Mixed-Use Residential and Retail
For Sale
$4,490,000
194-198 Bunker Hill Street, Boston, MA 02129
Includes residential units and a Bunker Hill laundromat, plus an approved redevelopment for a four-unit property.
Property Size6,400 SF
Price / SF$701.56
Days on Market153
Property Features for 194-198 Bunker Hill Street
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
5
Building Details
Year Built
2015
Listing Agency:
Boston Realty Advisors
Listed By:
Nicholas Herz
(617) 375-7900
Source:
Capecoastalsir
Added: Apr 6
Changed: Sep 4
Last Checked: Sep 5 at 8:30AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This mixed-use offering combines existing residential income with retail support. 194–198 Bunker Hill Street includes 2 residential units and the Bunker Hill laundromat. The property also features an additional, currently vacant single-story building at 198 Bunker Hill Street, which is fully approved for redevelopment into a new four-unit project.
Approvals are in place for 2-bed/2-bath apartments or for-sale condominiums, with floor plans and Matterports available upon request.
The opportunity includes on-site residential living arrangements, an operating laundromat component, and a redevelopment pathway through the approved four-unit plan.
Approvals are in place for 2-bed/2-bath apartments or for-sale condominiums, with floor plans and Matterports available upon request.
The opportunity includes on-site residential living arrangements, an operating laundromat component, and a redevelopment pathway through the approved four-unit plan.
Key Highlights
- Mixed‑use asset with three addresses: 89 Green Street and 194–198 Bunker Hill Street
- 89 Green Street has 3 residential units; Year built 2015
- 194 Bunker Hill Street includes 2 residential units and the Bunker Hill laundromat
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
$156,240
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
3.48%
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%
$3,124,800
$3.1M
Cap Rate 7%
$2,232,000
$2.2M
Cap Rate 9%
$1,736,000
$1.7M
Market Conditions
NOI Build-Up for 6,400 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
$268.8K $42.00/SF
− Vacancy
−$18.8K −$2.94/SF
EGI
$250.0K $39.06/SF
− OpEx
−$93.7K −$14.65/SF
NOI
$156.2K $24.41/SF
Area
Boston, MA
Vacancy
7.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,124,800
Cap Rate 7%
$2,232,000
Cap Rate 9%
$1,736,000
Alternative Uses
Best Use
Mixed Use
$2.23M
$1.95M – $2.60M
NOI $156,240 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,349 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$4.79M
$4.19M – $5.59M
NOI $335,462 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,662
Businesses Nearby
Explore this area
Business Placement
Demographics for 02129, MA
19,120
Population
9,987
Households
1.9
Avg Household Size
36
Median Age
71%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
13,657
Density / Sq Mi
$157,192
Median Household Income
$101,310
Median Earnings
$2,258
Median Rent
$926,000
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?
Mixed-use property - Includes residential units and a Bunker Hill laundromat, plus an approved redevelopment for a four-unit property.
Where is this mixed-use property located?
The property is located at 194-198 Bunker Hill Street Boston, MA.
What is the asking price?
The asking price for this property is $4,490,000.
What are key features of this property?
This property features: Mixed‑use asset with three addresses: 89 Green Street and 194–198 Bunker Hill Street; 89 Green Street has 3 residential units; Year built 2015; 194 Bunker Hill Street includes 2 residential units and the Bunker Hill laundromat
