Renovated Triplex with In-Unit
For Sale
$2,475,000
83-85 Highland Street, Boston, MA 02119
Three leased residences offer renovated kitchens, private laundry, and substantial bedroom capacity in a transit-connected Boston neighborhood.
Property Size5,748 SF
Price / SF$430.58
Days on Market31
Property Features for 83-85 Highland Street
General Information
Standard status
Active
Size
5,748 SF
Net Rentable
5,750 SF
Property subtype
Multi-family
Occupancy
100%
Financials
Cap Rate
6.76%
Gross Income
$200,700
Units
Unit Mix
3 x 5BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
Building Details
Year Built
1900
Listing Agency:
Compass
Listed By:
Mission Realty Advisors
(617) 752-6845
Source:
Thecharlesrealty
Added: Sep 3
Changed: Oct 1
Last Checked: Oct 1 at 11:33AM
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 Compass
Investment Insights
Based on property information with market context.
This triplex contains three residences totaling 5,748 square feet of rentable living area. Each unit includes 5 bedrooms, 2 full bathrooms, a renovated kitchen, and in-unit laundry, creating a consistent configuration across all three apartments. The property provides 15 bedrooms and 6 bathrooms within a three-family layout originally built in 1900.
All three residences are leased through August 31, 2027. The property carries a current 6.76% cap rate, with a projected 7.28% cap rate by September 1, 2027. Its Boston location places the building between the Jackson Square and Roxbury Crossing Orange Line stations, with additional public transportation nearby. Northeastern University, Wentworth, MassArt, and the Longwood Medical and Academic Area are also in the surrounding area.
All three residences are leased through August 31, 2027. The property carries a current 6.76% cap rate, with a projected 7.28% cap rate by September 1, 2027. Its Boston location places the building between the Jackson Square and Roxbury Crossing Orange Line stations, with additional public transportation nearby. Northeastern University, Wentworth, MassArt, and the Longwood Medical and Academic Area are also in the surrounding area.
Key Highlights
- 15 bedrooms and 6 bathrooms across three residences
- 5,748 SF of rentable living area
- Each residence offers 5 bedrooms and 2 full bathrooms
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
$145,248
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
5.87%
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%
$2,904,960
$2.9M
Cap Rate 7%
$2,074,971
$2.1M
Cap Rate 9%
$1,613,867
$1.6M
Market Conditions
NOI Build-Up for 5,748 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
$217.3K $37.80/SF
− Vacancy
−$9.8K −$1.70/SF
EGI
$207.5K $36.10/SF
− OpEx
−$62.2K −$10.83/SF
NOI
$145.2K $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%
$2,904,960
Cap Rate 7%
$2,074,971
Cap Rate 9%
$1,613,867
Alternative Uses
Best Use
Multifamily LT 5
$2.07M
$1.82M – $2.42M
NOI $145,248 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,032 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$4.30M
$3.77M – $5.02M
NOI $301,287 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,998
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 leased residences offer renovated kitchens, private laundry, and substantial bedroom capacity in a transit-connected Boston neighborhood.
Where is this triplex located?
The property is located at 83-85 Highland Street Boston, MA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: 15 bedrooms and 6 bathrooms across three residences; 5,748 SF of rentable living area; Each residence offers 5 bedrooms and 2 full bathrooms
