Brighton Multifamily Investment
For Sale
$5,900,000
87 Gordon Street, Boston, MA 02135
18-unit multifamily asset in a dynamic Boston rental market.
Property Size9,405 SF
Price / SF$627.33
Days on Market168
Property Features for 87 Gordon Street
General Information
Standard status
Active
Size
9,405 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
99
Taxes and HOA fees
Annual Taxes
$99
Building Details
Building Size
9,405 SF
Year Built
1920
Stories
4
Listing Agency:
Coldwell Banker Realty - Concord
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 30
Changed: Sep 12
Last Checked: Sep 13 at 4:37AM
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 Coldwell Banker Realty - Concord
Investment Insights
Based on property information with market context.
Located in Brighton, Boston, at 87 Gordon Street, this multifamily asset features 18 units, consisting of studios, studio alcoves, and one-bedroom apartments. The property is fully occupied and offers a combination of stable cash flow and value-add potential through in-unit and base building renovations. Units feature hardwood floors, partially renovated kitchens and bathrooms, and layouts designed for light and air. Select units include balconies. The property is well-maintained and separately metered for electric. Common coin-operated laundry is available in a designated space. The location provides access to multiple transit options. The property has a walk score of 89, indicating it is very walkable, a transit score of 69, indicating good transit, and a bike score of 57, indicating it is bikeable. There is potential expansion space in the basement.
Key Highlights
- Ideally situated in a dynamic and supply‑constrained rental market of Brighton, Boston.
- Offers a combination of stable cash flow and value‑add upside through renovations.
- Excellent location with immediate access to multiple transit options (Transit Score: 69).
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
$220,943
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
3.74%
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%
$4,418,860
$4.4M
Cap Rate 7%
$3,156,329
$3.2M
Cap Rate 9%
$2,454,922
$2.5M
Market Conditions
NOI Build-Up for 9,405 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
$417.6K $44.40/SF
− Vacancy
−$15.9K −$1.69/SF
EGI
$401.7K $42.71/SF
− OpEx
−$180.8K −$19.22/SF
NOI
$220.9K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$4,418,860
Cap Rate 7%
$3,156,329
Cap Rate 9%
$2,454,922
Alternative Uses
Best Use
Apartment 5plus
$3.16M
$2.76M – $3.68M
NOI $220,943 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.04M
$6.16M – $8.22M
NOI $492,972 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,425
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily asset in a dynamic Boston rental market.
Where is this apartment building located?
The property is located at 87 Gordon Street Boston, MA.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: Ideally situated in a dynamic and supply‑constrained rental market of Brighton, Boston.; Offers a combination of stable cash flow and value‑add upside through renovations.; Excellent location with immediate access to multiple transit options (Transit Score: 69).
