K −$1.70/SF
EGI
$82.0K $36.10/SF
− OpEx
−$24.6K −$10.83/SF
NOI
$57.4K $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%
$1,147,740
Cap Rate 7%
$819,814
Cap Rate 9%
$637,633
Alternative Uses
Best Use
Multifamily LT 5
$819.8K
$717.3K – $956.5K
NOI $57,387 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$762.1K
$666.9K – $889.2K
NOI $53,350 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,037 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,523
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 - Fully leased three-family with separate utilities, vinyl siding exterior, and limited exterior maintenance.
Where is this triplex located?
The property is located at 8 Torrey St Boston, MA.
What is the asking price?
The asking price for this property is $964,999.
What are key features of this property?
This property features: 1915‑built, fully leased 3‑family property; Separate utilities for all units; Vinyl siding exterior
