For Sale
$5,799,900
46 High St, Boston, MA 02129
Apartment buildings
Property Size18,000 SF
Price / SF$322.22
Days on Market334
Property Features for 46 High St
General Information
Standard status
Active
Size
18,000 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
Rsdntl
Taxes and HOA fees
Annual Taxes
$26,580
Building Details
Building Size
18,000 SF
Year Built
1899
Stories
11
Listing Agency:
Karen M. Overtoom R.E.
(978) 578-5013
Listed By:
Chris Bernier · License #128686
(978) 578-5013
Source:
Churchillprop
Added: Oct 3, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:31PM
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 Karen M. Overtoom R.E.
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
$422,857
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
7.29%
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%
$8,457,140
$8.5M
Cap Rate 7%
$6,040,814
$6.0M
Cap Rate 9%
$4,698,411
$4.7M
Market Conditions
NOI Build-Up for 18,000 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
$799.2K $44.40/SF
− Vacancy
−$30.4K −$1.69/SF
EGI
$768.8K $42.71/SF
− OpEx
−$346.0K −$19.22/SF
NOI
$422.9K $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%
$8,457,140
Cap Rate 7%
$6,040,814
Cap Rate 9%
$4,698,411
Alternative Uses
Best Use
Apartment 5plus
$6.04M
$5.29M – $7.05M
NOI $422,857 @ 7.0% cap · market cap 7.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.48M
$11.79M – $15.72M
NOI $943,488 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 02129, MA
19,120
Population
9,987
Households
1.9
Avg Household Size
36
Median Age
71%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
13,657
Density / Sq Mi
$157,192
Median Household Income
$101,310
Median Earnings
$2,258
Median Rent
$926,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
Where is this apartment building located?
The property is located at 46 High St Boston, MA.
What is the asking price?
The asking price for this property is $5,799,900.
