Mixed-Use Brownstone with Buildable
For Sale
$1,800,000
Pending
610-612 Shawmut, Boston, MA 02118
Mixed-use brownstone with development potential in opportunity zone.
Property Size5,865 SF
Days on Market676
Property Features for 610-612 Shawmut
General Information
Standard status
Pending
Size
5,865 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$518
Building Details
Year Built
1920
Listing Agency:
Gibson Sotheby's International Realty
(617) 375-6900
Listed By:
Albert Bouchie · License #9522540
Source:
Corcoran
Added: Oct 7, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:11PM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This is an opportunity to own a four-story brick brownstone with an adjacent buildable lot, suitable for multi-unit development. The mixed-use property features a commercial space on the street level and three apartments above, each with three bedrooms. Situated on a one-way street in a quiet neighborhood near Boston Medical Center, the property abuts a public park and is located between Massachusetts Avenue and Melina Cass Boulevard. Its location offers proximity to several major universities. The property is located in an Opportunity Zone, making it prime for development. The property, totaling 5865 square feet, will be delivered vacant and is offered on an "as is" basis.
Key Highlights
- Multi‑unit development opportunity with adjacent buildable lot.
- Delivered vacant, ready for immediate development or occupancy.
- Located in an Opportunity Zone, offering potential tax benefits.
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
$120,086
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
6.67%
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%
$2,401,720
$2.4M
Cap Rate 7%
$1,715,514
$1.7M
Cap Rate 9%
$1,334,289
$1.3M
Market Conditions
NOI Build-Up for 5,865 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
$211.1K $36.00/SF
− Vacancy
−$19.0K −$3.24/SF
EGI
$192.1K $32.76/SF
− OpEx
−$72.1K −$12.29/SF
NOI
$120.1K $20.47/SF
Area
ZIP 02118
Vacancy
9.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,401,720
Cap Rate 7%
$1,715,514
Cap Rate 9%
$1,334,289
Alternative Uses
Best Use
Mixed Use
$1.72M
$1.50M – $2.00M
NOI $120,086 @ 7.0% cap · market cap 6.67%
Second Best
Multifamily LT 5
$1.44M
$1.26M – $1.69M
NOI $101,148 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$4.41M
$3.86M – $5.14M
NOI $308,518 @ 7.0% cap · market cap 17.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 02118, MA
29,073
Population
15,554
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
87%
High-School Grad
1.1 sq mi
ZIP Area
26,430
Density / Sq Mi
$90,142
Median Household Income
$73,110
Median Earnings
$1,748
Median Rent
$1,029,100
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?
Mixed-use property - Mixed-use brownstone with development potential in opportunity zone.
Where is this mixed-use property located?
The property is located at 610-612 Shawmut 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: Multi‑unit development opportunity with adjacent buildable lot.; Delivered vacant, ready for immediate development or occupancy.; Located in an Opportunity Zone, offering potential tax benefits.
