Apartment Building with Retail
723 Washington Street Newton, MA 02458
723 Washington Street, Newton, MA, 02458
$2,250,000
For Sale
$2,250,000
The property includes five one-bedroom apartments plus a 1,750+/- sf storefront building with gas heat, hot water, and central air.
Property Size5,132 SF
Price / SF$438.43
Days on Market65
Property Features for 723 Washington Street
General Information
- Standard status
- Active
- Size
- 5,132 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1920
Listing agency
Kraft Fine Homes
Listed by
Cynthia Lanciloti
(781) 233-1401
Source
Littlefieldre
Added: May 18 Updated: Jul 20 at 4:01PM Checked: Jul 21 at 6:56AM
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 Kraft Fine Homes
Investment Insights
Based on property information with market context.
The property includes two buildings: a first building with five one-bedroom apartments and a separate 1,750+/- sf storefront building. The apartment units feature wall-to-wall carpet and electric baseboard heat, with individual thermostats. Hot water is supplied by the landlord, and there are two electric hot water tanks noted as approximately 3 years old. A coin-operated washing machine and dryer are located in the basement. Utility responsibility is allocated with four units paying their own utilities and one unit with utilities paid by the owner.
The storefront building has gas heat and hot water and is described as having central air conditioning. It includes three half bathrooms, including one that is handicap accessible. The BU2 zoning is noted as allowing for many uses.
Both buildings sit directly across from an express bus to Downtown Boston and the commuter rail to Boston Landing, Fenway, Back Bay, and South Station. Public commuter rail platforms are approved for reconstruction by the city and state, per the provided remarks.
The storefront building has gas heat and hot water and is described as having central air conditioning. It includes three half bathrooms, including one that is handicap accessible. The BU2 zoning is noted as allowing for many uses.
Both buildings sit directly across from an express bus to Downtown Boston and the commuter rail to Boston Landing, Fenway, Back Bay, and South Station. Public commuter rail platforms are approved for reconstruction by the city and state, per the provided remarks.
Key Highlights
- Two‑building investment: five 1‑bedroom apartments plus a 1,750+/- SF storefront at 721 Washington St.
- Apartments at 723 Washington St: all with wall‑to‑wall carpet and electric baseboard heat, with individual thermostats.
- Utilities split at 723 Washington St: 4 units pay their own utilities; hot water is supplied by the landlord (2 electric hot water tanks, both ~3 years old).
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $195.8k | $38.16 |
| − Vacancy | −$10.2k | −$1.98 |
| EGI | $185.7k | $36.18 |
| − OpEx | −$83.5k | −$16.28 |
| NOI | $102.1k | $19.90 |
5,132 SF · lease $38.16/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,109 @ 7.0% cap · market cap 4.54%
Second Best
Retail
$1.05M
$922.0K – $1.23M
NOI $73,761 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$3.04M
$2.66M – $3.54M
NOI $212,669 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - The property includes five one-bedroom apartments plus a 1,750+/- sf storefront building with gas heat, hot water, and central air.
Where is this apartment building located?
The property is located at 723 Washington Street Newton, MA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Two‑building investment: five 1‑bedroom apartments plus a 1,750+/- SF storefront at 721 Washington St.; Apartments at 723 Washington St: all with wall‑to‑wall carpet and electric baseboard heat, with individual thermostats.; Utilities split at 723 Washington St: 4 units pay their own utilities; hot water is supplied by the landlord (2 electric hot water tanks, both ~3 years old).
