118 Tremont St, Unit 4
Boston, MA
Blended condo cap rates, Beacon Hill / Downtown Boston submarket. An estimate, not a measured NOI.
$20,760 NOI ÷ $880,000 appraised value.
Underwrite it yourself
Slide any assumption — the cap rate recomputes live.
Operating expenses
Heating & utilities (owner-paid) is your biggest controllable cost — dragging the cap rate by 82 bps. A high-efficiency heat-pump retrofit (Mass Save eligible) could cut it ~55% — lifting PropRate to 2.81% (+45 bps).
No other underwriting tool can do the next part: route the fix to a verified maker on the graph who can bid it. The cap rate doesn't just flag the problem — it convenes the person who solves it.
A bid accepted here becomes a verified working relationship on the chain — and the retrofit it produces becomes the next capital improvement the market number can't see. The loop closes on itself.
What the market number can't see
Capital improvements verified on the chain — the reason the income holds.
- Primary bath renovation$34,000
Supports the in-place rent and a top-of-band condition rating — permitted and signed off.
See the verified Build Story
Zillow gives you an AVM. Steve wanted a cap rate you could trust. The market quotes 3.90% from numbers nobody verified. PropRate is 2.36%— built from a signed lease and a permitted, signed-off renovation on the Propreti chain. Same property. One number is an estimate. The other has its receipts attached.
PropRate — named for Steve. Wall Street real-estate banker, then Auldbrass Partners. He said the data would be there one day. It is.
Prototype note: the market estimate is realistic seeded data standing in for a live provider feed (ATTOM / Reonomy / CompStak). The cap-rate math is real and computed live from the inputs above. The verified income and any accepted bid become durable at the persistence backend milestone.