Renovated 4-Unit Mixed-Use
For Sale
$5,950,000
133 Salem Street, Boston, MA 02113
Historic firehouse conversion with commercial space, three residences, and private outdoor space in Boston’s North End.
Property Size6,760 SF
Price / SF$880.18
Days on Market306
Property Features for 133 Salem Street
General Information
Standard status
Active
Size
6,760 SF
Property subtype
Multi-family / 4 Family - 4 Units Up/Down
Zoning
RC
Net Operating Income
$308,171
Taxes and HOA fees
Annual Taxes
$25,272
Amenities
City/Town Sewer, Public
No, .00
No
6.0
Finished
5
1
5.50
6
City View(s), Yes
Building Details
Year Built
1920
Listing Agency:
Douglas Elliman Real Estate - The Sarkis Team
(617) 875-4950
Listed By:
The Sarkis Team · License #263277
(617) 875-4950
Source:
Compass
Added: Oct 29, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:09PM
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 Douglas Elliman Real Estate - The Sarkis Team
Investment Insights
Based on property information with market context.
Originally constructed in 1920 as Engine No. 8 Firehouse, the property was renovated in 2013 and now contains four units across a mixed-use configuration. The ground floor includes 2,400+ square feet of commercial space occupied by BTONE Pilates Studio. Three finished residential units are located above, including a penthouse with more than three bedrooms, private outdoor space, and city views. Two additional residential units are leased, while the penthouse offers flexibility for owner occupancy or leasing.
The property is at 133 Salem Street in Boston, Massachusetts, within the North End and down the street from the Eliot School. RC zoning and a total property size of 6,760 square feet support the building’s combined commercial and residential format. The former firehouse retains a distinct historic identity while providing renovated interior space for both business and residential use.
The property is at 133 Salem Street in Boston, Massachusetts, within the North End and down the street from the Eliot School. RC zoning and a total property size of 6,760 square feet support the building’s combined commercial and residential format. The former firehouse retains a distinct historic identity while providing renovated interior space for both business and residential use.
Key Highlights
- Four‑unit mixed‑use property at 133 Salem Street
- 2,400+ SF ground‑floor commercial space leased to BTONE Pilates Studio
- Three residential units, including a 3+ bedroom penthouse
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
$170,820
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
2.87%
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%
$3,416,400
$3.4M
Cap Rate 7%
$2,440,286
$2.4M
Cap Rate 9%
$1,898,000
$1.9M
Market Conditions
NOI Build-Up for 6,760 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
$255.5K $37.80/SF
− Vacancy
−$11.5K −$1.70/SF
EGI
$244.0K $36.10/SF
− OpEx
−$73.2K −$10.83/SF
NOI
$170.8K $25.27/SF
Area
Boston, MA
Vacancy
4.50%
Lease Rate
$37.80 /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%
$3,416,400
Cap Rate 7%
$2,440,286
Cap Rate 9%
$1,898,000
Alternative Uses
Best Use
Multifamily LT 5
$2.44M
$2.14M – $2.85M
NOI $170,820 @ 7.0% cap · market cap 2.87%
Second Best
Mixed Use
$2.36M
$2.06M – $2.75M
NOI $165,029 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$5.06M
$4.43M – $5.91M
NOI $354,332 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,797
Businesses Nearby
Explore this area
Business Placement
Demographics for 02113, MA
7,126
Population
4,664
Households
1.5
Avg Household Size
29
Median Age
80%
College-Educated
98%
High-School Grad
0.1 sq mi
ZIP Area
71,260
Density / Sq Mi
$110,321
Median Household Income
$72,264
Median Earnings
$2,498
Median Rent
$693,900
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 - Historic firehouse conversion with commercial space, three residences, and private outdoor space in Boston’s North End.
Where is this mixed-use property located?
The property is located at 133 Salem Street Boston, MA.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Four‑unit mixed‑use property at 133 Salem Street; 2,400+ SF ground‑floor commercial space leased to BTONE Pilates Studio; Three residential units, including a 3+ bedroom penthouse
