Mixed-Use Brownstone in Kenmore
For Sale
$5,230,000
470 Commonwealth Ave, Boston, MA 02215
Mixed-use brownstone with diversified income in sought-after Kenmore Square.
Property Size9,096 SF
Price / SF$574.98
Days on Market138
Property Features for 470 Commonwealth Ave
General Information
Standard status
Active
Size
9,096 SF
Property subtype
Multi-Family
Building Details
Year Built
1899
Listing Agency:
Boston Realty Advisors
Listed By:
Nicholas Herz
(617) 375-7900
Source:
Billskerry
Added: Apr 25
Changed: Sep 4
Last Checked: Sep 8 at 11:31AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
Located along Commonwealth Avenue in Kenmore Square, this mixed-use brownstone at 470 Commonwealth Ave presents a purchase opportunity. The property features six residential units, street-level retail, and first-floor commercial space, offering a diversified income stream. The residential units showcase architectural details from the 1930s. The commercial component benefits from visibility and foot traffic. Four private off-street parking spaces enhance the property. Colloquially known as 470 Comm Ave, it offers long-term appreciation potential.
Key Highlights
- Diversified income stream from six residential units, street‑level retail, and first‑floor commercial space.
- Prime location on Commonwealth Avenue in Kenmore Square.
- Four private off‑street parking spaces.
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
$231,009
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
4.42%
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%
$4,620,180
$4.6M
Cap Rate 7%
$3,300,129
$3.3M
Cap Rate 9%
$2,566,767
$2.6M
Market Conditions
NOI Build-Up for 9,096 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
$436.6K $48.00/SF
− Vacancy
−$16.6K −$1.82/SF
EGI
$420.0K $46.18/SF
− OpEx
−$189.0K −$20.78/SF
NOI
$231.0K $25.40/SF
Area
ZIP 02215
Vacancy
3.80%
Lease Rate
$48.00 /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%
$4,620,180
Cap Rate 7%
$3,300,129
Cap Rate 9%
$2,566,767
Alternative Uses
Best Use
Apartment 5plus
$3.30M
$2.89M – $3.85M
NOI $231,009 @ 7.0% cap · market cap 4.42%
Second Best
Mixed Use
$2.90M
$2.54M – $3.38M
NOI $203,023 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$7.86M
$6.88M – $9.17M
NOI $550,126 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,981
Businesses Nearby
Explore this area
Business Placement
Demographics for 02215, MA
26,926
Population
9,390
Households
2.9
Avg Household Size
26
Median Age
85%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
29,918
Density / Sq Mi
$65,827
Median Household Income
$12,149
Median Earnings
$2,385
Median Rent
$683,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use brownstone with diversified income in sought-after Kenmore Square.
Where is this mixed-use property located?
The property is located at 470 Commonwealth Ave Boston, MA.
What is the asking price?
The asking price for this property is $5,230,000.
What are key features of this property?
This property features: Diversified income stream from six residential units, street‑level retail, and first‑floor commercial space.; Prime location on Commonwealth Avenue in Kenmore Square.; Four private off‑street parking spaces.
