Building Details

Year Built 1900

Listing Agency: Barry Realty Group

Listed By: Peter Castrichini · License #454008080 Show Phone

Source: Kelleyrege

Added: May 17 Changed: Oct 19 Last Checked: Oct 19 at 9:42AM

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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 Barry Realty Group

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Investment Insights

Based on property information with market context.

This legal 5-unit building is currently configured for mixed use. The property has residential space including a 3+ bedroom unit on the 2nd floor, along with commercial operations that have included law offices and a music school, plus additional rental income producing tenants. A drive-in commercial garage with garage doors provides access to the 1st floor from inside the garage space.

The property is listed in RB zoning, where the district consists of one- and two-family units. The current rent roll is $7,200 per month. Ownership is on site and operating attorney and law services in the building.

The building is offered with development possibilities, including the potential to add additional units and levels with water views, subject to special permitting. Buyers should conduct their own due diligence regarding best use, including maintaining the current 5-unit configuration or pursuing special permitting for condominium or development in a development-friendly town.

Key Highlights

• Legal 5‑unit property in RB zoning with a drive‑in commercial garage space and garage doors.
• Internal access to the 1st floor from inside the garage space.
• Current rent roll is $7,200 per month.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,402

Cap Rate

3.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,168,040 $1.2M

Cap Rate 7%

$834,314 $834.3K

Cap Rate 9%

$648,911 $648.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,362 SF

Gross rent

$113.0K $33.60/SF

− Vacancy

−$6.8K −$2.02/SF

EGI

$106.2K $31.58/SF

− OpEx

−$47.8K −$14.21/SF

NOI

$58.4K $17.37/SF

Area

Suffolk County, MA

Vacancy

6.00%

Lease Rate

$33.60 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,168,040

Cap Rate 7%

$834,314

Cap Rate 9%

$648,911

Alternative Uses

Best Use

Apartment 5plus

$834.3K

$730.0K – $973.4K (±1% cap)

NOI $58,402 @ 7.0% cap · market cap 3.65%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.99M

$1.74M – $2.32M (±1% cap)

NOI $139,320 @ 7.0% cap · market cap 8.71%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Schools

Suggested Use

Top Pick Law Firm Parking Lot & Garage (Bike/Boat/Book/etc) Store Gym & Fitness Center Electrical Service Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

1,341

Businesses Nearby

Explore this area Business Placement

Demographics for 02151, MA

62,252

Population

23,461

Households

2.7

Avg Household Size

38

Median Age

25%

College-Educated

83%

High-School Grad

5.7 sq mi

ZIP Area

10,921

Density / Sq Mi

$80,948

Median Household Income

$43,374

Median Earnings

$1,964

Median Rent

$566,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Legal 5-unit property with a drive-in commercial garage and internal access to the first floor.

Where is this apartment building located?

The property is located at 1 Sprague Street Revere, MA.

What is the asking price?

The asking price for this property is $1,599,900.

What are key features of this property?

This property features: Legal 5‑unit property in RB zoning with a drive‑in commercial garage space and garage doors.; Internal access to the 1st floor from inside the garage space.; Current rent roll is $7,200 per month.