Mixed-Use 5-Unit
1 Sprague Street Revere, MA 02151
1 Sprague Street, Revere, MA, 02151
$1,599,900
For Sale
$1,599,900
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 Market25
Property Features for 1 Sprague Street
General Information
- Standard status
- Active
- Size
- 3,362 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1900
Listing agency
Barry Realty Group
Listed by
Peter Castrichini
(617) 696-6100
Source
Kelleyrege
Added: Jun 27 Updated: Jul 20 at 8:15PM Checked: Jul 20 at 8:15PM
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.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.3k | $39.96 |
| − Vacancy | −$25.1k | −$7.47 |
| EGI | $109.2k | $32.49 |
| − OpEx | −$27.3k | −$8.12 |
| NOI | $81.9k | $24.37 |
3,362 SF · lease $39.96/SF/yr · vacancy 18.70% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.17M
$1.02M – $1.37M
NOI $81,917 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$834.3K
$730.0K – $973.4K
NOI $58,402 @ 7.0% cap · market cap 3.65%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Schools
Similar For Sale Nearby
FAQs
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.
