Renovated Seven-Unit Brick
For Sale
$4,600,000
12 North Bennet Street, Boston, MA 02113
Gut-renovated seven-unit brick apartment building with six one-bed and one two-bed unit, plus common laundry facilities.
Property Size6,690 SF
Price / SF$687.59
Days on Market97
Property Features for 12 North Bennet Street
General Information
Standard status
Active
Size
6,690 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$68,255
Additional Details
Business Included
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$24,131
Building Details
Building Size
6,690 SF
Year Built
1905
Stories
4
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 1
Changed: Sep 5
Last Checked: Sep 5 at 4:31AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
Completely gut-renovated, this seven-unit brick apartment building offers six updated one-bedroom apartments and one spacious two-bedroom unit. The property is presented as fully occupied, with seven leases in place, and includes common laundry facilities for residents. The building has been meticulously maintained following the renovation.
Located in Boston’s North End at 12 North Bennet Street, the property places residents near Boston’s restaurants, cafes, waterfront, and historic attractions. It is described as minutes from Faneuil Hall, the Financial District, and downtown Boston.
The asset’s current layout supports an income-producing residential configuration with a mix of one- and two-bedroom units, all within a renovated, multi-unit brick structure.
Located in Boston’s North End at 12 North Bennet Street, the property places residents near Boston’s restaurants, cafes, waterfront, and historic attractions. It is described as minutes from Faneuil Hall, the Financial District, and downtown Boston.
The asset’s current layout supports an income-producing residential configuration with a mix of one- and two-bedroom units, all within a renovated, multi-unit brick structure.
Key Highlights
- 1905‑built brick seven‑unit apartment building in Boston’s North End
- Gut renovation completed with six updated 1‑bedroom units and one updated 2‑bedroom unit
- Fully occupied with seven leases in place
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
$157,162
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
3.42%
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%
$3,143,240
$3.1M
Cap Rate 7%
$2,245,171
$2.2M
Cap Rate 9%
$1,746,244
$1.7M
Market Conditions
NOI Build-Up for 6,690 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
$297.0K $44.40/SF
− Vacancy
−$11.3K −$1.69/SF
EGI
$285.7K $42.71/SF
− OpEx
−$128.6K −$19.22/SF
NOI
$157.2K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /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%
$3,143,240
Cap Rate 7%
$2,245,171
Cap Rate 9%
$1,746,244
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.96M – $2.62M
NOI $157,162 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.01M
$4.38M – $5.84M
NOI $350,663 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
12,999
Businesses Nearby
Explore this area
Business Placement
Demographics for 02113, MA
7,126
Population
4,664
Households
1.5
Avg Household Size
29
Median Age
80%
College-Educated
98%
High-School Grad
0.1 sq mi
ZIP Area
71,260
Density / Sq Mi
$110,321
Median Household Income
$72,264
Median Earnings
$2,498
Median Rent
$693,900
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 - Gut-renovated seven-unit brick apartment building with six one-bed and one two-bed unit, plus common laundry facilities.
Where is this apartment building located?
The property is located at 12 North Bennet Street Boston, MA.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 1905‑built brick seven‑unit apartment building in Boston’s North End; Gut renovation completed with six updated 1‑bedroom units and one updated 2‑bedroom unit; Fully occupied with seven leases in place
