Building Details

Building Size 8,708 SF

Units 10

Listing Agency: Boston Realty Advisors

Listed By: Nick Herz

Source: Commercialcafe

Added: Apr 9 Changed: Sep 3 Last Checked: Sep 5 at 4:45AM

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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 Charlestown mixed-use asset includes 89-91 Green Street with five residential units and one leased commercial space. The second component, 194-198 Bunker Hill Street, is fully approved for a four-unit development, with options for 2-bedroom, 2-bathroom apartments or for-sale condominiums.

The location is positioned within the Charlestown neighborhood, with access to the Financial District, Seaport, and Longwood. The public remarks also note proximity to MBTA commuter rail and Green & Orange Line service, as well as walkability to Bunker Hill’s civic and cultural offerings.

The offering combines stable, fully occupied tenancy with existing approvals for additional development across the two addresses, providing an income component and a structured path for future unit creation based on the stated approvals.

Key Highlights

• Mixed‑use asset at 89‑91 Green St and 194‑198 Bunker Hill St with existing residential units and a leased commercial space
• 89‑91 Green St includes five residential units and one leased commercial space
• 194‑198 Bunker Hill St has approvals for a four‑unit development

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

$204,569

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

4.56%

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%

$4,091,380 $4.1M

Cap Rate 7%

$2,922,414 $2.9M

Cap Rate 9%

$2,272,989 $2.3M

Market Conditions

NOI Build-Up for 8,708 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

$386.6K $44.40/SF

− Vacancy

−$14.7K −$1.69/SF

EGI

$371.9K $42.71/SF

− OpEx

−$167.4K −$19.22/SF

NOI

$204.6K $23.49/SF

Area

Boston, MA

Vacancy

3.80%

Lease Rate

$44.40 /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%

$4,091,380

Cap Rate 7%

$2,922,414

Cap Rate 9%

$2,272,989

Alternative Uses

Best Use

Apartment 5plus

$2.92M

$2.56M – $3.41M (±1% cap)

NOI $204,569 @ 7.0% cap · market cap 4.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.52M

$5.71M – $7.61M (±1% cap)

NOI $456,439 @ 7.0% cap · market cap 10.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Spa & Massage Center Nail Salon Hair Salon Dental Office HVAC Service Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,551

Businesses Nearby

Explore this area Business Placement

Demographics for 02129, MA

19,120

Population

9,987

Households

1.9

Avg Household Size

36

Median Age

71%

College-Educated

94%

High-School Grad

1.4 sq mi

ZIP Area

13,657

Density / Sq Mi

$157,192

Median Household Income

$101,310

Median Earnings

$2,258

Median Rent

$926,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Apartment building - Mixed-use asset with existing residential units and a leased commercial space, plus approvals for additional four-unit development.

Where is this apartment building located?

The property is located at 89 Green Street & 194-198 Bunker Hill Charlestown, MA.

What is the asking price?

The asking price for this property is $4,490,000.

What are key features of this property?

This property features: Mixed‑use asset at 89‑91 Green St and 194‑198 Bunker Hill St with existing residential units and a leased commercial space; 89‑91 Green St includes five residential units and one leased commercial space; 194‑198 Bunker Hill St has approvals for a four‑unit development