Five-Unit Loft Multifamily
For Sale
$4,724,900
1001 Shirley St, Winthrop, MA 02152
Former church converted into loft-style residences with private outdoor space and distinct interior layouts.
Property Size9,156 SF
Price / SF$516.04
Days on Market87
Property Features for 1001 Shirley St
General Information
Standard status
Active
Size
9,156 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
R6
Additional Details
Public Transit
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$64,000
Amenities
Bosch appliances
electric fireplaces
in-unit laundry
radiant heated primary baths
walk-in closets
hidden powder rooms
concealed storage
private outdoor space with automated retractable awnings
additional storage
Building Details
Building Size
9,156 SF
Year Built
1955
Buildings
1
Stories
10
Listing Agency:
Real Broker MA, LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 5
Changed: Aug 29
Last Checked: Aug 29 at 2:09PM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
The Pearl is a five-unit multifamily property created through the conversion of a former church. The residences feature loft-style layouts with individual design treatments, exposed beams, hardwood flooring, oversized windows, and tall ceilings alongside updated finishes. Each unit includes Bosch appliances, an electric fireplace, in-unit laundry, a radiant-heated primary bathroom, a walk-in closet, a concealed powder room, integrated storage, and private outdoor space with an automated retractable awning. Additional storage and two off-street parking spaces accompany each residence.
The property is located in Winthrop near beaches, harbor walks, cafés, restaurants, and commuter access into Boston. It carries R6 zoning, measures 9,156 square feet, and was built in 1955. The combination of historic architectural elements, modern residential improvements, and five separately configured units defines the asset’s boutique multifamily profile.
The property is located in Winthrop near beaches, harbor walks, cafés, restaurants, and commuter access into Boston. It carries R6 zoning, measures 9,156 square feet, and was built in 1955. The combination of historic architectural elements, modern residential improvements, and five separately configured units defines the asset’s boutique multifamily profile.
Key Highlights
- Five‑unit multifamily property in a converted former church
- 9,156‑square‑foot building with R6 zoning
- Each residence includes Bosch appliances, electric fireplace, and in‑unit laundry
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
$159,051
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
3.37%
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%
$3,181,020
$3.2M
Cap Rate 7%
$2,272,157
$2.3M
Cap Rate 9%
$1,767,233
$1.8M
Market Conditions
NOI Build-Up for 9,156 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
$307.6K $33.60/SF
− Vacancy
−$18.5K −$2.02/SF
EGI
$289.2K $31.58/SF
− OpEx
−$130.1K −$14.21/SF
NOI
$159.1K $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%
$3,181,020
Cap Rate 7%
$2,272,157
Cap Rate 9%
$1,767,233
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $159,051 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.42M
$4.74M – $6.32M
NOI $379,422 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Explore this area
Business Placement
Demographics for 02152, MA
19,316
Population
8,467
Households
2.3
Avg Household Size
44
Median Age
43%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
11,362
Density / Sq Mi
$106,357
Median Household Income
$68,062
Median Earnings
$1,909
Median Rent
$606,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Former church converted into loft-style residences with private outdoor space and distinct interior layouts.
Where is this apartment building located?
The property is located at 1001 Shirley St Winthrop, MA.
What is the asking price?
The asking price for this property is $4,724,900.
What are key features of this property?
This property features: Five‑unit multifamily property in a converted former church; 9,156‑square‑foot building with R6 zoning; Each residence includes Bosch appliances, electric fireplace, and in‑unit laundry
