Mixed-Use Multifamily
For Sale
$11,000,000
406-416 Market St, Boston, MA 02135
Four-story brick building with 19 one-bedroom units and four commercial units along Market Street.
Property Size17,652 SF
Lot Size0.12 Acres
Price / SF$623.16
Days on Market52
Property Features for 406-416 Market St
General Information
Standard status
Active
Size
17,652 SF
Lot size
0.12 Acres
Property subtype
Commercial
Additional Details
Multifamily Units
19
Taxes and HOA fees
Annual Taxes
$36,926
Building Details
Year Built
1910
Stories
4
Listing Agency:
Boston Plex
Listed By:
Daniel S. Lee · License #9522018
(617) 899-8529
Source:
Classifiedrealtygroup
Added: Jul 16
Changed: Sep 4
Last Checked: Sep 5 at 4:46AM
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 Boston Plex
Investment Insights
Based on property information with market context.
This four-story brick building at 406–416 Market Street includes a total of 23 units, comprised of 19 residential one-bedroom apartments and four commercial units. The apartments are equipped with electric heating, which can simplify maintenance by avoiding traditional heating systems. The property also includes off-street parking in a city-owned lot for residents.
Positioned in the heart of Brighton Center, the building sits directly along Market Street, close to restaurants, cafes, retail shops, and daily conveniences. Transit access is supported by multiple MBTA bus routes running through Brighton Center, with service connecting directly to Harvard Square and Kenmore Square.
With its mixed residential and commercial configuration and street-facing presence, the property offers an integrated income approach within a walkable neighborhood retail and transit corridor.
Positioned in the heart of Brighton Center, the building sits directly along Market Street, close to restaurants, cafes, retail shops, and daily conveniences. Transit access is supported by multiple MBTA bus routes running through Brighton Center, with service connecting directly to Harvard Square and Kenmore Square.
With its mixed residential and commercial configuration and street-facing presence, the property offers an integrated income approach within a walkable neighborhood retail and transit corridor.
Key Highlights
- Four‑story brick building built in 1910 on a 0.12‑acre lot at 406‑416 Market Street in Brighton
- Over 17,652 SF with 19 residential units (all one‑bedroom) plus 4 commercial units
- Electric heating in each apartment unit for simplified maintenance versus traditional heating systems
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
$414,681
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
3.77%
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%
$8,293,620
$8.3M
Cap Rate 7%
$5,924,014
$5.9M
Cap Rate 9%
$4,607,567
$4.6M
Market Conditions
NOI Build-Up for 17,652 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
$783.7K $44.40/SF
− Vacancy
−$29.8K −$1.69/SF
EGI
$754.0K $42.71/SF
− OpEx
−$339.3K −$19.22/SF
NOI
$414.7K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /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%
$8,293,620
Cap Rate 7%
$5,924,014
Cap Rate 9%
$4,607,567
Alternative Uses
Best Use
Apartment 5plus
$5.92M
$5.18M – $6.91M
NOI $414,681 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.22M
$11.57M – $15.42M
NOI $925,247 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
2,445
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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?
Apartment building - Four-story brick building with 19 one-bedroom units and four commercial units along Market Street.
Where is this apartment building located?
The property is located at 406-416 Market St Boston, MA.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: Four‑story brick building built in 1910 on a 0.12‑acre lot at 406‑416 Market Street in Brighton; Over 17,652 SF with 19 residential units (all one‑bedroom) plus 4 commercial units; Electric heating in each apartment unit for simplified maintenance versus traditional heating systems
