Charlestown Waterfront Loft
For Sale
$22,000,000
33 Third Avenue, Boston, MA 02129
Renovated 47-unit apartment building in Charlestown's Navy Yard.
Property Size35,268 SF
Price / SF$623.79
Days on Market308
Property Features for 33 Third Avenue
General Information
Standard status
Active
Size
35,268 SF
Property subtype
Multi-Family
Zoning
99
Net Operating Income
$239,976
Taxes and HOA fees
Annual Taxes
$99
Building Details
Building Size
35,268 SF
Year Built
1900
Stories
3
Listing Agency:
Cushman & Wakefield
(617) 330-6966
Listed By:
Christopher Sower · License #9052376
(617) 816-5257
Source:
Churchillprop
Added: Dec 16, 2025
Changed: Oct 6
Last Checked: Oct 19 at 5:31AM
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 Cushman & Wakefield
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Investment Insights
Based on property information with market context.
Navy Yard 33 is a 47-unit, loft-style apartment building located along Charlestown's waterfront in Boston, Massachusetts. Constructed in 1900 and renovated in 2008, the building retains many of its original features while incorporating modern updates. The property offers a mix of one- and two-bedroom floor plans, including junior one-bedroom apartments, one-bedroom flats, a one-bedroom duplex apartment, two-bedroom apartments, and two-bedroom duplex apartments. Specifically, the unit mix includes 18 junior one-bedroom apartments (38%), 13 one-bedroom flats (28%), 1 one-bedroom duplex apartment (2%), 6 two-bedroom apartments (13%), and 9 two-bedroom duplex apartments (19%). The building has been exceptionally well maintained, and offers potential for selective upgrades such as improved bathroom and kitchen lighting, smart thermostats, and modern fixtures. The property size is 35,268 square feet.
Key Highlights
- Waterfront location in Charlestown.
- Loft‑style apartments with a variety of one- and two‑bedroom floor plans.
- Masterfully renovated and modernized building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$828,517
Cap Rate
3.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$16,570,340
$16.6M
Cap Rate 7%
$11,835,957
$11.8M
Cap Rate 9%
$9,205,744
$9.2M
Market Conditions
NOI Build-Up for 35,268 SF
Gross rent
$1.57M $44.40/SF
− Vacancy
−$59.5K −$1.69/SF
EGI
$1.51M $42.71/SF
− OpEx
−$677.9K −$19.22/SF
NOI
$828.5K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$16,570,340
Cap Rate 7%
$11,835,957
Cap Rate 9%
$9,205,744
Alternative Uses
Best Use
Apartment 5plus
$11.84M
$10.36M – $13.81M
NOI $828,517 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$26.41M
$23.11M – $30.81M
NOI $1,848,607 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,678
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 47-unit apartment building in Charlestown's Navy Yard.
Where is this apartment building located?
The property is located at 33 Third Avenue Boston, MA.
What is the asking price?
The asking price for this property is $22,000,000.
What are key features of this property?
This property features: Waterfront location in Charlestown.; Loft‑style apartments with a variety of one- and two‑bedroom floor plans.; Masterfully renovated and modernized building.
