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Ward Street, Boston, MA 02127
New-construction multifamily property in high-demand Boston neighborhood.
Property Size23,700 SF
Price / SF$421.73
Days on Market201
Property Features for Ward Street
General Information
Standard status
Active
Size
23,700 SF
Class
B
Total Parking Spaces
15
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$576,508
Building Details
Year Built
2022
Buildings
1
Stories
4
Units
15
Listing Agency:
Douglas Elliman
Listed By:
Herb Entwistle · License #MA 9563077-RE-B
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 21 at 10:01PM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
The property at 33–39 Ward Street is a new-construction multifamily asset completed in 2021–2022. It is located in a supply-constrained and high-demand neighborhood of Boston. The five-story, elevator-served building features institutional-grade construction quality and modern amenities. The property consists of fourteen units, including spacious two-bedroom layouts and one four-bedroom residence. Units feature condo-quality finishes throughout, including quartz countertops, wide-plank flooring, and modern cabinetry. Each unit includes in-unit laundry, central air, and individual HVAC systems. There is secured garage parking for 15 vehicles. The modern construction and systems reduce near-term capital expenditure risk and provide predictable operating performance. The property includes two designated affordable units.
Key Highlights
- New construction (2021‑2022) in a high‑demand Boston neighborhood.
- Secured garage parking for 15 vehicles.
- Condo‑quality finishes including quartz countertops and wide‑plank flooring.
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
$556,761
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
5.57%
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%
$11,135,220
$11.1M
Cap Rate 7%
$7,953,729
$8.0M
Cap Rate 9%
$6,186,233
$6.2M
Market Conditions
NOI Build-Up for 23,700 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
$1.05M $44.40/SF
− Vacancy
−$40.0K −$1.69/SF
EGI
$1.01M $42.71/SF
− OpEx
−$455.5K −$19.22/SF
NOI
$556.8K $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%
$11,135,220
Cap Rate 7%
$7,953,729
Cap Rate 9%
$6,186,233
Alternative Uses
Best Use
Apartment 5plus
$7.95M
$6.96M – $9.28M
NOI $556,761 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.75M
$15.53M – $20.70M
NOI $1,242,259 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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 - New-construction multifamily property in high-demand Boston neighborhood.
Where is this apartment building located?
The property is located at Ward Street Boston, MA.
What is the asking price?
The asking price for this property is $9,995,000.
What are key features of this property?
This property features: New construction (2021‑2022) in a high‑demand Boston neighborhood.; Secured garage parking for 15 vehicles.; Condo‑quality finishes including quartz countertops and wide‑plank flooring.
