Mixed-Use Building With Four
New
For Sale
$3,000,000
717 Centre St, Boston, MA 02130
Vacant property combines updated residential units with first-floor tavern and restaurant space.
Property Size5,412 SF
Days on Market3
Property Features for 717 Centre St
General Information
Standard status
Active
Size
5,412 SF
Property subtype
Investment
Additional Details
Floor
1
Public Transit
Yes
Liquor License
No
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$30,600
Amenities
hardwood floors
custom kitchens
quartz counters
GE stainless appliances
in unit laundry
custom tile baths
Building Details
Building Size
5,412 SF
Year Built
2023
Buildings
1
Stories
4
Units
4
Listing Agency:
(617) 733-7660
Listed By:
Michael Moran
(617) 733-7660
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 4:56AM
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 Michael Moran
Investment Insights
Based on property information with market context.
Located at 717 Centre St in Boston, this mixed-use building includes four residential rental units above first-level commercial space currently configured for tavern and restaurant use. The property is delivered vacant, and liquor and entertainment licenses are excluded from the sale.
The residential component includes large living rooms, hardwood flooring, custom kitchens with white cabinetry, quartz countertops, GE stainless appliances, in-unit laundry, custom-tile bathrooms, and generously sized bedrooms with closet space. Each unit has separate heating, cooling, and hot-water systems. A multi-floor residential addition was constructed in 2021, while the building also includes three stories and a basement.
The property has a Walk Score of 88, a Transit Score of 81, and a Bike Score of 98, supporting convenient access by multiple transportation modes.
The residential component includes large living rooms, hardwood flooring, custom kitchens with white cabinetry, quartz countertops, GE stainless appliances, in-unit laundry, custom-tile bathrooms, and generously sized bedrooms with closet space. Each unit has separate heating, cooling, and hot-water systems. A multi-floor residential addition was constructed in 2021, while the building also includes three stories and a basement.
The property has a Walk Score of 88, a Transit Score of 81, and a Bike Score of 98, supporting convenient access by multiple transportation modes.
Key Highlights
- Four residential rental units plus first‑level tavern and restaurant space
- Residential addition constructed in 2021
- Large living rooms, hardwood floors, custom kitchens, and quartz countertops
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
$132,120
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
4.40%
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%
$2,642,400
$2.6M
Cap Rate 7%
$1,887,429
$1.9M
Cap Rate 9%
$1,468,000
$1.5M
Market Conditions
NOI Build-Up for 5,412 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
$227.3K $42.00/SF
− Vacancy
−$15.9K −$2.94/SF
EGI
$211.4K $39.06/SF
− OpEx
−$79.3K −$14.65/SF
NOI
$132.1K $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%
$2,642,400
Cap Rate 7%
$1,887,429
Cap Rate 9%
$1,468,000
Alternative Uses
Best Use
Mixed Use
$1.89M
$1.65M – $2.20M
NOI $132,120 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,139 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$4.05M
$3.55M – $4.73M
NOI $283,675 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 02130, MA
38,284
Population
18,802
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
94%
High-School Grad
3.5 sq mi
ZIP Area
10,938
Density / Sq Mi
$130,533
Median Household Income
$73,238
Median Earnings
$2,434
Median Rent
$763,700
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 - Vacant property combines updated residential units with first-floor tavern and restaurant space.
Where is this mixed-use property located?
The property is located at 717 Centre St Boston, MA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Four residential rental units plus first‑level tavern and restaurant space; Residential addition constructed in 2021; Large living rooms, hardwood floors, custom kitchens, and quartz countertops
