Harvard Avenue Apartment
For Sale
$10,500,000
48-50 Harvard Ave, Brookline, MA 02446
Three-section residential property with on-site laundry, off-street parking, and a mix of updated and classic apartment interiors.
Property Size18,763 SF
Days on Market49
Property Features for 48-50 Harvard Ave
General Information
Standard status
Active
Size
18,763 SF
Total Parking Spaces
42
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
20 x 1BR, 3 x studio, 1 x 2BR
Multifamily Units
24
Additional Details
Cap Rate
5.1%
Amenities
on-site laundry
24-unit Apartment Complex with 42-Parking spaces located in Brookline, MA
Featuring (20) one-bedrooms, (3) studios and (1) two-bedroom apartment
The flat rubber roof and metal windows were replaced in 2014 and the gas boiler in 2021
Building Details
Building Size
18,763 SF
Buildings
1
Units
24
Listing Agency:
Boston Office
(617) 896-7200
Listed By:
Matt Pierce · License #MA: 9506948
(617) 896-7214
Source:
Marcusmillichap
Added: Sep 4
Changed: Oct 21
Last Checked: Oct 20 at 5:05PM
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 Office
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Investment Insights
Based on property information with market context.
Harvard Avenue Apartments is a three-section residential building at 48-50 Harvard Ave in Brookline, Massachusetts. The property contains 24 apartments, comprising 20 one-bedroom units, 3 studios, and 1 two-bedroom unit. Interior features include hardwood flooring, tiled bathrooms, white cabinetry, and appliances. Heat and hot water are included, while residents pay for electricity.
The property provides 42 off-street parking spaces and an on-site laundry facility. Building systems include a gas-fired forced-hot-water boiler and a flat rubber roof. The roof and windows were replaced in 2014, and the gas boiler was replaced in 2021. Several apartments have also received updates, creating a combination of renovated and traditional interiors throughout the building.
The property provides 42 off-street parking spaces and an on-site laundry facility. Building systems include a gas-fired forced-hot-water boiler and a flat rubber roof. The roof and windows were replaced in 2014, and the gas boiler was replaced in 2021. Several apartments have also received updates, creating a combination of renovated and traditional interiors throughout the building.
Key Highlights
- 24 apartments: 20 one‑bedrooms, 3 studios, and 1 two‑bedroom unit
- 42 off‑street parking spaces and an on‑site laundry facility
- Roof and windows replaced in 2014
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$310,116
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,202,320
$6.2M
Cap Rate 7%
$4,430,229
$4.4M
Cap Rate 9%
$3,445,733
$3.4M
Market Conditions
NOI Build-Up for 18,763 SF
Gross rent
$596.7K $31.80/SF
− Vacancy
−$32.8K −$1.75/SF
EGI
$563.8K $30.05/SF
− OpEx
−$253.7K −$13.52/SF
NOI
$310.1K $16.53/SF
Area
Norfolk County, MA
Vacancy
5.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,202,320
Cap Rate 7%
$4,430,229
Cap Rate 9%
$3,445,733
Alternative Uses
Best Use
Apartment 5plus
$4.43M
$3.88M – $5.17M
NOI $310,116 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.11M
$9.72M – $12.96M
NOI $777,534 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
3,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 02446, MA
31,957
Population
15,298
Households
2.1
Avg Household Size
34
Median Age
85%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
24,582
Density / Sq Mi
$127,519
Median Household Income
$73,950
Median Earnings
$2,757
Median Rent
$1,172,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-section residential property with on-site laundry, off-street parking, and a mix of updated and classic apartment interiors.
Where is this apartment building located?
The property is located at 48-50 Harvard Ave Brookline, MA.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 24 apartments: 20 one‑bedrooms, 3 studios, and 1 two‑bedroom unit; 42 off‑street parking spaces and an on‑site laundry facility; Roof and windows replaced in 2014
