Updated Two-Family in Prime
For Sale
$895,000
Pending
373 Fenno Street, Revere, MA 02151
Turnkey two-family with modern updates and strong rental income potential.
Property Size2,137 SF
Days on Market129
Property Features for 373 Fenno Street
General Information
Standard status
Pending
Size
2,137 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1960
Listing Agency:
Coldwell Banker Realty - Brookline
(617) 650-0851
Listed By:
Irina Spiegel
(617) 650-0851
Source:
Lockandkeyre
Added: Apr 14
Changed: Aug 18
Last Checked: Aug 20 at 4:43AM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
This updated two-family property offers style and efficiency in Revere. The property has been enhanced with quality upgrades, blending modern comfort and investment potential. Recent improvements include a newer roof, Hardie Plank siding, Andersen windows, upgraded insulation, and a high-efficiency heating system. Unit 1 features 2 beds and 1 bath, while Unit 2 offers an open-concept layout, modern kitchen, updated bath, and three bedrooms. The property includes a renovated bath, custom built-ins, and an expanded kitchen layout. The backyard features an above-ground pool. Off-street parking and storage are available. The property is located approximately 2.5 miles from Revere Beach, with access to restaurants, shopping, and public transportation to downtown Boston. Both units are tenant-at-will. The property size is 2137 square feet.
Key Highlights
- Completely updated and turnkey two‑family home, ideal for owner‑occupants or investors.
- Recent high‑value upgrades: newer roof, Hardie Plank siding, Andersen windows, upgraded insulation, and high‑efficiency heating system.
- Unit 2 features an open‑concept layout, modern kitchen, updated bath, and three spacious bedrooms.
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
$40,712
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
4.55%
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%
$814,240
$814.2K
Cap Rate 7%
$581,600
$581.6K
Cap Rate 9%
$452,356
$452.4K
Market Conditions
NOI Build-Up for 2,137 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
$61.5K $28.80/SF
− Vacancy
−$3.4K −$1.58/SF
EGI
$58.2K $27.22/SF
− OpEx
−$17.4K −$8.16/SF
NOI
$40.7K $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%
$814,240
Cap Rate 7%
$581,600
Cap Rate 9%
$452,356
Alternative Uses
Best Use
Multifamily LT 5
$581.6K
$508.9K – $678.5K
NOI $40,712 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$530.3K
$464.0K – $618.7K
NOI $37,122 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,557 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
700
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?
Duplex - Turnkey two-family with modern updates and strong rental income potential.
Where is this duplex located?
The property is located at 373 Fenno Street Revere, MA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Completely updated and turnkey two‑family home, ideal for owner‑occupants or investors.; Recent high‑value upgrades: **newer roof, Hardie Plank siding, Andersen windows, upgraded insulation, and high‑efficiency heating system.**; Unit 2 features an **open‑concept layout, modern kitchen, updated bath, and three spacious bedrooms.**
