10-Unit Brick Apartment
For Sale
$2,145,000
4 Davis Street, Shirley, MA 01464
Brick apartment property with a fully tenanted mix of one-, two-, and three-bedroom residences.
Property Size7,256 SF
Lot Size0.27 Acres
Price / SF$295.62
Days on Market192
Property Features for 4 Davis Street
General Information
Standard status
Active
Size
7,256 SF
Total Parking Spaces
10
Lot size
0.27 Acres
Property subtype
Multi-family / 5+ Family - 5+ Units Up/Down
Zoning
SV
Occupancy
100%
Net Operating Income
$193,117
Property Condition
Severity
Repairs Needed
Evidence
light renovations
Units
Unit Mix
8 x 1BR, 1 x 2BR, 1 x 3BR
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$15,272
Amenities
City/Town Sewer, Public
No, Yes, .00, Paved Drive, Paved Drive
No
10.0
10
10.00
Rubber
Building Details
Year Built
1885
Buildings
1
Construction
brick
Listing Agency:
Northeast Private Client Group, LLC
(857) 990-6800
Listed By:
Francis Saenz · License #149766
(857) 990-6800
Source:
Compass
Added: Feb 20
Changed: Aug 30
Last Checked: Aug 30 at 4:23PM
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 Northeast Private Client Group, LLC
Investment Insights
Based on property information with market context.
The Davis Street Apartments are a brick multifamily building containing approximately 7,256 square feet of finished living space. The property includes 10 units: eight one-bedroom apartments, one two-bedroom apartment, and one three-bedroom apartment. Built in 1885, the building occupies a 0.27-acre lot and is fully tenanted.
Located at 4 Davis Street in Shirley, Massachusetts, the property carries SV zoning and is presented as an income-generating multifamily asset. The existing unit mix provides a range of apartment sizes within a single-building configuration.
Located at 4 Davis Street in Shirley, Massachusetts, the property carries SV zoning and is presented as an income-generating multifamily asset. The existing unit mix provides a range of apartment sizes within a single-building configuration.
Key Highlights
- 10‑unit brick apartment building at 4 Davis Street, Shirley, MA 01464
- Approximately 7,256 square feet of finished living space
- Unit mix includes eight one‑bedrooms, a two‑bedroom, and a three‑bedroom
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
$144,370
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
6.73%
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%
$2,887,400
$2.9M
Cap Rate 7%
$2,062,429
$2.1M
Cap Rate 9%
$1,604,111
$1.6M
Market Conditions
NOI Build-Up for 7,256 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
$276.9K $38.16/SF
− Vacancy
−$14.4K −$1.98/SF
EGI
$262.5K $36.18/SF
− OpEx
−$118.1K −$16.28/SF
NOI
$144.4K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$2,887,400
Cap Rate 7%
$2,062,429
Cap Rate 9%
$1,604,111
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.80M – $2.41M
NOI $144,370 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.30M
$3.76M – $5.01M
NOI $300,687 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 01464, MA
7,427
Population
2,512
Households
3
Avg Household Size
43
Median Age
36%
College-Educated
90%
High-School Grad
15.1 sq mi
ZIP Area
492
Density / Sq Mi
$121,875
Median Household Income
$73,721
Median Earnings
$1,189
Median Rent
$412,700
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?
Apartment building - Brick apartment property with a fully tenanted mix of one-, two-, and three-bedroom residences.
Where is this apartment building located?
The property is located at 4 Davis Street Shirley, MA.
What is the asking price?
The asking price for this property is $2,145,000.
What are key features of this property?
This property features: 10‑unit brick apartment building at 4 Davis Street, Shirley, MA 01464; Approximately 7,256 square feet of finished living space; Unit mix includes eight one‑bedrooms, a two‑bedroom, and a three‑bedroom
