Mixed-Use Building with
For Sale
$7,899,000
246 West Broadway, Boston, MA 02127
Built in 2017, this mixed-use property includes 8 apartments and a fully leased retail suite.
Property Size13,650 SF
Price / SF$578.68
Days on Market90
Property Features for 246 West Broadway
General Information
Standard status
Active
Size
13,650 SF
Property subtype
Multi-Family
Zoning
MFR/LS
Occupancy
100%
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$71,016
Building Details
Building Size
13,650 SF
Year Built
2017
Stories
18
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 8
Changed: Sep 4
Last Checked: Sep 4 at 3:47AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This mixed-use building at 246 West Broadway was built in 2017 and features condo-quality finishes. The property is configured with 8 apartments and 1 retail suite, with the ground-floor retail currently fully leased. Public remarks indicate the building has maintained 100% occupancy since delivery.
The apartments are described as having large sizes averaging 1,450+ SF and contemporary design elements. The retail component is included as part of the fully leased ground-floor offering.
For investors or owner-users seeking a newer mixed-use asset, the current combination of residential units and a leased retail suite provides an established income stream within the same property structure.
The apartments are described as having large sizes averaging 1,450+ SF and contemporary design elements. The retail component is included as part of the fully leased ground-floor offering.
For investors or owner-users seeking a newer mixed-use asset, the current combination of residential units and a leased retail suite provides an established income stream within the same property structure.
Key Highlights
- Built in 2017 mixed‑use property with 8 apartments and 1 retail suite
- Condo‑quality finishes and contemporary design elements
- 100% occupancy maintained since delivery
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
$333,231
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
4.22%
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%
$6,664,620
$6.7M
Cap Rate 7%
$4,760,443
$4.8M
Cap Rate 9%
$3,702,567
$3.7M
Market Conditions
NOI Build-Up for 13,650 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
$573.3K $42.00/SF
− Vacancy
−$40.1K −$2.94/SF
EGI
$533.2K $39.06/SF
− OpEx
−$199.9K −$14.65/SF
NOI
$333.2K $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%
$6,664,620
Cap Rate 7%
$4,760,443
Cap Rate 9%
$3,702,567
Alternative Uses
Best Use
Mixed Use
$4.76M
$4.17M – $5.55M
NOI $333,231 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$4.58M
$4.01M – $5.34M
NOI $320,666 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$10.22M
$8.94M – $11.92M
NOI $715,478 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,143
Businesses Nearby
Explore this area
Business Placement
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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 - Built in 2017, this mixed-use property includes 8 apartments and a fully leased retail suite.
Where is this apartment building located?
The property is located at 246 West Broadway Boston, MA.
What is the asking price?
The asking price for this property is $7,899,000.
What are key features of this property?
This property features: Built in 2017 mixed‑use property with 8 apartments and 1 retail suite; Condo‑quality finishes and contemporary design elements; 100% occupancy maintained since delivery
