Renovated Three-Unit
For Sale
$1,299,000
9 Lincoln Street, Boston, MA 02122
Updated multifamily building with decks, yard areas, central HVAC, and finished interior details.
Property Size2,985 SF
Price / SF$435.18
Days on Market8
Property Features for 9 Lincoln Street
General Information
Standard status
Active
Size
2,985 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Sprinkler System
Yes
Multifamily Units
3
Amenities
maple cabinets
granite counters
updated bathrooms
central heat and A/C
hardwood floors
high ceilings
large rear decks
front and rear yard
James Hardie Siding
Building Details
Year Built
1905
Year Renovated
2011
Buildings
1
Listing Agency:
Olde Towne Real Estate Co.
Listed By:
Douglas Bosse
(508) 394-6588
Source:
Capecodera
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 12 at 3:39AM
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 Olde Towne Real Estate Co.
Investment Insights
Based on property information with market context.
This 2,985-square-foot triplex was built in 1905 and comprehensively renovated in 2011, including installation of a building-wide sprinkler system. Each of the three apartments includes a kitchen with maple cabinetry and granite countertops, while the property also offers three updated bathrooms, central heat and air conditioning, hardwood flooring, and high ceilings. Large rear decks, front and rear yard areas, and James Hardie siding at the front add to the physical improvements. Hardwood floors in the pictured unit are scheduled for refinishing before the open house.
A full walkout basement staircase is in place and described as ready for use as egress for a potential ADU unit. Lead paint certificates are available for all three apartments, and the property can be delivered vacant. The building is located at 9 Lincoln Street in Boston’s Fields Corner area, with access to the Red Line T nearby.
A full walkout basement staircase is in place and described as ready for use as egress for a potential ADU unit. Lead paint certificates are available for all three apartments, and the property can be delivered vacant. The building is located at 9 Lincoln Street in Boston’s Fields Corner area, with access to the Red Line T nearby.
Key Highlights
- Three‑unit multifamily property totaling 2,985 SF
- Renovated in 2011 with a sprinkler system throughout the building
- Maple cabinetry, granite countertops, three updated bathrooms, and central heat and A/C
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
$75,429
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
5.81%
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%
$1,508,580
$1.5M
Cap Rate 7%
$1,077,557
$1.1M
Cap Rate 9%
$838,100
$838.1K
Market Conditions
NOI Build-Up for 2,985 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
$112.8K $37.80/SF
− Vacancy
−$5.1K −$1.70/SF
EGI
$107.8K $36.10/SF
− OpEx
−$32.3K −$10.83/SF
NOI
$75.4K $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%
$1,508,580
Cap Rate 7%
$1,077,557
Cap Rate 9%
$838,100
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$942.9K – $1.26M
NOI $75,429 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$1.00M
$876.6K – $1.17M
NOI $70,124 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$2.24M
$1.96M – $2.61M
NOI $156,462 @ 7.0% cap · market cap 12.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,787
Businesses Nearby
Explore this area
Business Placement
Demographics for 02122, MA
24,385
Population
10,039
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
14,344
Density / Sq Mi
$82,945
Median Household Income
$53,897
Median Earnings
$2,052
Median Rent
$656,400
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 - Updated multifamily building with decks, yard areas, central HVAC, and finished interior details.
Where is this triplex located?
The property is located at 9 Lincoln Street 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: Three‑unit multifamily property totaling 2,985 SF; Renovated in 2011 with a sprinkler system throughout the building; Maple cabinetry, granite countertops, three updated bathrooms, and central heat and A/C
