14-Unit Apartment
New
For Sale
$4,200,000
18 Fitzhenry Sq, Revere, MA 02151
Separate electric metering and tenant-paid electric heat support straightforward utility allocation.
Property Size9,454 SF
Lot Size0.15 Acres
Price / SF$404.47
Days on Market7
Property Features for 18 Fitzhenry Sq
General Information
Standard status
Active
Size
9,454 SF
Total Parking Spaces
4
Lot size
0.15 Acres
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA, 12 x 1BR/1BA
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$34,178
Building Details
Building Size
9,454 SF
Year Built
1945
Stories
5
Units
14
Listing Agency:
Horvath & Tremblay
(978) 406-1789
Listed By:
Stephen Girolamo · License #9552229
(978) 406-1789
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 19 at 12:26PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This 14-unit apartment property at 18 Fitzhenry Sq includes two 2-bedroom/1-bathroom units and twelve 1-bedroom/1-bathroom units. The building provides 9,454 square feet of gross living area within 10,384 square feet of gross area, occupies a 0.15-acre parcel, and includes four off-street parking spaces. Built in 1945, the property is configured for residential income use with separately metered electricity and electric-powered heat paid by tenants. The landlord provides gas-powered hot water, common-area electricity, and city water and sewer.
The property is located in Revere near downtown, neighborhood retail corridors, and surrounding residential communities. It also has access to the Revere Beach area and the ongoing Waterfront Square redevelopment, described as a transit-oriented mixed-use district. Walk Score is 40, Bike Score is 51, and Transit Score is 62.
The property is located in Revere near downtown, neighborhood retail corridors, and surrounding residential communities. It also has access to the Revere Beach area and the ongoing Waterfront Square redevelopment, described as a transit-oriented mixed-use district. Walk Score is 40, Bike Score is 51, and Transit Score is 62.
Key Highlights
- 14 units: two 2‑bedroom/1‑bathroom units and twelve 1‑bedroom/1‑bathroom units
- 9,454 square feet of gross living area within 10,384 square feet of gross area
- 0.15‑acre parcel with four off‑street parking spaces
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
$180,383
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
4.29%
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%
$3,607,660
$3.6M
Cap Rate 7%
$2,576,900
$2.6M
Cap Rate 9%
$2,004,256
$2.0M
Market Conditions
NOI Build-Up for 10,384 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
$348.9K $33.60/SF
− Vacancy
−$20.9K −$2.02/SF
EGI
$328.0K $31.58/SF
− OpEx
−$147.6K −$14.21/SF
NOI
$180.4K $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%
$3,607,660
Cap Rate 7%
$2,576,900
Cap Rate 9%
$2,004,256
Alternative Uses
Best Use
Apartment 5plus
$2.58M
$2.25M – $3.01M
NOI $180,383 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.15M
$5.38M – $7.17M
NOI $430,310 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
846
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?
Apartment building - Separate electric metering and tenant-paid electric heat support straightforward utility allocation.
Where is this apartment building located?
The property is located at 18 Fitzhenry Sq Revere, MA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 14 units: two 2‑bedroom/1‑bathroom units and twelve 1‑bedroom/1‑bathroom units; 9,454 square feet of gross living area within 10,384 square feet of gross area; 0.15‑acre parcel with four off‑street parking spaces
