Commercial Dance Studio with Residential
For Sale
$1,415,000
233 Washington Ave, Revere, MA 02151
Mixed-use brick property includes a dance studio leased through 2029 plus two 2-bedroom and one 3-bedroom units.
Property Size6,457 SF
Price / SF$219.14
Days on Market188
Property Features for 233 Washington Ave
General Information
Standard status
Active
Size
6,457 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
Mixed Use
Net Operating Income
$118,000
Taxes and HOA fees
Annual Taxes
$14,000
Building Details
Building Size
6,457 SF
Year Built
1960
Stories
4
Listing Agency:
The Collaborative Companies
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 3
Changed: Sep 6
Last Checked: Jul 5 at 12:41PM
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.
This mixed-use brick property at 233 Washington Ave, Revere includes a 2,000+ sq. ft. commercial dance studio and three residential units. The dance studio is leased to a tenant with 39 years of occupancy, with a lease term through 2029. The residential component consists of two 2-bedroom apartments and one 3-bedroom apartment, each including an office/den. All residential units are deleaded and currently occupied by Section 8 tenants.
The building offers common laundry and off-street parking for residents.
With the commercial lease extending through 2029 and the residential units currently in place, the property is structured for continued income while providing a straightforward mixed-use configuration.
The building offers common laundry and off-street parking for residents.
With the commercial lease extending through 2029 and the residential units currently in place, the property is structured for continued income while providing a straightforward mixed-use configuration.
Key Highlights
- 1960 mixed‑use brick property with a 2,000+ SF commercial dance studio and 3 residential units
- Dance studio leased to a 39‑year tenant with lease in place through 2029
- Residential unit mix: two 2‑bedroom apartments and one 3‑bedroom apartment with office/den
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
$123,014
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
8.69%
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%
$2,460,280
$2.5M
Cap Rate 7%
$1,757,343
$1.8M
Cap Rate 9%
$1,366,822
$1.4M
Market Conditions
NOI Build-Up for 6,457 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
$186.0K $28.80/SF
− Vacancy
−$10.2K −$1.58/SF
EGI
$175.7K $27.22/SF
− OpEx
−$52.7K −$8.16/SF
NOI
$123.0K $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%
$2,460,280
Cap Rate 7%
$1,757,343
Cap Rate 9%
$1,366,822
Alternative Uses
Best Use
Multifamily LT 5
$1.76M
$1.54M – $2.05M
NOI $123,014 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,166 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$3.82M
$3.34M – $4.46M
NOI $267,576 @ 7.0% cap · market cap 18.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
392
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 - Mixed-use brick property includes a dance studio leased through 2029 plus two 2-bedroom and one 3-bedroom units.
Where is this triplex located?
The property is located at 233 Washington Ave Revere, MA.
What is the asking price?
The asking price for this property is $1,415,000.
What are key features of this property?
This property features: 1960 mixed‑use brick property with a 2,000+ SF commercial dance studio and 3 residential units; Dance studio leased to a 39‑year tenant with lease in place through 2029; Residential unit mix: two 2‑bedroom apartments and one 3‑bedroom apartment with office/den
