Mixed-Use Property with
For Sale
$2,099,000
723 Washington St, Newton, MA 02458
The offering combines apartment residences with a storefront and flexible BU2 zoning.
Property Size5,132 SF
Price / SF$409
Days on Market103
Property Features for 723 Washington St
General Information
Standard status
Active
Size
5,132 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
VC2/BU2
Net Operating Income
$121,400
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$21,482
Amenities
coin-operated laundry
Building Details
Building Size
5,132 SF
Year Built
1920
Buildings
2
Stories
5
Listing Agency:
Boston Hub Real Estate
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 20
Changed: Aug 29
Last Checked: Jul 6 at 10:23AM
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 Boston Hub Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property includes five one-bedroom apartments at 723 Washington St. Each residence features wall-to-wall carpeting, electric baseboard heat, and individual thermostats. Four apartments have tenant-paid utilities, while the owner covers utilities for the fifth; hot water is landlord-supplied. Basement laundry equipment includes a coin-operated washer and dryer, and two electric hot water tanks were installed 3 years ago.
At 721 Washington St., the property includes a 1,750 +/- sf storefront with three half bathrooms, including one handicap-accessible restroom. The commercial building has gas heat, gas hot water, and central air conditioning. BU2 zoning allows many uses.
The buildings are across from an express bus serving Downtown Boston and commuter rail service to Boston Landing, Fenway, Back Bay, and South Station. Public commuter rail platforms have been approved for reconstruction by the city and state.
At 721 Washington St., the property includes a 1,750 +/- sf storefront with three half bathrooms, including one handicap-accessible restroom. The commercial building has gas heat, gas hot water, and central air conditioning. BU2 zoning allows many uses.
The buildings are across from an express bus serving Downtown Boston and commuter rail service to Boston Landing, Fenway, Back Bay, and South Station. Public commuter rail platforms have been approved for reconstruction by the city and state.
Key Highlights
- Five one‑bedroom apartments at 723 Washington St.
- 1,750 +/- sf storefront at 721 Washington St.
- BU2 zoning allows many uses
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
$102,109
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
4.86%
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%
$2,042,180
$2.0M
Cap Rate 7%
$1,458,700
$1.5M
Cap Rate 9%
$1,134,544
$1.1M
Market Conditions
NOI Build-Up for 5,132 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
$195.8K $38.16/SF
− Vacancy
−$10.2K −$1.98/SF
EGI
$185.7K $36.18/SF
− OpEx
−$83.5K −$16.28/SF
NOI
$102.1K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$2,042,180
Cap Rate 7%
$1,458,700
Cap Rate 9%
$1,134,544
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,109 @ 7.0% cap · market cap 4.86%
Second Best
Mixed Use
$1.21M
$1.06M – $1.41M
NOI $84,678 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$3.04M
$2.66M – $3.54M
NOI $212,669 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,439
Businesses Nearby
Explore this area
Business Placement
Demographics for 02458, MA
12,817
Population
5,238
Households
2.4
Avg Household Size
40
Median Age
76%
College-Educated
97%
High-School Grad
2.0 sq mi
ZIP Area
6,409
Density / Sq Mi
$151,782
Median Household Income
$72,008
Median Earnings
$2,313
Median Rent
$1,116,600
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 - The offering combines apartment residences with a storefront and flexible BU2 zoning.
Where is this mixed-use property located?
The property is located at 723 Washington St Newton, MA.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Five one‑bedroom apartments at 723 Washington St.; 1,750 +/- sf storefront at 721 Washington St.; BU2 zoning allows many uses
