Renovated Mixed-Use
New
For Sale
$5,200,000
374-374a Centre Street, Boston, MA 02130
Corner asset combines leased commercial and office space with four renovated residential apartments.
Property Size9,153 SF
Price / SF$568.12
Days on Market7
Property Features for 374-374a Centre Street
General Information
Standard status
Active
Size
9,153 SF
Net Rentable
9,153 SF
Property subtype
Multi-family
Occupancy
100%
Financials
Cap Rate
6.6%
Gross Income
$396,000
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 4BR/2BA
Multifamily Units
4
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Mission Realty Advisors
(617) 752-6845
Source:
Rosenrealty
Added: Sep 7
Changed: Sep 12
Last Checked: Sep 12 at 10:02AM
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 374-374a Centre Street in Boston’s Hyde Square, this 9,153-square-foot mixed-use property includes two street-level commercial spaces, one office, and four four-bedroom, two-bath apartments. The residential units have undergone gut renovations, and all are leased through September 1, 2027; the three commercial spaces are also leased. The property was built in 1900 and occupies a prominent corner at Centre Street and Sheridan Street.
The site provides access to the Route 39 bus, Jackson Square’s Orange Line station, and Green Line service near Heath St. Longwood Medical Area, Jamaica Pond, Whole Foods Market, the Arnold Arboretum, Franklin Park, and Centre Street’s restaurants and shops are nearby. The property produces a 6.6% cap rate and may be acquired independently or with neighboring 370 Centre Street.
The site provides access to the Route 39 bus, Jackson Square’s Orange Line station, and Green Line service near Heath St. Longwood Medical Area, Jamaica Pond, Whole Foods Market, the Arnold Arboretum, Franklin Park, and Centre Street’s restaurants and shops are nearby. The property produces a 6.6% cap rate and may be acquired independently or with neighboring 370 Centre Street.
Key Highlights
- 9,153 square feet of mixed‑use space at 374‑374a Centre Street
- Two street‑level commercial spaces, one office, and four residential apartments
- Four 4‑bedroom, 2‑bath apartments have been gut renovated
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
$223,448
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
4.30%
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%
$4,468,960
$4.5M
Cap Rate 7%
$3,192,114
$3.2M
Cap Rate 9%
$2,482,756
$2.5M
Market Conditions
NOI Build-Up for 9,153 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
$384.4K $42.00/SF
− Vacancy
−$26.9K −$2.94/SF
EGI
$357.5K $39.06/SF
− OpEx
−$134.1K −$14.65/SF
NOI
$223.4K $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%
$4,468,960
Cap Rate 7%
$3,192,114
Cap Rate 9%
$2,482,756
Alternative Uses
Best Use
Mixed Use
$3.19M
$2.79M – $3.72M
NOI $223,448 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$3.07M
$2.69M – $3.58M
NOI $215,023 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$6.85M
$6.00M – $8.00M
NOI $479,764 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner asset combines leased commercial and office space with four renovated residential apartments.
Where is this mixed-use property located?
The property is located at 374-374a Centre Street Boston, MA.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 9,153 square feet of mixed‑use space at 374‑374a Centre Street; Two street‑level commercial spaces, one office, and four residential apartments; Four 4‑bedroom, 2‑bath apartments have been gut renovated
