4-Unit Mixed-Use
For Sale
$2,100,000
487-489 Sumner Street, Boston, MA 02128
Three updated residences accompany a separately accessed commercial space with independent utilities and in-unit laundry.
Property Size3,693 SF
Price / SF$568.64
Days on Market9
Property Features for 487-489 Sumner Street
General Information
Standard status
Active
Size
3,693 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
central air conditioning
Building Details
Year Built
1889
Listing Agency:
J. Barrett & Company
(617) 835-2394
Listed By:
Melissa Dias Lopes
(617) 835-2394
Source:
Jbarrettrealty
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 7:21AM
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
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.
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 = 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
$90,155
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
4.29%
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%
$1,803,100
$1.8M
Cap Rate 7%
$1,287,929
$1.3M
Cap Rate 9%
$1,001,722
$1.0M
Market Conditions
NOI Build-Up for 3,693 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
$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 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%
$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
NOI $90,155 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$1.24M
$1.08M – $1.45M
NOI $86,756 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,572 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $2,100,000.
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
