Three-Family Beachside Income
For Sale
$1,299,900
1661 North Shore Road, Revere, MA 02151
Fully renovated three-family residence with separate utilities and updated kitchens and baths across spacious 3-bedroom units.
Property Size3,459 SF
Price / SF$375.80
Days on Market111
Property Features for 1661 North Shore Road
General Information
Standard status
Active
Size
3,459 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1920
Listing Agency:
REMAX Andrew Realty Services
(617) 447-9439
Listed By:
Afonso Realty Group
Source:
Elevatedboston
Added: Apr 21
Changed: Aug 8
Last Checked: Aug 8 at 5:01PM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
1661 North Shore Road is a fully renovated, well-maintained three-family property offering three spacious units. Each unit features 3 bedrooms with updated kitchens and bathrooms and modern finishes. The home is set up with separate utilities, supporting straightforward operations for residents and investors.
The property is described as being located in a beachside neighborhood with walkability and public transportation access. Residents have convenient access to the MBTA Blue Line, including nearby Beachmont and Revere Beach stations, along with access routes including Route 1A and Logan Airport.
This is a turnkey residential income asset designed to serve both investor and owner-occupant needs, with updated interior finishes throughout and a configuration that supports independent utility management for each unit.
The property is described as being located in a beachside neighborhood with walkability and public transportation access. Residents have convenient access to the MBTA Blue Line, including nearby Beachmont and Revere Beach stations, along with access routes including Route 1A and Logan Airport.
This is a turnkey residential income asset designed to serve both investor and owner-occupant needs, with updated interior finishes throughout and a configuration that supports independent utility management for each unit.
Key Highlights
- 1920‑built fully renovated three‑family property in Revere’s beachside neighborhood
- Three spacious 3‑bedroom units with updated kitchens and bathrooms
- Separate utilities for each unit
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
5.07%
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 5.07%
Second Best
Apartment 5plus
$858.4K
$751.1K – $1.00M
NOI $60,087 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,340 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
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 residence with separate utilities and updated kitchens and baths across spacious 3-bedroom units.
Where is this triplex located?
The property is located at 1661 North Shore Road Revere, MA.
What is the asking price?
The asking price for this property is $1,299,900.
What are key features of this property?
This property features: 1920‑built fully renovated three‑family property in Revere’s beachside neighborhood; Three spacious 3‑bedroom units with updated kitchens and bathrooms; Separate utilities for each unit
