Class A Boutique Apartment
For Sale
$3,599,999
97 Condor, Boston, MA 02128
Turnkey 7-unit building built in 2022 with modern finishes and in-unit washer/dryer amenities.
Property Size5,390 SF
Price / SF$667.90
Days on Market81
Property Features for 97 Condor
General Information
Standard status
Active
Size
5,390 SF
Class
A
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
A
Net Operating Income
$180,698
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$23,489
Building Details
Building Size
5,390 SF
Year Built
2022
Stories
6
Tenancy
Multi
Listing Agency:
LPT Realty - Home & Key Group
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 16
Changed: Sep 3
Last Checked: Sep 2 at 1:30PM
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 LPT Realty - Home & Key Group
Investment Insights
Based on property information with market context.
97 Condor Street is a turnkey, Class A boutique multifamily building consisting of 7 units, built in 2022. The property presents a modern exterior with oversized windows and a clean common entry. Inside, units include modern finishes and stainless steel appliances, and each unit features an in-unit washer/dryer.
The building is offered for sale in East Boston. It is positioned as a modern income property with updated features and interiors suitable for tenants seeking in-unit laundry and contemporary finishes.
This is a compact multifamily asset configured as a 7-unit building, with overall improvements completed as part of the 2022 construction.
The building is offered for sale in East Boston. It is positioned as a modern income property with updated features and interiors suitable for tenants seeking in-unit laundry and contemporary finishes.
This is a compact multifamily asset configured as a 7-unit building, with overall improvements completed as part of the 2022 construction.
Key Highlights
- 7‑unit boutique multi‑unit building built in 2022
- Modern interiors with stainless steel appliances and modern finishes throughout
- In‑unit washer/dryer amenities
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
$126,622
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
3.52%
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%
$2,532,440
$2.5M
Cap Rate 7%
$1,808,886
$1.8M
Cap Rate 9%
$1,406,911
$1.4M
Market Conditions
NOI Build-Up for 5,390 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
$239.3K $44.40/SF
− Vacancy
−$9.1K −$1.69/SF
EGI
$230.2K $42.71/SF
− OpEx
−$103.6K −$19.22/SF
NOI
$126.6K $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%
$2,532,440
Cap Rate 7%
$1,808,886
Cap Rate 9%
$1,406,911
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,622 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.04M
$3.53M – $4.71M
NOI $282,522 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,419
Businesses Nearby
Explore this area
Business Placement
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
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 - Turnkey 7-unit building built in 2022 with modern finishes and in-unit washer/dryer amenities.
Where is this apartment building located?
The property is located at 97 Condor Boston, MA.
What is the asking price?
The asking price for this property is $3,599,999.
What are key features of this property?
This property features: 7‑unit boutique multi‑unit building built in 2022; Modern interiors with stainless steel appliances and modern finishes throughout; In‑unit washer/dryer amenities
