Corner Retail and Income
For Sale
$6,250,000
Pending
823-833 Washington Street, Newton, MA 02460
Corner retail and income building with 100% occupancy and VC3 zoning allowing development up to 4.5 stories.
Property Size14,485 SF
Lot Size0.25 Acres
Days on Market175
Property Features for 823-833 Washington Street
General Information
Standard status
Pending
Size
14,485 SF
Lot size
0.25 Acres
Property subtype
COMMERCIAL
Zoning
BU1/VC3
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$99
Building Details
Building Size
14,485 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Boston Realty Advisors
(617) 850-9675
Listed By:
Kevin Benzinger · License #9557247
Source:
Downtownbostonrealty
Added: Mar 9
Changed: Aug 23
Last Checked: Aug 22 at 10:31AM
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 Realty Advisors
Investment Insights
Based on property information with market context.
This corner retail and income property at 823-833 Washington Street in Newton is comprised of multiple storefront and income components totaling approximately 14,485 GSF, situated on about 10,735 SF of land. The site is zoned BU1/VC3 and is currently 100% occupied, with a mix of tenants reported to have experienced minimum vacancy over the period of generational ownership. The property is described as well maintained.
The building sits at the intersection of Washington Street and Walnut Street in Newtonville. It is directly across the street from the Newtonville MBTA station and the TRIO apartment community, creating a transit-oriented setting for retail and services.
For buyers considering redevelopment or repositioning, the VC3 zoning is highlighted as allowing development up to 4.5 stories. The offering also references Newton’s 2023 approval of the Village Center Overlay District, which was passed to encourage density in commercial districts, aligning with the property’s transit location and zoning framework. Tours are being scheduled in the coming weeks, with a call-for-offers process to follow.
The building sits at the intersection of Washington Street and Walnut Street in Newtonville. It is directly across the street from the Newtonville MBTA station and the TRIO apartment community, creating a transit-oriented setting for retail and services.
For buyers considering redevelopment or repositioning, the VC3 zoning is highlighted as allowing development up to 4.5 stories. The offering also references Newton’s 2023 approval of the Village Center Overlay District, which was passed to encourage density in commercial districts, aligning with the property’s transit location and zoning framework. Tours are being scheduled in the coming weeks, with a call-for-offers process to follow.
Key Highlights
- Corner retail and income building at 823‑833 Washington St, Newtonville—at Washington St and Walnut St.
- About +/-14,485 GSF on 10,735 SF of land, zoned BU1/VC3.
- 100% occupied with a healthy mix of tenants and minimum vacancy over the term of generational ownership.
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
$288,203
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
4.61%
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%
$5,764,060
$5.8M
Cap Rate 7%
$4,117,186
$4.1M
Cap Rate 9%
$3,202,256
$3.2M
Market Conditions
NOI Build-Up for 14,485 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
$552.7K $38.16/SF
− Vacancy
−$28.7K −$1.98/SF
EGI
$524.0K $36.18/SF
− OpEx
−$235.8K −$16.28/SF
NOI
$288.2K $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%
$5,764,060
Cap Rate 7%
$4,117,186
Cap Rate 9%
$3,202,256
Alternative Uses
Best Use
Apartment 5plus
$4.12M
$3.60M – $4.80M
NOI $288,203 @ 7.0% cap · market cap 4.61%
Second Best
Retail
$2.97M
$2.60M – $3.47M
NOI $208,190 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$8.58M
$7.50M – $10.00M
NOI $600,255 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 02460, MA
9,204
Population
4,171
Households
2.2
Avg Household Size
43
Median Age
78%
College-Educated
98%
High-School Grad
1.3 sq mi
ZIP Area
7,080
Density / Sq Mi
$154,329
Median Household Income
$82,458
Median Earnings
$2,606
Median Rent
$1,124,300
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?
Retail space - Corner retail and income building with 100% occupancy and VC3 zoning allowing development up to 4.5 stories.
Where is this retail space located?
The property is located at 823-833 Washington Street Newton, MA.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: Corner retail and income building at 823‑833 Washington St, Newtonville—at Washington St and Walnut St.; About +/-14,485 GSF on 10,735 SF of land, zoned BU1/VC3.; 100% occupied with a healthy mix of tenants and minimum vacancy over the term of generational ownership.
