139-145 Richmond Street is a well-established mixed-use building in the North End of Boston, Massachusetts. This rare generational asset features a 21-unit mix with a restaurant, pasta shop, office space, take-out premises, and 17 residences in one of the neighborhood's largest elevator buildings. This six-story building fronts Richmond Street and North Street, allowing for a separate residential entrance at 188 North Street.
Built in 1900, the property has undergone numerous renovations and capital improvements. Most of the residential apartments have been renovated in the past five years, and all have separately metered utilities paid for by the tenants. The net operating income for the property exceeds $920,000, with a long-standing history of strong rents and stable tenants. One residential unit is fully furnished and consistently rented for 30+ day tenancies. The building includes a laundry room, a keyless entry system, and security cameras. There is upside potential through increasing the bedroom count in several of the oversized residential units, and the retail and commercial spaces have built in rent increases in the leases.
Occupying the northeastern corner of Boston, the North End is the city’s oldest residential neighborhood and boasts a rich history. Benefit from an outstanding location only steps away from the recently renovated North Square, the Paul Revere House, Rose Fitzgerald Kennedy Greenway, and the Christopher Columbus Waterfront Park. Capitalize on this unrivaled opportunity to own in a high barrier-to-entry neighborhood. The broker has an ownership interest in the property.