Renovated Three-Family Property Near
For Sale
$1,349,900
1661 North Shore Rd, Revere, MA 02151
Fully renovated three-family property near Revere Beach with strong rental income.
Property Size3,459 SF
Price / SF$390.26
Days on Market109
Property Features for 1661 North Shore Rd
General Information
Standard status
Active
Size
3,459 SF
Property subtype
Multi-Family
Zoning
RB
Net Operating Income
$103,800
Taxes and HOA fees
Annual Taxes
$8,163
Building Details
Building Size
3,459 SF
Year Built
1920
Stories
3
Listing Agency:
The Collaborative Companies
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 14
Changed: Aug 23
Last Checked: Aug 29 at 6:42AM
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 The Collaborative Companies
Investment Insights
Based on property information with market context.
Located in a sought-after beachside neighborhood of Revere, 1661 North Shore Rd is a renovated three-family property. Each unit features 3 bedrooms, updated kitchens and bathrooms, and modern finishes. The property has separate utilities. The property is located minutes from the MBTA Blue Line, providing access to Revere Beach and Beachmont stations for commuting to Downtown Boston. Route 1A and Logan Airport are also nearby. The neighborhood is known for its walkability, public transportation, and proximity to Revere Beach, along with restaurants, coffee shops, and retail options. The property is suitable for investors or owner-occupants seeking rental income potential.
Key Highlights
- Fully renovated three‑family property in a desirable beachside location.
- Strong rental income potential for investors or owner‑occupants.
- Each unit features 3 bedrooms, updated kitchens and bathrooms, and modern finishes.
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
$65,898
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
4.88%
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%
$1,317,960
$1.3M
Cap Rate 7%
$941,400
$941.4K
Cap Rate 9%
$732,200
$732.2K
Market Conditions
NOI Build-Up for 3,459 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
$99.6K $28.80/SF
− Vacancy
−$5.5K −$1.58/SF
EGI
$94.1K $27.22/SF
− OpEx
−$28.2K −$8.16/SF
NOI
$65.9K $19.05/SF
Area
Suffolk County, MA
Vacancy
5.50%
Lease Rate
$28.80 /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%
$1,317,960
Cap Rate 7%
$941,400
Cap Rate 9%
$732,200
Alternative Uses
Best Use
Multifamily LT 5
$941.4K
$823.7K – $1.10M
NOI $65,898 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$858.4K
$751.1K – $1.00M
NOI $60,087 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,340 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
771
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?
Triplex - Fully renovated three-family property near Revere Beach with strong rental income.
Where is this triplex located?
The property is located at 1661 North Shore Rd Revere, MA.
What is the asking price?
The asking price for this property is $1,349,900.
What are key features of this property?
This property features: Fully renovated three‑family property in a desirable beachside location.; Strong rental income potential for investors or owner‑occupants.; Each unit features 3 bedrooms, updated kitchens and bathrooms, and modern finishes.
