Boston Church with Event
For Sale
$1,800,000
35-37 Fairmount Ave, Boston, MA 02136
Centrally located church with event space in thriving neighborhood.
Property Size10,064 SF
Price / SF$178.86
Days on Market649
Property Features for 35-37 Fairmount Ave
General Information
Standard status
Active
Size
10,064 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,974
Amenities
Asphalt/Composition Shingles Roof
Building Details
Year Built
1900
Listing Agency:
CM Realty Associates
(508) 297-4012
Listed By:
Jeffrey Jacques
Source:
Corcoran
Added: Nov 10, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:01AM
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 CM Realty Associates
Investment Insights
Based on property information with market context.
This property is centrally located in a thriving Boston neighborhood on a busy main street. Zoned for Neighborhood Shopping, it is surrounded by numerous area businesses and is near a highway, public transportation, commuter rail, new development housing, and neighborhood retail stores. The property, totaling 10064 square feet, has been used as a church for over a decade and includes a functional sanctuary with a baptismal tank, office space, a finished basement, and a grand ballroom used as an event space. The property may be suitable for conversion into office, retail, or living space.
Key Highlights
- Zoned Neighborhood Shopping: Ideal for various business ventures.
- Centrally Located in Thriving Neighborhood: Positioned in a rapidly developing area of Boston.
- High‑Traffic Main Street Location: Offers excellent visibility and accessibility.
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
$162,439
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
9.02%
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%
$3,248,780
$3.2M
Cap Rate 7%
$2,320,557
$2.3M
Cap Rate 9%
$1,804,878
$1.8M
Market Conditions
NOI Build-Up for 10,064 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
$253.6K $25.20/SF
− Vacancy
−$21.6K −$2.14/SF
EGI
$232.1K $23.06/SF
− OpEx
−$69.6K −$6.92/SF
NOI
$162.4K $16.14/SF
Area
Boston, MA
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$3,248,780
Cap Rate 7%
$2,320,557
Cap Rate 9%
$1,804,878
Alternative Uses
Best Use
Office B
$4.24M
$3.71M – $4.95M
NOI $296,727 @ 7.0% cap · market cap 16.48%
Second Best
Retail
$2.32M
$2.03M – $2.71M
NOI $162,439 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$7.54M
$6.59M – $8.79M
NOI $527,515 @ 7.0% cap · market cap 29.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 02136, MA
35,102
Population
14,031
Households
2.5
Avg Household Size
39
Median Age
32%
College-Educated
88%
High-School Grad
4.6 sq mi
ZIP Area
7,631
Density / Sq Mi
$96,862
Median Household Income
$50,793
Median Earnings
$1,772
Median Rent
$566,300
Median Home Value
Market
Vacancy Rate% for Office in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Centrally located church with event space in thriving neighborhood.
Where is this church & religious facility located?
The property is located at 35-37 Fairmount Ave Boston, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Zoned Neighborhood Shopping: Ideal for various business ventures.; Centrally Located in Thriving Neighborhood: Positioned in a rapidly developing area of Boston.; High‑Traffic Main Street Location: Offers excellent visibility and accessibility.
