Five-Unit Mixed-Use Brick
For Sale
$4,295,000
14-16 Derne Street, Boston, MA 02114
Fully leased corner property combines a restaurant with furnished residential apartments and updated in-unit amenities.
Property Size4,888 SF
Price / SF$878.68
Days on Market15
Property Features for 14-16 Derne Street
General Information
Standard status
Active
Size
4,888 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$23,927
Building Details
Year Built
1899
Stories
5
Listing Agency:
Marcus & Millichap Real Estate Investment Services
(860) 564-8000
Listed By:
Evan Griffith · License #(S):MA:9521845
(617) 896-7221
Source:
Spauldingrealty
Added: Sep 21
Changed: Oct 5
Last Checked: Oct 4 at 9:11AM
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
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.
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
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
NOI $130,920 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,140 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$2.54M
$2.23M – $2.97M
NOI $178,009 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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 - 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
