Renovated Dorchester Triplex with
For Sale
$1,299,000
81 Ellington St, Boston, MA 02121
Recently renovated triple decker in Dorchester with one vacant unit.
Property Size2,763 SF
Price / SF$470.14
Days on Market137
Property Features for 81 Ellington St
General Information
Standard status
Active
Size
2,763 SF
Property subtype
Multi-Family
Zoning
R3
Building Details
Year Built
1905
Stories
3
Listing Agency:
Keller Williams Realty Evolution
(617) 678-9905
Listed By:
Lior Rozhansky
Source:
Hometown-team
Added: Apr 18
Changed: Aug 8
Last Checked: Aug 25 at 3:01AM
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This is a renovated triple decker located in Dorchester. The property has undergone renovations in recent years, including new kitchens, bathrooms, windows, siding, floors, plumbing, and electrical systems. Unit 1 is a 2-bedroom, 1-bathroom unit, while Units 2 and 3 each have 3 bedrooms and 1 bathroom. Interior features include hardwood floors, shaker cabinetry, stainless steel appliances, new vanities, tile in the bathrooms, and recessed lighting. The location is convenient to Franklin Park, the commuter rail station, and other city amenities. One unit is currently vacant, while the other two are leased.
Key Highlights
- Recently renovated triple decker with new kitchens, bathrooms, windows/siding, floors, plumbing, and electrical.
- One vacant unit, ideal for owner‑occupancy or immediate rental income.**
- Two units already leased, providing immediate income stream.
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
$69,819
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
5.37%
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%
$1,396,380
$1.4M
Cap Rate 7%
$997,414
$997.4K
Cap Rate 9%
$775,767
$775.8K
Market Conditions
NOI Build-Up for 2,763 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
$104.4K $37.80/SF
− Vacancy
−$4.7K −$1.70/SF
EGI
$99.7K $36.10/SF
− OpEx
−$29.9K −$10.83/SF
NOI
$69.8K $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%
$1,396,380
Cap Rate 7%
$997,414
Cap Rate 9%
$775,767
Alternative Uses
Best Use
Multifamily LT 5
$997.4K
$872.7K – $1.16M
NOI $69,819 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$927.3K
$811.4K – $1.08M
NOI $64,909 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$2.07M
$1.81M – $2.41M
NOI $144,825 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,194
Businesses Nearby
Explore this area
Business Placement
Demographics for 02121, MA
28,766
Population
11,384
Households
2.5
Avg Household Size
33
Median Age
21%
College-Educated
75%
High-School Grad
1.9 sq mi
ZIP Area
15,140
Density / Sq Mi
$38,565
Median Household Income
$33,700
Median Earnings
$1,316
Median Rent
$548,100
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 - Recently renovated triple decker in Dorchester with one vacant unit.
Where is this triplex located?
The property is located at 81 Ellington St Boston, MA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Recently renovated triple decker with **new kitchens, bathrooms, windows/siding, floors, plumbing, and electrical.**; One vacant unit, ideal for owner‑occupancy or immediate rental income.**; Two units already leased, providing immediate income stream.
