Mixed-Use Corner
For Sale
$1,395,000
119-121 Billings Rd, Quincy, MA 02171
Two-unit mixed-use corner property with a ground-floor commercial space and residential living over two floors.
Property Size3,290 SF
Price / SF$424.01
Days on Market169
Property Features for 119-121 Billings Rd
General Information
Standard status
Active
Size
3,290 SF
Property subtype
Commercial
Zoning
BUSB
Taxes and HOA fees
Annual Taxes
$17,133
Building Details
Building Size
3,290 SF
Year Built
1948
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 21
Changed: Sep 4
Last Checked: Sep 5 at 5:12AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This mixed-use corner property offers two units with a spacious first-floor commercial space and a bright residential unit spanning the second and third floors. The commercial space was previously operated as a dental office for many years. The residential layout includes an eat-in kitchen, living room, dining room, hardwood floors, and abundant natural light from numerous windows. Additional features include a rear sunroom and a large basement.
The property is situated in North Quincy and is described as being just steps to the North Quincy Red Line T station. It is also surrounded by schools, restaurants, supermarkets, banks, and a library.
The configuration supports multiple uses within one building, with ample parking and a generous lot referenced in the remarks for expansion or redevelopment.
The property is situated in North Quincy and is described as being just steps to the North Quincy Red Line T station. It is also surrounded by schools, restaurants, supermarkets, banks, and a library.
The configuration supports multiple uses within one building, with ample parking and a generous lot referenced in the remarks for expansion or redevelopment.
Key Highlights
- 2‑unit mixed‑use corner property (Year built: 1948) with ground‑floor commercial space and residential living over two floors
- First‑floor commercial space previously operated as a dental office for many years
- Residential unit spans the second and third floors with eat‑in kitchen, living room, dining room, hardwood floors, and abundant natural light
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
$89,126
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
6.39%
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%
$1,782,520
$1.8M
Cap Rate 7%
$1,273,229
$1.3M
Cap Rate 9%
$990,289
$990.3K
Market Conditions
NOI Build-Up for 3,290 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
$138.2K $42.00/SF
− Vacancy
−$19.3K −$5.88/SF
EGI
$118.8K $36.12/SF
− OpEx
−$29.7K −$9.03/SF
NOI
$89.1K $27.09/SF
Area
Quincy, MA
Vacancy
14.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,782,520
Cap Rate 7%
$1,273,229
Cap Rate 9%
$990,289
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.49M
NOI $89,126 @ 7.0% cap · market cap 6.39%
Second Best
Healthcare Medical
$944.1K
$826.1K – $1.10M
NOI $66,090 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $136,127 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Explore this area
Business Placement
Demographics for 02171, MA
19,539
Population
9,513
Households
2.1
Avg Household Size
41
Median Age
52%
College-Educated
88%
High-School Grad
2.5 sq mi
ZIP Area
7,816
Density / Sq Mi
$104,992
Median Household Income
$58,835
Median Earnings
$2,281
Median Rent
$630,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-unit mixed-use corner property with a ground-floor commercial space and residential living over two floors.
Where is this mixed-use property located?
The property is located at 119-121 Billings Rd Quincy, MA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 2‑unit mixed‑use corner property (Year built: 1948) with ground‑floor commercial space and residential living over two floors; First‑floor commercial space previously operated as a dental office for many years; Residential unit spans the second and third floors with eat‑in kitchen, living room, dining room, hardwood floors, and abundant natural light
