Two-Bedroom Residential Income
For Sale
$429,900
Pending
88 Florida Street, Boston, MA 02124
Condominium features an open living-dining area, updated kitchen, wood floors, and an updated full bathroom.
Property Size889 SF
Days on Market47
Property Features for 88 Florida Street
General Information
Standard status
Pending
Size
889 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Amenities
Range
Dishwasher
Disposal
Microwave
Refrigerator
Washer
Dryer
Window Unit(s)
Wood
Tile
Electric Baseboard, Individual, Unit Control
1.0 Story
$3,738 Taxes
Public
Built in 1910
Building Details
Year Built
1910
Listing Agency:
Coldwell Banker Realty - Cambridge
(617) 864-4430
Listed By:
Karen Morgan
Source:
Donahuere
Added: Jul 8
Changed: Aug 14
Last Checked: Aug 23 at 2:25AM
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 - Cambridge
Investment Insights
Based on property information with market context.
This condominium offers a two-bedroom, one-bathroom layout with approximately 889 GLA. The interior centers on an open living and dining area with wood flooring, oversized windows identified as 2014, and an exposed-brick accent wall. The galley kitchen has stainless steel appliances, ample cabinetry, and a pantry, while both bedrooms include closets. An updated full bathroom completes the residence.
Built in 1910, the property is located at 88 Florida Street in Boston, Massachusetts. The home combines a defined room layout with updated kitchen and bathroom finishes and period interior character.
Built in 1910, the property is located at 88 Florida Street in Boston, Massachusetts. The home combines a defined room layout with updated kitchen and bathroom finishes and period interior character.
Key Highlights
- Two‑bedroom, one‑bathroom condominium with approximately 889 GLA
- Open‑concept living and dining area with wood floors
- 2014 oversized windows and exposed‑brick accent wall
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
$20,884
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
4.86%
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%
$417,680
$417.7K
Cap Rate 7%
$298,343
$298.3K
Cap Rate 9%
$232,044
$232.0K
Market Conditions
NOI Build-Up for 889 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
$39.5K $44.40/SF
− Vacancy
−$1.5K −$1.69/SF
EGI
$38.0K $42.71/SF
− OpEx
−$17.1K −$19.22/SF
NOI
$20.9K $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%
$417,680
Cap Rate 7%
$298,343
Cap Rate 9%
$232,044
Alternative Uses
Best Use
Apartment 5plus
$298.3K
$261.1K – $348.1K
NOI $20,884 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$665.7K
$582.5K – $776.6K
NOI $46,598 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,175
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium features an open living-dining area, updated kitchen, wood floors, and an updated full bathroom.
Where is this residential income property located?
The property is located at 88 Florida Street Boston, MA.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom condominium with approximately 889 GLA; Open‑concept living and dining area with wood floors; 2014 oversized windows and exposed‑brick accent wall
