East Boston Mixed-Use Redevelopment
For Sale
$3,900,000
59-63 Meridian Street, Boston, MA 02128
Mixed-use property in East Boston with redevelopment potential.
Property Size15,000 SF
Price / SF$260
Days on Market411
Property Features for 59-63 Meridian Street
General Information
Standard status
Active
Size
15,000 SF
Property subtype
Commercial
Building Details
Year Built
1910
Listing Agency:
Centre Realty Group
(617) 332-0077
Listed By:
Alissa Charles · License #9534381
Source:
Stevebremis
Added: Jun 28, 2025
Changed: Aug 9
Last Checked: Aug 9 at 8:12PM
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 Centre Realty Group
Investment Insights
Based on property information with market context.
Located in the heart of East Boston at 59-63 Meridian St, with additional access from 82 Paris St, this three-story mixed-use asset offers a prime redevelopment and value-add opportunity. The property is situated steps from Maverick Square and minutes from the Jeffries Point waterfront. The building totals approximately 15,000 square feet and presents exceptional upside for developers, investors, and owner-users. MU-5 zoning allows for a wide range of potential uses. Conceptual redevelopment plans are in place. The property provides immediate carry income with two leased retail storefronts on Meridian St and a leased ground-floor office suite with a private entrance at 82 Paris St. The second and third floors are fully vacant, creating an opportunity for swift repositioning, phased redevelopment, or full-scale transformation. Multiple access points via elevator and stairwells offer flexibility for future layouts.
Key Highlights
- Prime redevelopment opportunity in East Boston, steps from Maverick Sq.
- MU‑5 zoning allows for a wide range of potential uses.
- Approx. 15,000 SF mixed‑use asset with additional access from Paris St.
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
$242,109
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
6.21%
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%
$4,842,180
$4.8M
Cap Rate 7%
$3,458,700
$3.5M
Cap Rate 9%
$2,690,100
$2.7M
Market Conditions
NOI Build-Up for 15,000 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
$378.0K $25.20/SF
− Vacancy
−$32.1K −$2.14/SF
EGI
$345.9K $23.06/SF
− OpEx
−$103.8K −$6.92/SF
NOI
$242.1K $16.14/SF
Area
Boston, MA
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$4,842,180
Cap Rate 7%
$3,458,700
Cap Rate 9%
$2,690,100
Alternative Uses
Best Use
Office B
$6.32M
$5.53M – $7.37M
NOI $442,260 @ 7.0% cap · market cap 11.34%
Second Best
Mixed Use
$5.23M
$4.58M – $6.10M
NOI $366,188 @ 7.0% cap · market cap 9.39%
Theoretical Best
Office A
$11.23M
$9.83M – $13.10M
NOI $786,240 @ 7.0% cap · market cap 20.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,392
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 Office in Boston, MA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in East Boston with redevelopment potential.
Where is this mixed-use property located?
The property is located at 59-63 Meridian Street Boston, MA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Prime redevelopment opportunity in East Boston, steps from Maverick Sq.; MU‑5 zoning allows for a wide range of potential uses.; Approx. 15,000 SF mixed‑use asset with additional access from Paris St.
