Multifamily Apartment
For Sale
$5,875,000
9 Hannon Street, Boston, MA 02124
Four-story brick multifamily with 16 total units, updated interiors, and on-site laundry near MBTA commuter rail access.
Property Size14,720 SF
Lot Size0.22 Acres
Price / SF$399.12
Days on Market46
Property Features for 9 Hannon Street
General Information
Standard status
Active
Size
14,720 SF
Lot size
0.22 Acres
Property subtype
Multi-family
Units
Unit Mix
15 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
16
Additional Details
Public Transit
Yes
Amenities
on-site laundry facility
Building Details
Year Built
1965
Buildings
1
Stories
4
Construction
brick
Listing Agency:
Horvath & Tremblay
Listed By:
Nick Bevilacqua
(401) 521-9490
Source:
Cthomeseekers
Added: Jul 8
Changed: Aug 22
Last Checked: Aug 22 at 9:25AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This four-story brick multifamily apartment building contains fifteen 2-bedroom/1-bath units and one 1-bedroom/1-bath unit, totaling sixteen apartments. The property includes 14,720 square feet of gross living area and sits on a 0.22-acre parcel. Unit finishes and updates include luxury vinyl plank flooring, updated kitchens with granite countertops, and updated bathrooms with tile flooring and a tiled shower. Tenants also have access to an on-site laundry facility. Off-street parking is available with over eight off-street spaces.
The building is located in the Dorchester neighborhood of Boston at 9 Hannon Street, steps from the Morton Street MBTA Commuter Rail Station, with convenient access to the Red and Orange MBTA Commuter Rails.
Built in 1965, the property offers a compact site plan with off-street parking, updated unit interiors, and transit proximity that can support a wide range of residential leasing needs.
The building is located in the Dorchester neighborhood of Boston at 9 Hannon Street, steps from the Morton Street MBTA Commuter Rail Station, with convenient access to the Red and Orange MBTA Commuter Rails.
Built in 1965, the property offers a compact site plan with off-street parking, updated unit interiors, and transit proximity that can support a wide range of residential leasing needs.
Key Highlights
- Four‑story brick multifamily with 16 total units: 15 two‑bedroom/1‑bath and 1 one‑bedroom/1‑bath
- 14,720 SF gross living area on a 0.22‑acre parcel
- Updated kitchens with granite countertops and updated tiled bathrooms with a tiled shower
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
$345,803
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
5.89%
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%
$6,916,060
$6.9M
Cap Rate 7%
$4,940,043
$4.9M
Cap Rate 9%
$3,842,256
$3.8M
Market Conditions
NOI Build-Up for 14,720 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
$653.6K $44.40/SF
− Vacancy
−$24.8K −$1.69/SF
EGI
$628.7K $42.71/SF
− OpEx
−$282.9K −$19.22/SF
NOI
$345.8K $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%
$6,916,060
Cap Rate 7%
$4,940,043
Cap Rate 9%
$3,842,256
Alternative Uses
Best Use
Apartment 5plus
$4.94M
$4.32M – $5.76M
NOI $345,803 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.02M
$9.64M – $12.86M
NOI $771,564 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
889
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?
Apartment building - Four-story brick multifamily with 16 total units, updated interiors, and on-site laundry near MBTA commuter rail access.
Where is this apartment building located?
The property is located at 9 Hannon Street Boston, MA.
What is the asking price?
The asking price for this property is $5,875,000.
What are key features of this property?
This property features: Four‑story brick multifamily with 16 total units: 15 two‑bedroom/1‑bath and 1 one‑bedroom/1‑bath; 14,720 SF gross living area on a 0.22‑acre parcel; Updated kitchens with granite countertops and updated tiled bathrooms with a tiled shower
