Mixed-Use Redevelopment Opportunity,
For Sale
$850,000
645 River St, Boston, MA 02136
Redevelopment opportunity: mixed-use building with commercial and residential potential.
Property Size2,000 SF
Price / SF$425
Days on Market656
Property Features for 645 River St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Land
Zoning
C
Taxes and HOA fees
Annual Taxes
$3,975
Listing Agency:
Coldwell Banker Realty - Concord
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Nov 26, 2024
Changed: Sep 12
Last Checked: Sep 13 at 5:19AM
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 Coldwell Banker Realty - Concord
Investment Insights
Based on property information with market context.
Located at 645 River St, Boston, MA 02136, this property presents a redevelopment opportunity in Hyde Park. Plans are in place to replace the existing grocery store with a new 3-story, mixed-use building. The first floor is designed to include approximately 2,000 square feet of commercial space, intended for a self-service laundry to serve the local community. The two floors above will house a total of four residential units, with two units on each floor. The location offers high visibility and convenient access to public transportation, with potential for both residential and commercial income.
Key Highlights
- Prime location in Hyde Park with high visibility and easy access to public transit.
- Mixed‑use building with both commercial (self‑service laundry) and residential income potential.
- Redevelopment opportunity to replace existing structure with a new 3‑story building.
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
$48,825
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
5.74%
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%
$976,500
$976.5K
Cap Rate 7%
$697,500
$697.5K
Cap Rate 9%
$542,500
$542.5K
Market Conditions
NOI Build-Up for 2,000 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
$84.0K $42.00/SF
− Vacancy
−$5.9K −$2.94/SF
EGI
$78.1K $39.06/SF
− OpEx
−$29.3K −$14.65/SF
NOI
$48.8K $24.41/SF
Area
Boston, MA
Vacancy
7.00%
Lease Rate
$42.00 /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%
$976,500
Cap Rate 7%
$697,500
Cap Rate 9%
$542,500
Alternative Uses
Best Use
Mixed Use
$697.5K
$610.3K – $813.8K
NOI $48,825 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,832 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
705
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Redevelopment opportunity: mixed-use building with commercial and residential potential.
Where is this mixed-use property located?
The property is located at 645 River St Boston, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Prime location in Hyde Park with high visibility and easy access to public transit.; Mixed‑use building with both commercial (self‑service laundry) and residential income potential.; Redevelopment opportunity to replace existing structure with a new 3‑story building.
