Renovated Triplex with
For Sale
$1,350,000
261-263 Proctor Avenue, Revere, MA 02151
Three apartments offer separate gas heat, laundry hookups, and access to a partially finished walk-out basement.
Property Size2,600 SF
Price / SF$519.23
Days on Market164
Property Features for 261-263 Proctor Avenue
General Information
Standard status
Active
Size
2,600 SF
Total Parking Spaces
7
Property subtype
Multi-family / 3 Family
Zoning
RB
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,153
Amenities
No
Wood, Tile, Vinyl
Storm Door(s)
4.0
Insulated Windows, Storm Window(s)
Electric Dryer Hookup, Washer Hookup
Full, Partially Finished, Walk Out, Concrete Floor
4
4.00
City View(s), Scenic View(s), City, Yes
Fenced/Enclosed, Fenced
Frame, Brick
Shingle
Corner Lot, Gentle Sloping
Rain Gutters, City View(s), Fenced Yard, Porch, Porch - Enclosed
Ocean, 1 to 2 Mile To Beach, Beach Ownership(Public)
Porch, Enclosed
Building Details
Year Built
1900
Buildings
2
Stories
3
Listing Agency:
Atlantic Realty Services
(617) 543-3607
Listed By:
Maria DiPierro · License #9511886
(617) 543-3607
Source:
Compass
Added: Mar 22
Changed: Aug 30
Last Checked: Aug 30 at 9:38PM
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 Atlantic Realty Services
Investment Insights
Based on property information with market context.
This 2,600-square-foot triplex contains one apartment on each of three floors. The first-floor unit has two bedrooms, the second-floor unit has two to three bedrooms, and the renovated third-floor unit has one bedroom and HVAC. Each apartment is served by separate gas heat, with washer and dryer hookups provided throughout the building.
Property improvements include a recently replaced roof with plywood sheathing and shingles, vinyl-clad picture windows along the front facade and in the kitchens, and an 18-by-25-foot all-masonry garage. The corner-lot property also includes four off-street parking spaces, an enclosed porch, a fenced yard, and a partially finished walk-out basement with a full bathroom. The garage may offer potential for an ADU, subject to applicable approvals.
Property improvements include a recently replaced roof with plywood sheathing and shingles, vinyl-clad picture windows along the front facade and in the kitchens, and an 18-by-25-foot all-masonry garage. The corner-lot property also includes four off-street parking spaces, an enclosed porch, a fenced yard, and a partially finished walk-out basement with a full bathroom. The garage may offer potential for an ADU, subject to applicable approvals.
Key Highlights
- Three‑floor triplex totaling 2,600 square feet
- Unit mix includes 2 bedrooms, 2 to 3 bedrooms, and 1 bedroom
- Separate gas heat serves all three apartments
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
$49,533
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
3.67%
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%
$990,660
$990.7K
Cap Rate 7%
$707,614
$707.6K
Cap Rate 9%
$550,367
$550.4K
Market Conditions
NOI Build-Up for 2,600 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
$74.9K $28.80/SF
− Vacancy
−$4.1K −$1.58/SF
EGI
$70.8K $27.22/SF
− OpEx
−$21.2K −$8.16/SF
NOI
$49.5K $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%
$990,660
Cap Rate 7%
$707,614
Cap Rate 9%
$550,367
Alternative Uses
Best Use
Multifamily LT 5
$707.6K
$619.2K – $825.6K
NOI $49,533 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$645.2K
$564.6K – $752.8K
NOI $45,165 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,743 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,051
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 - Three apartments offer separate gas heat, laundry hookups, and access to a partially finished walk-out basement.
Where is this triplex located?
The property is located at 261-263 Proctor Avenue Revere, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Three‑floor triplex totaling 2,600 square feet; Unit mix includes 2 bedrooms, 2 to 3 bedrooms, and 1 bedroom; Separate gas heat serves all three apartments
