Multifamily Property With Water
For Sale
$1,499,000
516 Pleasant St, Winthrop, MA 02152
Three-floor property with a seawall, private boat launch, pool, roof deck, and harbor-facing sunroom.
Property Size2,889 SF
Price / SF$518.86
Days on Market68
Property Features for 516 Pleasant St
General Information
Standard status
Active
Size
2,889 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
rh6
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,555
Amenities
in-ground pool
roof deck
sunroom with gas stove
private boat launch
Building Details
Building Size
2,889 SF
Year Built
1900
Stories
3
Listing Agency:
Real Broker MA, LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 1:14PM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
This multifamily property contains 2,889 square feet across three floors and dates to 1900. The improvements include direct water access, a concrete seawall, and a private boat launch. Additional features include an in-ground pool, roof deck, and sunroom equipped with a gas stove. West-facing harbor views are part of the setting, and the property is described as outside the flood zone. Zoning is RH6.
The property retains rights to rebuild a pier. It is near Logan Airport, Route 1A, ferry service to Boston, parks, and a summer farmers market. The existing configuration may also be converted to a single-family residence, according to the property information.
The property retains rights to rebuild a pier. It is near Logan Airport, Route 1A, ferry service to Boston, parks, and a summer farmers market. The existing configuration may also be converted to a single-family residence, according to the property information.
Key Highlights
- 2,889 square feet arranged across three floors
- Direct water access with concrete seawall and private boat launch
- Rights to rebuild a pier remain in place
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
$50,185
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
3.35%
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%
$1,003,700
$1.0M
Cap Rate 7%
$716,929
$716.9K
Cap Rate 9%
$557,611
$557.6K
Market Conditions
NOI Build-Up for 2,889 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
$97.1K $33.60/SF
− Vacancy
−$5.8K −$2.02/SF
EGI
$91.2K $31.58/SF
− OpEx
−$41.1K −$14.21/SF
NOI
$50.2K $17.37/SF
Area
Suffolk County, MA
Vacancy
6.00%
Lease Rate
$33.60 /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%
$1,003,700
Cap Rate 7%
$716,929
Cap Rate 9%
$557,611
Alternative Uses
Best Use
Apartment 5plus
$716.9K
$627.3K – $836.4K
NOI $50,185 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,719 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 02152, MA
19,316
Population
8,467
Households
2.3
Avg Household Size
44
Median Age
43%
College-Educated
95%
High-School Grad
1.7 sq mi
ZIP Area
11,362
Density / Sq Mi
$106,357
Median Household Income
$68,062
Median Earnings
$1,909
Median Rent
$606,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Three-floor property with a seawall, private boat launch, pool, roof deck, and harbor-facing sunroom.
Where is this multifamily property located?
The property is located at 516 Pleasant St Winthrop, MA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 2,889 square feet arranged across three floors; Direct water access with concrete seawall and private boat launch; Rights to rebuild a pier remain in place
