Multifamily Restoration
For Sale
$719,900
1509a North Shore Road, Revere, MA 02151
Fire-damaged building requires restoration and sprinkler installation before reuse.
Property Size2,118 SF
Price / SF$339.90
Days on Market76
Property Features for 1509a North Shore Road
General Information
Standard status
Active
Size
2,118 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
Century 21 North East
Listed By:
Diana Franco
(978) 658-2345
Source:
Wilsonwolfe
Added: Jun 16
Changed: Aug 29
Last Checked: Jul 4 at 7:26PM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This 2,118-square-foot multifamily property was built in 1900 and is being offered in its current as-is condition. A basement fire on August 11, 2025 caused the greatest impact below grade, while firefighting activity also affected the upper units. Restoration will require a sprinkler system throughout the building under a City of Revere requirement. Conventional, FHA, VA, and other traditional financing are not expected to apply; the sale is limited to cash buyers.
The property is positioned behind another residence and reached through a 3-foot-wide pedestrian easement. There is no vehicle access or on-site parking. Revere Beach MBTA Station is approximately a 2-minute walk away, and Revere Beach is less than 5 minutes on foot. Restaurants, shopping, and other local amenities are nearby. Buyer and buyer’s agent must independently review permits, code requirements, renovation work, and intended use.
The property is positioned behind another residence and reached through a 3-foot-wide pedestrian easement. There is no vehicle access or on-site parking. Revere Beach MBTA Station is approximately a 2-minute walk away, and Revere Beach is less than 5 minutes on foot. Restaurants, shopping, and other local amenities are nearby. Buyer and buyer’s agent must independently review permits, code requirements, renovation work, and intended use.
Key Highlights
- 2,118 SF multifamily property built in 1900
- Basement fire occurred on August 11, 2025; upper units also sustained firefighting‑related damage
- City of Revere requires a sprinkler system throughout the 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
$36,792
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
5.11%
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%
$735,840
$735.8K
Cap Rate 7%
$525,600
$525.6K
Cap Rate 9%
$408,800
$408.8K
Market Conditions
NOI Build-Up for 2,118 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
$71.2K $33.60/SF
− Vacancy
−$4.3K −$2.02/SF
EGI
$66.9K $31.58/SF
− OpEx
−$30.1K −$14.21/SF
NOI
$36.8K $17.37/SF
Area
Suffolk County, MA
Vacancy
6.00%
Lease Rate
$33.60 /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%
$735,840
Cap Rate 7%
$525,600
Cap Rate 9%
$408,800
Alternative Uses
Best Use
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,792 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,769 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Explore this area
Business Placement
Demographics for 02151, MA
62,252
Population
23,461
Households
2.7
Avg Household Size
38
Median Age
25%
College-Educated
83%
High-School Grad
5.7 sq mi
ZIP Area
10,921
Density / Sq Mi
$80,948
Median Household Income
$43,374
Median Earnings
$1,964
Median Rent
$566,200
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?
Multifamily property - Fire-damaged building requires restoration and sprinkler installation before reuse.
Where is this multifamily property located?
The property is located at 1509a North Shore Road Revere, MA.
What is the asking price?
The asking price for this property is $719,900.
What are key features of this property?
This property features: 2,118 SF multifamily property built in 1900; Basement fire occurred on August 11, 2025; upper units also sustained firefighting‑related damage; City of Revere requires a sprinkler system throughout the building
