14-16 Derne Street, Boston, MA 02114

Building Details

Year Built 1899 More

Stories 5 More

Listing Agency: Marcus & Millichap Real Estate Investment Services Show Phone

Listed By: Evan Griffith · License MA #9521845 Show Phone

Source: Spauldingrealty

Added: Sep 21 Changed: Nov 6 Last Checked: Nov 8 at 5:26AM

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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 Marcus & Millichap Real Estate Investment Services

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Investment Insights

Based on property information with market context.

This 4,888-square-foot mixed-use property is a five-unit brick corner building constructed in 1899. The commercial component is occupied by Florina Pizzeria, while four furnished two-bedroom, one-bathroom apartments are positioned above. Each residential unit has been renovated with central AC, in-unit laundry, and a dishwasher. The property is reported as 100% leased.

Located at 14-16 Derne Street in Boston’s Beacon Hill neighborhood, the building sits across from the Statehouse. The surrounding area provides access to Charles Street, Back Bay, the North End, Suffolk University, Government Center, Haymarket, the Charles River Esplanade, and Massachusetts General Hospital.

Key Highlights

• 4,888‑square‑foot mixed‑use building on a corner site
• Five total units, including four furnished two‑bedroom, one‑bathroom apartments
• 100% leased with Florina Pizzeria occupying the commercial space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$130,920

Cap Rate

3.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,618,400 $2.6M

Cap Rate 7%

$1,870,286 $1.9M

Cap Rate 9%

$1,454,667 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,888 SF

Gross rent

$187.7K $38.40/SF

− Vacancy

−$13.1K −$2.69/SF

EGI

$174.6K $35.71/SF

− OpEx

−$43.6K −$8.93/SF

NOI

$130.9K $26.78/SF

Area

ZIP 02114

Vacancy

7.00%

Lease Rate

$38.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,618,400

Cap Rate 7%

$1,870,286

Cap Rate 9%

$1,454,667

Alternative Uses

Best Use

Specialty Retail

$1.87M

$1.64M – $2.18M (±1% cap)

NOI $130,920 @ 7.0% cap · market cap 3.05%

Second Best

Apartment 5plus

$1.77M

$1.55M – $2.07M (±1% cap)

NOI $124,140 @ 7.0% cap · market cap 2.89%

Theoretical Best

Office A

$2.54M

$2.23M – $2.97M (±1% cap)

NOI $178,009 @ 7.0% cap · market cap 4.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick HVAC Service Clothing & Fashion Store Butcher Pet Grooming Service (Bike/Boat/Book/etc) Store Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

24,234

Businesses Nearby

Explore this area Business Placement

Demographics for 02114, MA

14,469

Population

9,525

Households

1.5

Avg Household Size

33

Median Age

84%

College-Educated

97%

High-School Grad

0.4 sq mi

ZIP Area

36,173

Density / Sq Mi

$135,057

Median Household Income

$94,465

Median Earnings

$2,933

Median Rent

$927,900

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in Boston, MA

$517 Jul

$579 Aug

$564 Sep

$608 Oct

Properties on Market for Mixed-use properties in Boston

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully leased corner property combines a restaurant with furnished residential apartments and updated in-unit amenities.

Where is this mixed-use property located?

The property is located at 14-16 Derne Street Boston, MA.

What is the asking price?

The asking price for this property is $4,295,000.

What are key features of this property?

This property features: 4,888‑square‑foot mixed‑use building on a corner site; Five total units, including four furnished two‑bedroom, one‑bathroom apartments; 100% leased with Florina Pizzeria occupying the commercial space