11-Unit Mixed-Use
New
For Sale
$8,000,000
45 Broad St, Boston, MA 02109
Redeveloped asset combines apartments with street-level restaurant spaces and distinctive historic architectural features.
Property Size13,139 SF
Price / SF$608.87
Days on Market2
Property Features for 45 Broad St
General Information
Standard status
Active
Size
13,139 SF
Property subtype
Commercial
Zoning
RC
Units
Unit Mix
9 x 1BR
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$74,229
Amenities
central air conditioning
in-unit laundry
Building Details
Year Built
2016
Year Renovated
2016
Buildings
2
Stories
4
Listing Agency:
Olde Forge Realty
(860) 564-8000
Listed By:
Eliott Levine · License #9507286
(401) 663-8049
Source:
Spauldingrealty
Added: Sep 11
Last Checked: Sep 11 at 2:18PM
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 Olde Forge Realty
Investment Insights
Based on property information with market context.
This 13,139-square-foot mixed-use property combines nine one-bedroom apartments with two street-level restaurant spaces across 45 Broad Street and 119 Water Street. The buildings were restored and combined in 2016, preserving high ceilings, oversized windows, exposed structural elements, and substantial timber joists. Residential units include central air conditioning and in-unit laundry, while the commercial spaces add diversification to the property’s use profile.
Located in Downtown Boston, the property is just blocks from Boston Harbor, the Rose Kennedy Greenway, and the Financial District. Zoning is RC. The asset was originally associated with large-scale printing operations and now presents a combination of residential and restaurant uses within a distinctive architectural setting.
Located in Downtown Boston, the property is just blocks from Boston Harbor, the Rose Kennedy Greenway, and the Financial District. Zoning is RC. The asset was originally associated with large-scale printing operations and now presents a combination of residential and restaurant uses within a distinctive architectural setting.
Key Highlights
- 11‑unit mixed‑use property with 9 one‑bedroom apartments and 2 street‑level restaurant spaces
- 13,139 square feet across 45 Broad Street and 119 Water Street
- Buildings restored and combined in 2016
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
$320,756
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
4.01%
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%
$6,415,120
$6.4M
Cap Rate 7%
$4,582,229
$4.6M
Cap Rate 9%
$3,563,956
$3.6M
Market Conditions
NOI Build-Up for 13,139 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
$551.8K $42.00/SF
− Vacancy
−$38.6K −$2.94/SF
EGI
$513.2K $39.06/SF
− OpEx
−$192.5K −$14.65/SF
NOI
$320.8K $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%
$6,415,120
Cap Rate 7%
$4,582,229
Cap Rate 9%
$3,563,956
Alternative Uses
Best Use
Mixed Use
$4.58M
$4.01M – $5.35M
NOI $320,756 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$4.41M
$3.86M – $5.14M
NOI $308,662 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$9.84M
$8.61M – $11.48M
NOI $688,694 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
24,086
Businesses Nearby
Explore this area
Business Placement
Demographics for 02109, MA
3,921
Population
2,719
Households
1.4
Avg Household Size
36
Median Age
88%
College-Educated
97%
High-School Grad
0.2 sq mi
ZIP Area
19,605
Density / Sq Mi
$177,500
Median Household Income
$100,889
Median Earnings
$3,501
Median Rent
$1,007,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Redeveloped asset combines apartments with street-level restaurant spaces and distinctive historic architectural features.
Where is this mixed-use property located?
The property is located at 45 Broad St Boston, MA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 11‑unit mixed‑use property with 9 one‑bedroom apartments and 2 street‑level restaurant spaces; 13,139 square feet across 45 Broad Street and 119 Water Street; Buildings restored and combined in 2016
