Mixed-Use 5-Unit
For Sale
$1,599,900
1 Sprague Street, Revere, MA 02151
Legal 5-unit property with a drive-in commercial garage and internal access to the first floor.
Property Size3,362 SF
Price / SF$475.88
Days on Market67
Property Features for 1 Sprague Street
General Information
Standard status
Active
Size
3,362 SF
Property subtype
Commercial
Zoning
RB
Additional Details
Business Included
Yes
Building Details
Year Built
1900
Listing Agency:
Barry Realty Group
Listed By:
Peter Castrichini
(617) 696-6100
Source:
Kelleyrege
Added: Jul 1
Changed: Sep 4
Last Checked: Sep 4 at 10:26AM
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
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.
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 = 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
$58,402
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
3.65%
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%
$1,168,040
$1.2M
Cap Rate 7%
$834,314
$834.3K
Cap Rate 9%
$648,911
$648.9K
Market Conditions
NOI Build-Up for 3,362 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
$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 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%
$1,168,040
Cap Rate 7%
$834,314
Cap Rate 9%
$648,911
Alternative Uses
Best Use
Apartment 5plus
$834.3K
$730.0K – $973.4K
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
NOI $139,320 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
