Renovated Mixed-Use
New
For Sale
$5,000,000
370-372 Centre Street, Boston, MA 02130
Four renovated apartments and two street-level commercial spaces occupy this fully updated property on Centre Street.
Property Size9,768 SF
Price / SF$511.88
Days on Market7
Property Features for 370-372 Centre Street
General Information
Standard status
Active
Size
9,768 SF
Net Rentable
9,768 SF
Property subtype
Multi-family
Financials
Cap Rate
6.5%
Gross Income
$375,600
Additional Details
Road Access
Yes
Building Details
Year Built
1892
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Mission Realty Advisors
(401) 521-9490
Source:
Cthomeseekers
Added: Sep 7
Changed: Sep 12
Last Checked: Sep 12 at 10:51AM
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 Compass
Investment Insights
Based on property information with market context.
Located at 370-372 Centre Street in Boston’s Hyde Square, this mixed-use property contains 9,768 square feet of rentable area. The building includes two commercial spaces at street level and four residential apartments, each configured with four bedrooms and two bathrooms. The residential units have undergone gut renovations and are leased through September 1, 2027. The property was built in 1892 and carries a 6.5% cap rate based on the in-place income described for the asset.
Centre Street provides access to neighborhood restaurants, shops, and services, with the Route 39 bus operating along the corridor. Jackson Square provides Orange Line service, while Green Line access is available near Longwood. The property is also near the Longwood Medical Area, Jamaica Pond, Whole Foods Market, the Arnold Arboretum, and Franklin Park.
Centre Street provides access to neighborhood restaurants, shops, and services, with the Route 39 bus operating along the corridor. Jackson Square provides Orange Line service, while Green Line access is available near Longwood. The property is also near the Longwood Medical Area, Jamaica Pond, Whole Foods Market, the Arnold Arboretum, and Franklin Park.
Key Highlights
- 9,768 square feet of rentable area at 370‑372 Centre Street
- Two street‑level commercial spaces
- Four 4‑bedroom, 2‑bath residential 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
$238,461
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
4.77%
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%
$4,769,220
$4.8M
Cap Rate 7%
$3,406,586
$3.4M
Cap Rate 9%
$2,649,567
$2.6M
Market Conditions
NOI Build-Up for 9,768 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
$410.3K $42.00/SF
− Vacancy
−$28.7K −$2.94/SF
EGI
$381.5K $39.06/SF
− OpEx
−$143.1K −$14.65/SF
NOI
$238.5K $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%
$4,769,220
Cap Rate 7%
$3,406,586
Cap Rate 9%
$2,649,567
Alternative Uses
Best Use
Mixed Use
$3.41M
$2.98M – $3.97M
NOI $238,461 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$3.28M
$2.87M – $3.82M
NOI $229,470 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$7.31M
$6.40M – $8.53M
NOI $511,999 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,768
Businesses Nearby
Explore this area
Business Placement
Demographics for 02130, MA
38,284
Population
18,802
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
94%
High-School Grad
3.5 sq mi
ZIP Area
10,938
Density / Sq Mi
$130,533
Median Household Income
$73,238
Median Earnings
$2,434
Median Rent
$763,700
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four renovated apartments and two street-level commercial spaces occupy this fully updated property on Centre Street.
Where is this mixed-use property located?
The property is located at 370-372 Centre Street Boston, MA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 9,768 square feet of rentable area at 370‑372 Centre Street; Two street‑level commercial spaces; Four 4‑bedroom, 2‑bath residential apartments
