Six-Unit Apartment Building Near Revere
For Sale
$1,890,000
Pending
83 Shirley Ave, Revere, MA 02151
Fully occupied six-unit apartment building near public transportation and amenities.
Property Size4,719 SF
Lot Size0.11 Acres
Days on Market164
Property Features for 83 Shirley Ave
General Information
Standard status
Pending
Size
4,719 SF
Lot size
0.11 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,424
Building Details
Building Size
4,719 SF
Year Built
1900
Stories
5
Units
6
Listing Agency:
(617) 650-4214
Listed By:
Luca Dell'Anese
(617) 650-4214
Source:
Elliman
Added: Mar 10
Changed: Aug 16
Last Checked: Aug 16 at 10:10AM
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 Luca Dell'Anese
Investment Insights
Based on property information with market context.
This is a six-unit apartment building situated on four floors. The property is fully occupied with stable tenants. It is located in the growing city of Revere, less than half a mile from the MBTA Revere Beach Blue Line T station and Revere Beach. The property is also in close proximity to shops and amenities, and a short distance from Logan Airport and major highways.
Key Highlights
- Six‑unit apartment building
- Fully occupied with stable tenants
- Less than half mile from MBTA Revere Beach Blue Line T station and Revere Beach
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
$81,975
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
4.34%
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%
$1,639,500
$1.6M
Cap Rate 7%
$1,171,071
$1.2M
Cap Rate 9%
$910,833
$910.8K
Market Conditions
NOI Build-Up for 4,719 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
$158.6K $33.60/SF
− Vacancy
−$9.5K −$2.02/SF
EGI
$149.0K $31.58/SF
− OpEx
−$67.1K −$14.21/SF
NOI
$82.0K $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%
$1,639,500
Cap Rate 7%
$1,171,071
Cap Rate 9%
$910,833
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.37M
NOI $81,975 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,554 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
903
Businesses Nearby
Explore this area
Business Placement
Demographics for 02151, MA
62,252
Population
23,461
Households
2.7
Avg Household Size
38
Median Age
25%
College-Educated
83%
High-School Grad
5.7 sq mi
ZIP Area
10,921
Density / Sq Mi
$80,948
Median Household Income
$43,374
Median Earnings
$1,964
Median Rent
$566,200
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 - Fully occupied six-unit apartment building near public transportation and amenities.
Where is this apartment building located?
The property is located at 83 Shirley Ave Revere, MA.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Six‑unit apartment building; Fully occupied with stable tenants; Less than half mile from MBTA Revere Beach Blue Line T station and Revere Beach
