Building Details

Year Built 1889

Listing Agency: J. Barrett & Company

Listed By: Melissa Dias Lopes Show Phone

Source: Jbarrettrealty

Added: Jul 24 Changed: Oct 16 Last Checked: Oct 16 at 8:50AM

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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 J. Barrett & Company

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Investment Insights

Based on property information with market context.

Built in 1889, this mixed-use property contains four units: three updated residences and a separate commercial space with its own entrance. The residential mix includes two 2-bedroom units and one 3-bedroom unit, with one to two full baths per residence. Kitchens and bathrooms have been updated, while original woodwork, hardwood flooring, bay windows, built-ins, high ceilings, and ornamental fireplaces remain. Each residence also includes in-unit laundry, and the building has new heating systems, central air conditioning, and separately metered utilities.

The property is located at 487-489 Sumner Street in Boston’s Jeffries Point, near Piers Park, Boston Harbor, ferry service, the sailing center, playgrounds, waterfront paths, public tennis courts, and the East Boston Greenway. Maverick Station, Logan Airport, restaurants, cafés, downtown Boston, and Constitution Beach are also nearby. Condominium documents have been prepared, allowing a future owner to pursue conversion if desired.

Key Highlights

• Four‑unit configuration with three residences and a separately accessed commercial space
• Residential mix includes two 2‑bedroom units and one 3‑bedroom unit
• Updated kitchens and baths, in‑unit laundry, and preserved period details

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$90,155

Cap Rate

4.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,803,100 $1.8M

Cap Rate 7%

$1,287,929 $1.3M

Cap Rate 9%

$1,001,722 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,693 SF

Gross rent

$155.1K $42.00/SF

− Vacancy

−$10.9K −$2.94/SF

EGI

$144.2K $39.06/SF

− OpEx

−$54.1K −$14.65/SF

NOI

$90.2K $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 Rate 5%

$1,803,100

Cap Rate 7%

$1,287,929

Cap Rate 9%

$1,001,722

Alternative Uses

Best Use

Mixed Use

$1.29M

$1.13M – $1.50M (±1% cap)

NOI $90,155 @ 7.0% cap · market cap 4.51%

Second Best

Apartment 5plus

$1.24M

$1.08M – $1.45M (±1% cap)

NOI $86,756 @ 7.0% cap · market cap 4.34%

Theoretical Best

Office A

$2.77M

$2.42M – $3.23M (±1% cap)

NOI $193,572 @ 7.0% cap · market cap 9.68%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Mixed-use properties

Suggested Use

Top Pick Building Supply Auto Parts Store Garden Center HVAC Service Pharmacy Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

1,412

Businesses Nearby

Explore this area Business Placement

Demographics for 02128, MA

43,066

Population

19,124

Households

2.3

Avg Household Size

33

Median Age

38%

College-Educated

77%

High-School Grad

5.0 sq mi

ZIP Area

8,613

Density / Sq Mi

$92,079

Median Household Income

$48,549

Median Earnings

$2,009

Median Rent

$680,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three updated residences accompany a separately accessed commercial space with independent utilities and in-unit laundry.

Where is this mixed-use property located?

The property is located at 487-489 Sumner Street Boston, MA.

What is the asking price?

The asking price for this property is $1,999,900.

What are key features of this property?

This property features: Four‑unit configuration with three residences and a separately accessed commercial space; Residential mix includes two 2‑bedroom units and one 3‑bedroom unit; Updated kitchens and baths, in‑unit laundry, and preserved period details