Three-Story Multi-Unit Retail
For Sale
Contact for pricing
384 Warren Street, Boston, MA 02119
Purchase a 100% leased three-unit building with pro rata tax, insurance, and CAM reimbursements in Boston’s Roxbury area.
Property Size30,500 SF
Lot Size0.38 Acres
Price / SF$266.04
Days on Market57
Property Features for 384 Warren Street
General Information
Standard status
Active
Size
30,500 SF
Lot size
0.38 Acres
Property subtype
Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
1920
Stories
3
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
Listed By:
Nick Bevilacqua · License #9573250-RE-S
Source:
Crexi
Added: Jun 11
Changed: Jul 10
Last Checked: Aug 4 at 9:55AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The property at 384 Warren Street is a well-maintained three-story commercial building comprising a total of three (3) units within approximately 30,500 square feet on a 0.38-acre parcel. The asset is fully leased to a complimentary mix of tenants, including Dollar Country, Boston Public Schools, and Higher Ground. Under the existing operating structure, each tenant reimburses its pro rata share of real estate taxes, insurance, and common area maintenance, and two of the three tenants have scheduled rental increases in their primary lease terms and renewal options.
Located in Boston’s Roxbury neighborhood, the building offers convenient access to Brookline, Back Bay, South Boston, Downtown Boston, Northeastern University, and UMass Boston. Transit is available via several nearby MBTA stations, including Orange Line Jackson Square Station and Uphams Corner MBTA Station, with additional lines referenced as approximately one mile away, including Franklin/Foxboro and Providence Stoughton lines.
For investors and owners seeking a stable, occupied retail-oriented asset, this property offers immediate income with 100% leasing and defined tenant reimbursement responsibilities. The presence of scheduled rental increases on two tenants further supports long-term lease continuity. The building’s multi-unit configuration can also appeal to operators looking for straightforward tenancy within a single address.
Located in Boston’s Roxbury neighborhood, the building offers convenient access to Brookline, Back Bay, South Boston, Downtown Boston, Northeastern University, and UMass Boston. Transit is available via several nearby MBTA stations, including Orange Line Jackson Square Station and Uphams Corner MBTA Station, with additional lines referenced as approximately one mile away, including Franklin/Foxboro and Providence Stoughton lines.
For investors and owners seeking a stable, occupied retail-oriented asset, this property offers immediate income with 100% leasing and defined tenant reimbursement responsibilities. The presence of scheduled rental increases on two tenants further supports long-term lease continuity. The building’s multi-unit configuration can also appeal to operators looking for straightforward tenancy within a single address.
Key Highlights
- Three‑story commercial building in Boston with 3 total units and 30,500 SF total building area
- Property sits on a 0.38‑acre parcel and is 100% leased
- Tenant mix includes Dollar Country, Boston Public Schools, and Higher Ground
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
$492,288
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
6.07%
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%
$9,845,760
$9.8M
Cap Rate 7%
$7,032,686
$7.0M
Cap Rate 9%
$5,469,867
$5.5M
Market Conditions
NOI Build-Up for 30,500 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
$768.6K $25.20/SF
− Vacancy
−$65.3K −$2.14/SF
EGI
$703.3K $23.06/SF
− OpEx
−$211.0K −$6.92/SF
NOI
$492.3K $16.14/SF
Area
Boston, MA
Vacancy
8.50%
Lease Rate
$25.20 /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%
$9,845,760
Cap Rate 7%
$7,032,686
Cap Rate 9%
$5,469,867
Alternative Uses
Best Use
Retail
$7.03M
$6.15M – $8.20M
NOI $492,288 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$22.84M
$19.98M – $26.64M
NOI $1,598,688 @ 7.0% cap · market cap 19.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,837
Businesses Nearby
52k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Apparel 27%
Dining 24%
Hotels & Casinos 7%
Bank of America
Shops & Services
21,630 visits/mo
0.2 miles
Goodwill
Apparel
10,694 visits/mo
0.2 miles
Dunkin' Donuts
Dining
5,329 visits/mo
0.3 miles
Saxbys Coffee
Dining
4,784 visits/mo
0.4 miles
Residence Inn Boston Downtown/South End
Hotels & Casinos
3,812 visits/mo
0.2 miles
Demographics for 02119, MA
29,175
Population
12,937
Households
2.3
Avg Household Size
34
Median Age
30%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
18,234
Density / Sq Mi
$43,255
Median Household Income
$38,664
Median Earnings
$1,252
Median Rent
$668,900
Median Home Value
Market
Vacancy Rate% for Retail in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Purchase a 100% leased three-unit building with pro rata tax, insurance, and CAM reimbursements in Boston’s Roxbury area.
Where is this storefront property located?
The property is located at 384 Warren Street Boston, MA.
What is the asking price?
The asking price for this property is $8,114,330.
What are key features of this property?
This property features: Three‑story commercial building in Boston with 3 total units and 30,500 SF total building area; Property sits on a 0.38‑acre parcel and is 100% leased; Tenant mix includes Dollar Country, Boston Public Schools, and Higher Ground
