Renovated Three-Bedroom
For Sale
$755,000
1653 Commonwealth Ave, Boston, MA 02135
Updated condominium with a new kitchen, renovated bath, and refreshed flooring throughout.
Property Size1,400 SF
Price / SF$539.29
Days on Market72
Property Features for 1653 Commonwealth Ave
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
ENERGY STAR Qualified Refrigerator
ENERGY STAR Qualified Dishwasher
Range
Oven
Window Unit(s)
Baseboard
1.0 Story
$7,339 Taxes
Public
Built in 1890
Building Details
Year Built
1890
Listing Agency:
SelectRE Boston
(617) 777-6109
Listed By:
Owen Spence
Source:
Donahuere
Added: Jun 2
Changed: Aug 5
Last Checked: Aug 12 at 3:13AM
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 SelectRE Boston
Investment Insights
Based on property information with market context.
This residential income property is a condominium with three bedrooms and one bathroom across approximately 1,400 square feet. The interior has undergone a full renovation, including a newly installed kitchen with custom cabinetry and appliances, a rebuilt bathroom, and new flooring throughout the unit. The property was built in 1890.
The condominium is located on Commonwealth Ave in Brighton, with the B Line nearby. Boston College and Cleveland Circle are also accessible from the property, providing connections to surrounding destinations and Boston beyond. The layout and completed improvements support either owner occupancy or an investor-focused acquisition.
The condominium is located on Commonwealth Ave in Brighton, with the B Line nearby. Boston College and Cleveland Circle are also accessible from the property, providing connections to surrounding destinations and Boston beyond. The layout and completed improvements support either owner occupancy or an investor-focused acquisition.
Key Highlights
- Three‑bedroom, one‑bathroom condominium
- Approximately 1,400 sq ft of interior space
- Full interior renovation completed
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
$32,889
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
4.36%
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%
$657,780
$657.8K
Cap Rate 7%
$469,843
$469.8K
Cap Rate 9%
$365,433
$365.4K
Market Conditions
NOI Build-Up for 1,400 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
$62.2K $44.40/SF
− Vacancy
−$2.4K −$1.69/SF
EGI
$59.8K $42.71/SF
− OpEx
−$26.9K −$19.22/SF
NOI
$32.9K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /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%
$657,780
Cap Rate 7%
$469,843
Cap Rate 9%
$365,433
Alternative Uses
Best Use
Apartment 5plus
$469.8K
$411.1K – $548.2K
NOI $32,889 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$917.3K – $1.22M
NOI $73,382 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with a new kitchen, renovated bath, and refreshed flooring throughout.
Where is this residential income property located?
The property is located at 1653 Commonwealth Ave Boston, MA.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Three‑bedroom, one‑bathroom condominium; Approximately 1,400 sq ft of interior space; Full interior renovation completed
